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Congress Unlikely to Ratify Global Tax Deal, Senator Says (1)

Sept. 28, 2021, 3:07 PM

A key U.S. lawmaker said Congress probably won’t ratify a global tax accord that world leaders aim to finalize by the end of October, potentially imperiling a deal aimed at reducing competition among governments with ever-lower corporate rates.

One half of the tax agreement is designed to help countries share the spoils from multinational firms like Facebook Inc. and Alphabet Inc.’s Google, and that part would require a treaty ratified by a two-thirds vote in the Senate, Republican Senator Patrick Toomey of Pennsylvania said Tuesday during a Senate Banking Committee hearing on Covid-19 relief.

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