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This will make US companies non-competitive against those countries that do not adhere this. The OECD does not have enforcement capability and the WTO is basically corrupt. Anyone with significant international tax experience understands that China, Russia, Brazil and India are unlikely to implement appropriate tax laws. This will further weaken the US globally. The policy should only seek to impact those that it controls – which in Biden’s case is only the US Treasury.
This would be a treaty and require 2/3’s approval by the Senate.