Biden's minimal overseas tax a harder sale in G-7 Congress

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Laura Davison

Treasury Secretary Janet Yellen's weekend deal with G-7 colleagues over a global minimum corporate tax framework has created a more difficult sales task for President Joe Biden's proposed changes to US tax law.

LISTEN: Bloomberg Congress reporter Laura Davison discusses Biden's minimum foreign tax with Paul Allen and Bryan Curtis on Bloomberg Daybreak Asia.

The G-7 has committed itself to striving for a worldwide minimum tax rate of "at least 15%". This leaves a potential gap in the 21 percent rate Biden proposed to Congress for US corporation's overseas-recorded earnings. Any discrepancy could mean that American firms are effectively paying a premium on profits in some countries.

"It is very difficult and maybe impossible to get 15% for …