Biden sells G-7 on global tax, but U.S. Congress is a hurdle

President Joe Biden might have persuaded some of the world’s largest economies to hike taxes on corporations. But the U.S. Congress could be a far tougher sell. Leaders of the Group of Seven nations are in sync with Biden on placing a global minimum tax of at least 15% on large companies. The G-7 leaders began a three-day summit in England on Friday after their finance ministers had earlier endorsed the global tax minimum. A minimum tax is supposed to halt an international race to the bottom for corporate taxation that’s led multinational businesses to book their profits in countries with low tax rates.