G7: Rich nations back deal to tax multinationals
&gt;&gt; The G7 group of advanced economies has reached a &quot;historic&quot; deal to make multinational companies pay more tax<p>No, it hasn&#x27;t. Some finance ministers met and talked:<p>&quot;Finance ministers meeting in London agreed to battle tax avoidance by making companies pay more in the countries where they do business. They also agreed in principle to a global minimum corporate tax rate of 15% to avoid countries undercutting each other.&quot;<p>I have no idea how it works in other countries, but in the US, finance ministers don&#x27;t have the power to agree to treaties. Treaties in the US require a super-majority (two thirds) vote in the Senate. Unless Mitch McConnell has signed off on this, the G7 group of advanced economies did not reach a deal on anything. I don&#x27;t even see the word &quot;Senate&quot; in the entire article.<p>US Treasury Secretary Janet Yellen can tell reporters whatever she wants. Without buy-in from Republicans in the Senate, finance ministers agreeing &quot;in principle&quot; amounts to finance ministers agreeing that if they had ham, they could make ham and eggs, if they had eggs.