This past weekend, the G-20 countries endorsed a plan that would overhaul the international corporate tax system. The agreement fit neatly into U.S. President Joe Biden’s vision of a “foreign policy for the middle class.” Biden revived stalled global negotiations and achieved a deal that will cut down on multinational companies’ ability to avoid taxes. In turn, the deal will provide revenue to fund a major increase in government support for the U.S. middle class.

But for the global middle class, the vast majority of whom live in developing countries, the deal looked far less promising. One of the two major components of the tax deal is a global minimum corporate tax. Many companies currently use creative accounting methods to put their money in countries with low tax rates, a practice that the agreement would counter by raising those havens’ tax rates to at least 15 percent. But rather than sharing those additional revenues among the countries where a business operates, it would give them to a company’s home country—almost always a rich country. Indeed, according to some estimates the global minimum tax would distribute 60 percent of revenues to the G-7.