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Dodging the Constitution for a Global Tax



President Biden’s corporate tax-rate increase appears to be dead, but Treasury Secretary Janet Yellen still wants to whack U.S. companies through her global tax deal. And she is planning an end-run around the Constitution to do it.

Ms. Yellen has broken a long bipartisan consensus to sign onto new global tax rules being negotiated at the Organization for Economic Cooperation and Development. The deal comes in two “pillars” in the argot. Pillar one introduces a new method for determining which governments get to tax the revenues of the world’s 100 or so largest companies. Pillar two is a global minimum corporate profits tax with a rate of 15%.




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