(Bloomberg) -- A key U.S. lawmaker said Congress probably won’t ratify a global tax accord that world leaders aim to finalize by the end of October, potentially imperiling a deal aimed at reducing competition among governments with ever-lower corporate rates.
One half of the tax agreement is designed to help countries share the spoils from multinational firms like Facebook Inc (NASDAQ:FB). and Alphabet (NASDAQ:GOOGL) Inc.’s Google, and that part would require a treaty ratified by a two-thirds vote in the Senate, Republican Senator Patrick Toomey of Pennsylvania said Tuesday during a Senate Banking Committee hearing on Covid-19 relief.
Click here for Bloomberg’s TOPLive on Tuesday’s hearing
“I think that’s unlikely to happen,” Toomey said of achieving such a supermajority. Democrats and Republicans are currently evenly split in the 100-member chamber.
Group of 20 officials are aiming to finalize the agreement at a summit in late October. The Organization for Economic Cooperation and Development, which is overseeing the global talks among about 140 nations, says implementation would be possible as soon as 2023.
©2021 Bloomberg L.P.
