The researchers estimated that the new taxes would raise $87 billion in revenue and that Apple, Microsoft, Alphabet, Intel, and Facebook would pay $28 billion of that total. Still, changing domestic tax laws will not be quick or easy, including in the United States, whose success in ushering in a new tax regime is being closely watched as a harbinger of whether a global overhaul can actually succeed. Senior officials at the G20 meetings said that approval of the agreement within the United States was crucial to its broader acceptance and should not be taken for granted. “Certainly in Congress there’s a great deal of skepticism,” Mr. Brady said in a telephone interview this week. She assured her international counterparts that the Biden administration was ready to deliver its end of the bargain and pushed back against the idea that the new tax system would harm American workers.

Source: International New York Times July 10, 2021 15:34 UTC