President Biden and other world leaders at the G20 Summit in Rome endorsed a global minimum tax on corporations, a move U.S. officials are hoping will help bolster the president’s Build Back Better agenda.

G20 finance ministers in July had formerly agreed on a 15% minimum tax. The measure needed formal endorsement at the summit from the world’s economic powerhouses Saturday in Rome.

In a statement, Treasury Secretary Janet Yellen claimed the agreement made by the leaders on international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.”

WORLD LEADERS REACH LANDMARK GLOBAL TAX DEAL, SETTING 15% MINIMUM RATE

Biden, who had originally called for a 21% minimum tax, celebrated the move in a tweet, writing that the leaders “made clear their support for a strong global minimum tax.”

“Here at the G20, leaders representing 80% of the world’s GDP – allies and competitors alike – made clear their support for a strong global minimum tax,” Biden’s tweet stated. “This is more than just a tax deal – it’s diplomacy reshaping our global economy and delivering for our people.”

The agreement aims to discourage multinationals from stashing profits in countries where they pay little or no taxes. These days, multinationals can earn big profits from trademarks and intellectual property. They can then assign earnings to a subsidiary in a tax haven country.

In the U.S., updating the tax law will require legislative approval by Congress – a feat that still faces an uphill trek to passage as the U.S. is home to 28% of the world’s 2,000 largest multinationals. The House and Senate will need to pass a bill raising the minimum tax on companies’ overseas profits to 15% from the current rate of 10.5%.

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Democrats are planning to include the increase as part of their party-line tax and spending bill that will likely be passed using a procedural tool known as reconciliation, allowing the party to bypass a 60-vote filibuster by Senate Republicans.

“Joe Biden’s drive to get the G20 leaders to create a cartel to keep business taxes high will be as popular with taxpayers in America as the similar success of OPEC nations to set a high price for oil was for American car owners,” Grover Norquist, president of Americans for Tax Reform, told Fox News.

Fox Business’ Megan Henney and the Associated Press contributed to this article.

President Joe Biden received Communion at St. Patrick’s Church during Saturday Vigil Mass, a day after saying Pope Francis told him he should continue to partake in the sacrament, prompting negative reactions from Catholic priests upset that the president’s position on abortion is not in line with Church doctrine.

Several U.S. bishops expressed dismay about the pope’s reported words to Biden. Bishop Joseph Strickland, of Tyler, Texas, retweeted a blistering blog post by conservative Cardinal Raymond Burke that strongly reaffirmed that Catholic politicians who support abortion rights cannot receive the sacrament.

BIDEN SAYS POPE FRANCIS TOLD HIM TO CONTINUE RECEIVING COMMUNION, AMID SCRUTINY OVER PRO-ABORTION POLICIES

“I fear that the Church has lost its prophetic voice,” Bishop of Providence Thomas Tobin tweeted Friday. “Where are the John the Baptists who will confront the Herods of our day?”

Earlier in the week, Tobin had publicly challenged Pope Francis to deny communion to the president.

“Dear Pope Francis, You have boldly stated that abortion is ‘murder,’” Tobin said.  “Please challenge President Biden on this critical issue. His persistent support of abortion is an embarrassment for the Church and a scandal to the world. Thank you. Very respectfully, Your brother +Thomas.”

PSAKI ACKNOWLEDGES BIDEN AND POPE ON DIFFERENT PAGE ON ABORTION, TANGLES WITH REPORTER

Biden told reporters on Friday that abortion did not come up in his 75-minute meeting with Francis at the Vatican. “We just talked about the fact he was happy that I was a good Catholic and I should keep receiving Communion,” Biden said.

The president has faced vocal criticism from Catholic priests and parishioners across the country for continuing to receive communion and tout his Catholic faith despite his strident support of unrestricted abortion.

Over the summer, a group of Catholic bishops convened to discuss a potential communion ban which Biden said he was not concerned about saying, “I don’t think that’s going to happen.”

While Biden regularly receives Communion in his home dioceses in Washington and Delaware, it was significant that he also received Communion in Rome. The pope technically is the bishop of Rome, and while he delegates day-to-day administration to his vicar, St. Patrick’s parish is technically in the pope’s archdiocese. As such, Biden received Communion in the pope’s archdiocese.

About 30 people attended the Mass, and security guards ringed the aisles. The Bidens sat in the last row that had been roped off as “Reserved” and entered quietly, just after Mass had begun.

The Rev. Joe Ciccone, the vice rector of St. Patrick’s and a member of the Paulist order, was the main celebrant and was joined by the parish rector, the Rev. Steven Petroff, and a third priest. The Associated Press attended the service.

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Ciccone’s homily was a meditation on love that he said he had composed days ago, before he knew the Bidens would be attending. He said it was an honor to have them in the parish, and that Biden’s position on abortion and whether to administer Communion was not an issue for him or the parish.

“Communion is what brings us together in the Lord. None of us are pure and perfect. We struggle through life. We’re all saints and sinners,” Ciccone told The Associated Press after the service.

Associated Press contributed to this report

President Biden and other world leaders at the G20 Summit in Rome endorsed a global minimum tax on corporations, a move U.S. officials are hoping will help bolster the president’s Build Back Better agenda.

G20 finance ministers in July had formerly agreed on a 15% minimum tax. The measure needed formal endorsement at the summit from the world’s economic powerhouses Saturday in Rome.

In a statement, Treasury Secretary Janet Yellen claimed the agreement made by the leaders on international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.”

WORLD LEADERS REACH LANDMARK GLOBAL TAX DEAL, SETTING 15% MINIMUM RATE

Biden, who had originally called for a 21% minimum tax, celebrated the move in a tweet, writing that the leaders “made clear their support for a strong global minimum tax.”

“Here at the G20, leaders representing 80% of the world’s GDP – allies and competitors alike – made clear their support for a strong global minimum tax,” Biden’s tweet stated. “This is more than just a tax deal – it’s diplomacy reshaping our global economy and delivering for our people.”

The agreement aims to discourage multinationals from stashing profits in countries where they pay little or no taxes. These days, multinationals can earn big profits from trademarks and intellectual property. They can then assign earnings to a subsidiary in a tax haven country.

In the U.S., updating the tax law will require legislative approval by Congress – a feat that still faces an uphill trek to passage as the U.S. is home to 28% of the world’s 2,000 largest multinationals. The House and Senate will need to pass a bill raising the minimum tax on companies’ overseas profits to 15% from the current rate of 10.5%.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Democrats are planning to include the increase as part of their party-line tax and spending bill that will likely be passed using a procedural tool known as reconciliation, allowing the party to bypass a 60-vote filibuster by Senate Republicans.

“Joe Biden’s drive to get the G20 leaders to create a cartel to keep business taxes high will be as popular with taxpayers in America as the similar success of OPEC nations to set a high price for oil was for American car owners,” Grover Norquist, president of Americans for Tax Reform, told Fox News.

Fox Business’ Megan Henney and the Associated Press contributed to this article.

Sen. Tim Scott, R-S.C., called Democrats’ reconciliation bill a “great American shakedown.”

President Biden on Friday announced a scaled back $1.75 trillion social spending and climate change package that still failed to win over the support of moderate Sens. Kyrsten Sinema, D-Ariz., and Joe Manchin, D-W.V., stalling further negotiations until next week.

“We’re back to the days where you have to pass the legislation to know what’s in [the bill],” Scott argued during an interview with Fox News’ Neil Cavuto Thursday. “That’s bad news for every single American, and it feels like the great American shakedown.”

The senator added that the “lack of confidence and transparency in this process” of passing the bills should concern “every American.”

“I do think there’s a loss of trust between the Biden administration and the bipartisan coalition that supported the infrastructure package,” Scott explained, noting that Democrats have gone back and forth about voting on the two bills together or separately.

BIDEN TAKES NO QUESTIONS ON RECONCILIATION SPEECH JUST BEFORE JETTING OFF ON EUROPEAN TRIPS: ‘I’LL SEE YOU IN ROME

House Democrats are working on a plan to vote on both Biden’s $1.75 trillion social spending plan and his $1.2 trillion infrastructure package on Tuesday because many progressive Democrats do not have faith that their more moderate colleagues like Sinema and Manchin will pass the reconciliation plan before passing the infrastructure bill, a source told Fox News’ Chad Pergram on Saturday.

BIDEN RECONCILIATION FRAMEWORK COSTS $1.75T, INCLUDES $1.995 TRILLION IN TAX HIKES, WHITE HOUSE SAYS

Democrats initially planned that the reconciliation package would contain $3.5 trillion worth of spending and tax initiatives over 10 years. But demands by moderates led by Manchin and Sinema to contain costs mean its final price tag could well be less than $2 trillion.

House Speaker Nancy Pelosi was forced to abandon plans to pass the $1 trillion bipartisan infrastructure plan that has become tangled in the deliberations. 

BIDEN RECONCILIATION FRAMEWORK COSTS $1.75T, INCLUDES $1.995 TRILLION IN TAX HIKES, WHITE HOUSE SAYS

Progressives have been refusing to vote for that public works package of roads, bridges and broadband, withholding their support as leverage for assurances that Manchin and Sinema are on board with Biden’s big bill.

Fox News’ Chad Pergram and The Associated Press contributed to this report.