Figures show government spending has risen 9.4% since start of the year, while state income from taxes declined 4.3% year-on-year, led by sharp drop in real estate taxation

US Treasury chief says agreement will end 'race to the bottom' by deterring multinational firms from shifting profits to states with lower rates

Finance ministers from the G7 back a minimum 15% corporate tax rate, but some say the rate is still far too low