With midterm elections fast approaching, Democrats’ window to follow through on the Biden administration’s plan for rooting out tax havens and raising taxes on global companies’ foreign profits may be closing.
If congressional leaders can’t scrape together a filibuster-proof tax and spending package that includes implementation of the 15% global minimum tax, it could complicate international tax negotiations Treasury officials have touted as a top priority.
That this could be Democrats’ sole shot to act on the plan adds to the pressure to pass some form of a budget reconciliation bill this summer, some lawmakers and supporters of the effort say, after opposition from Sen. Joe Manchin III, D-W.Va., to the $2.2 trillion package put talks on ice for almost six months.
