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Congress Unlikely to Ratify Global Tax Deal, GOP Senator Says

Published 09/28/2021, 10:58 PM
© Bloomberg. Patrick Toomey Photographer: Stefani Reynolds/Bloomberg
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(Bloomberg) -- 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 (NASDAQ:FB). and Alphabet (NASDAQ:GOOGL) 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.

Click here for Bloomberg’s TOPLive on Tuesday’s hearing

“I think that’s unlikely to happen,” Toomey said of achieving such a supermajority. Democrats and Republicans are currently evenly split in the 100-member chamber.

Group of 20 officials are aiming to finalize the agreement at a summit in late October. The Organization for Economic Cooperation and Development, which is overseeing the global talks among about 140 nations, says implementation would be possible as soon as 2023. 

©2021 Bloomberg L.P.

© Bloomberg. Patrick Toomey Photographer: Stefani Reynolds/Bloomberg

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