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The Biden administration’s plan to use a new global tax regime as political and economic cover for its corporate tax increases at home is already in trouble.

That’s the meaning of last week’s putative breakthrough in global tax negotiations, in which treasury secretary Janet Yellen now says Washington could accept a global rate of 15%. At issue is the effective tax rate governments around the world would be required to charge companies under a rubric being negotiated at the Organisation for Economic Co-operation and Development (OECD)...

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