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The Wall Street Journal: Sen. Joe Manchin balks at global minimum tax championed by Biden

Panorama of a city business district with office buildings and skyscrapers and superimposed data, charts and diagrams related to stock market, currency exchange and global finance. Blue line graphs with numbers and exchange rates, candlestick charts and financial figures fill the image with a glowing light. Sunset light.

The Biden administration’s international tax agenda suffered a setback when Sen. Joe Manchin rejected a 15% minimum tax on multinational companies this past week, dimming prospects of turning last year’s global tax agreement into reality.

Biden administration officials had planned to use Democratic fiscal legislation to enact the U.S. piece of the deal struck last year by Treasury Secretary Janet Yellen and more than 130 other countries. They wanted quick action to set a 15% minimum tax on U.S.-based multinational companies…

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