HILL TAX BRIEFING: Global Tax Deal Faces Congressional Buzzsaw

  • by:
  • Source: Bloomberg
  • 07/26/2022
Congressional approval of at least one part of the OECD-led global tax deal is in jeopardy after Sen. Joe Manchin (D-W.Va.) said he wouldn’t back tax hikes in reconciliation due to inflation.

The global minimum tax, known as Pillar Two, would have required only a simple majority in the Senate for passage if included in reconciliation, but Manchin’s opposition has scrambled those plans.

Administration officials continue to speak optimistically about participation in the global pact, but neither the minimum tax nor Pillar One, which deals with profit reallocation for multinationals, has an obvious path forward in Congress.
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