Yellen confident of minimum global corporate tax passage in Congress

Treasury Secretary Janet YellenblankJanet Louise YellenSunday shows preview: Senate votes to raise debt ceiling; Facebook whistleblower blasts company during testimony Growing number of Democrats endorse abolishing debt limit altogether 136 countries agree to deal on global minimum tax MORE mentioned on Sunday that she is assured that Congress will go a minimal world company tax that has received the support of over 130 international locations.

“I’m assured that what we have to do to return into compliance with the minimal tax can be included in a reconciliation bundle. I hope … that it is going to be handed and we will reassure the world that the USA will do its half,” Yellen mentioned on ABC’s “This Week.”  

Yellen famous that the “historic settlement” would curb international locations from making an attempt to scale back their company tax charges in an effort to draw U.S. companies, in the end hurting American staff.

“And this settlement to position a halt on how low tax charges can go so that each one of us have the chance to gather tax income from profitable companies, and never simply from staff. That is actually one thing we have to make globalization work and to make it work for American staff,” she mentioned.

Greater than 130 international locations agreed to a minimal world company tax price of 15 p.c that might apply to organizations which have over 750 million euros in income, the Group for Financial Cooperation Improvement mentioned final week.

The group mentioned that the initiative is anticipated to take maintain beginning in 2023.

Sen. Mike CrapoblankMichael (Mike) Dean Crapo136 countries agree to deal on global minimum tax Biden sidesteps GOP on judicial vacancies, for now The Hill’s Morning Report – Presented by Alibaba – Biden jumps into frenzied Dem spending talks MORE (R-Idaho) and Rep. Kevin BradyblankKevin Patrick Brady136 countries agree to deal on global minimum tax Rift widens between business groups and House GOP House passes debt ceiling suspension as standoff with GOP deepens MORE (R-Texas) have blasted the deal, which has the help of the Biden administration.

“Quite than securing an settlement that would offer certainty and instantly get rid of digital providers taxes, the Administration has as an alternative used this world discussion board to advance its short-sighted home tax agenda,” they mentioned in a statement Friday. | Yellen assured of minimal world company tax passage in Congress

Huynh Nguyen

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