The 15% minimum book tax in the Inflation Reduction Act will lead to significant differences in tax treatment of corporate split-offs compared with spinoffs.

With the additional funding it's allotted in Democrats' $437 billion tax-and-climate bill, the agency will modernize systems and target tax cheats earning over $400,000 a year.

If Congress spurns the global tax deal, other countries are ready fill that void and collect taxes themselves to bring U.S.-based companies up to the 15% global minimum.

The proposal would raise an estimated $739 billion, with the revenues going to fund climate and health initiatives, as well as to reduce the federal budget deficit.

In the Senate, two Democrats remain holdouts, and businesses have not signed on to the idea as Treasury expected them to.

New legislation from Senator Elizabeth Warren would make price gouging anywhere in the supply chain illegal, and would give the FTC and state attorneys general leeway to investigate companies for charging excessive prices.

New IMF estimate suggests the proposed 15% minimum tax would result in governments worldwide collecting a total of about 5.7% more from corporates—or roughly $150 billion.

The 15% corporate minimum tax proposed by Janet Yellen is unlikely to pass in the U.S. if it doesn't become law before this November's midterm elections.