Peter Barnes Talks to Bloomberg Tax on Support Need for Global Tax Deal

Treasury Secretary Janet Yellen is counting on the support of corporate America for a recently agreed global tax deal to help win passage in the U.S. Congress -- a crucial step for its worldwide success.

The problem with that plan: Big business is nowhere near backing the plan. Executives at eight major U.S.-based multinational corporations interviewed by Bloomberg said that far too much remains unknown about the deal, whose fine print is still being negotiated.

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Most of the executives believe some version of the plan will eventually be implemented, maybe years from now. But that didn’t mean they would urge Congress to adopt it -- making Yellen’s prediction look shaky.

Peter Barnes, a tax specialist at the law firm Caplin & Drysdale, said he expects the lobbying picture to remain mixed as the agreement’s details are ironed out.

“I don’t think it will be uniform, and when the business community cannot say with one voice, ‘We want this,’ then it’s very hard for Congress to act.”

For the full article, please visit Bloomberg Tax’s website (subscription required).