Photo of Janet Yellen. Photographer: Greg Nash/The Hill/Bloomberg Janet Yellen. Photographer: Greg Nash/The Hill/Bloomberg

For U.S. Treasury Secretary Janet Yellen, there’s one stinging omission from the compromise legislation agreed to last week by Senator Joe Manchin and Majority Leader Chuck Schumer. Tax changes included in the bill fail to bring the U.S. in line with a global deal championed by Yellen and backed last year by almost 140 countries, which aims to reshape the way multinational companies are taxed around the world.

Failure to get the U.S. on board for the specific change—a 15 percent global minimum corporate tax rate—risks forgoing billions in U.S. tax revenue and sinking one of President Joe Biden’s and Yellen’s key accomplishments.


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