Biden Treasury Secretary Believes Congress Will Pass Global Minimum Tax

The Epoch Times Header

Treasury Secretary Janet Yellen said she believes Congress will likely pass a bill to implement the global corporate minimum tax agreed by 136 countries last week.

Speaking to ABC News on Sunday, Yellen said that a proposal to include the United States in the global corporate minimum tax plan would likely be part of the $3.5 trillion budget reconciliation plan that Democrats are trying to ram through Congress.

“Yes. I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Yellen said on Sunday. “I hope that we, that it will be passed and we will be able to reassure the world that the United States will do its part.”

On Oct. 8, more than 100 countries agreed to set a minimum global tax rate of 15 percent for big corporations and made it harder for such businesses to avoid taxation. The plan was endorsed by President Joe Biden, who praised the move in a statement released by the White House soon after it was announced.

But Senate Republicans have argued that this would require a new international tax treaty that would require ratification with a two-thirds Senate majority. Republican senators told Yellen in a letter they were concerned the Biden administration was considering circumventing the need to obtain the Senate’s authority to implement treaties.

Under the Constitution, the Senate must ratify any treaty with a two-thirds majority, or 67 votes. Biden’s fellow Democrats control only 50 seats in the 100-member chamber. Republicans in recent years generally back corporate tax cuts or not raising taxes in general.

Two of the top Republicans on Congress’s tax committees, Rep. Kevin Brady (R-Texas) and Sen. Mike Crapo (R-Idaho), criticized the global corporate tax deal, saying Biden has “used this global forum to advance its short-sighted domestic tax agenda.”

By Jack Phillips

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

DOGE and Musk Recover Deleted Computer Files

Elon Musk and his “Geek Squad” discovered an entire terabyte of data was deleted from government servers from the office of the “Institute of Peace”.

A Simple Question

What is a woman? Anyone with an IQ above room temperature can answer the question. Everyone, that is, except Democrats.

Democrats Tesla Takedown is a Proven Astro Turf Movement

Elon Musk and other journalistic leaders like Joe Rogan have been asking the critical question, “Who is behind the organization of these Tesla protests?”

Can Ramaphosa and Trump Come to Terms?

Whether South Africa can quell the hostility emanating from Washington, without compromising on its national priorities, is a formidable test for a country

Maddened Europe

Viable prospects for peaceful settlement of conflict between Moscow and Kyiv exist, but Europe obsesses over threat of incursion onto European territory.

News

US Immigration Services Drops 3rd Gender Option

US immigration services agency officially updated policy to recognize only two biological sexes—male and female—for all immigration-related doc and benefit requests.

Transgender Covenant School Killer Planned Attack for Years, Final Police Report Says

Transgender shooter in mass killing at Christian school in Nashville, TN was an alumnus motivated by a quest for notoriety, final police report concludes.

Supreme Court Reviews South Carolina’s Medicaid Funding Block on Planned Parenthood

U.S. Supreme Court weighed whether South Carolina can stop abortion provider Planned Parenthood from taking part in state’s Medicaid program.

Africa at Crossroads After $13 Billion US Aid Cut, Say Analysts

African countries reacted with shock when the U.S. government recently cut $13 billion in financial assistance.

Trump Admin Ordered to Restore Legal Aid for Unaccompanied Minors

Judge in CA ordered Trump admin to restore funding for nonprofits providing legal services to unaccompanied illegal immigrant children who entered US.

Val Kilmer, Star of ‘Top Gun’ and ‘Batman,’ Dies at 65

Actor Val Kilmer, best known for his roles in movies “Top Gun,” “The Doors,” and “Batman Forever,” died on April 1 at age 65, his daughter confirmed.

Princeton Says Trump Administration Has Suspended Dozens of Research Grants

Trump admin has suspended several dozen federally funded research grants to Princeton University as part of its investigation into campus anti-Semitism.

How Trump’s ‘Liberation Day’ Tariffs Are Set to Reshape Global Trade

President Donald Trump is set to announce reciprocal tariffs for all nations starting April 2, the date he has dubbed “Liberation Day.”
spot_img

Related Articles

Popular Categories

MAGA Business Central