A group of 136 countries agreed to a 15% global corporate tax
Treasury Secretary Janet Yellen has reiterated support for a global minimum tax as Congress continues to debate President Biden’s titular infrastructure bill.
Biden has sought and won support from more than 130 countries and territories for a global minimum tax that would tax companies a minimum of 15% and impose taxes based on where they do business, rather than where they are based. .
Yellen told ABC “This week“Biden’s bill is likely to include tax as part of his spending initiative.
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“I believe that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Yellen called it a “historic settlement.” “I hope this will pass and that we will be able to reassure the world that the United States will play its part.”
“We must compete on the basis of our strength, our ability to innovate for our people, our institutions, not the race to the bottom that deprives all nations, the United States of America, and other nations from participating in this race. . resources we need to invest in our people and our economies,” Yellen argued.
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A group of 136 countries and territories agreed on Friday to set a minimum global corporate tax rate of 15%. The US, then, will vote on updating the domestic tax law to reflect the change, but has yet to agree on a plan to raise the debt limit.
Yellen — who is in favor of eliminating the debt limit entirely — is confident a deal will be in place on time.
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“I am confident that Speaker Pelosi and Leader Schumer will be able to manage this so that we do not face this situation,” Yellen said. “It will be a self-created crisis that will hit our economy at a time when we are recovering from the pandemic.”