Yellen says ‘confident’ US will implement global minimum tax

Reuters ^ | October 10, 2021 4:45 PM CDT | David Lawder and Doina Chiacu

[E. Pluribus Unum]

WASHINGTON, Oct 10 (Reuters) - Treasury Secretary Janet Yellen said on Sunday she was confident the U.S. Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries.

Yellen said the actions to bring the United States into compliance with the global minimum tax would likely be included in the so-called reconciliation budget bill containing President Joe Biden's proposed spending initiatives.

Asked on ABC's "This Week" whether she was confident the measure would get through, Yellen said: "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. 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."

The parliamentary maneuver known as budget reconciliation would allow Democrats to act without Republican votes.

A group of 136 countries on Friday set a minimum global tax rate of 15% for big companies and sought to make it harder for them to avoid taxation in a landmark deal that Biden said leveled the playing field.

Treasury officials and tax experts have said that the global minimum tax would not require a treaty to implement and could be achieved in the reconciliation bill because it is a voluntary agreement among countries to individually impose a minimum tax on overseas earnings of corporations.

The United States has had such a minimum tax since the end of 2017, so it is a matter of raising the rate to conform with the agreement.

Treasury officials have said they regard the global minimum tax as less controversial than a higher overall corporate tax rate or a higher capital gains tax, because it puts the United States on a more competitive footing with other...

[E. Pluribus Unum]

One-World Government, here we come!

[OpusatFR]

There goes the rest of our industry.

[Diogenesis]

every politician will get a cut;
their families and staff and their families will get a cut;
and 10% for the big guy,
and all the SEC manipulation they can do on dark pools.

all for them

[Dogbert41]

If Americans are this stupid, we deserve to get taxed into oblivion.

[Ouderkirk]

I would say...you other 136 can go first.

Call us when you get to 100% compliance.

[Golden Eagle]

I’m willing to bet Amazon and Google will still pay 0% no matter what “laws” they pass for others,…

[Nateman]

This is evil. It will eventually turn EVERYBODY into little more than free range slaves.

[oldtech]

Brilliant idea...NOT. Who do these idiots think really pays this tax anyway? Seems to me we could create some new jobs quite easily by getting people to contract out for horsewhipping the idiots in our gov’t. (mainly) who dream up these fool ideas. At least it might keep several people very busy & maybe slow down some of the crazy rules & regulations constantly being created. Should be a relatively cost-free operation too if they charged admission to watch the whippings. We would probably have to book in advance as I think this could possibly be quite a popular public spectacle to watch.

[unread]

"every politician will get a cut; their families and staff and their families will get a cut; and 10% for the big guy."

Them lawyers (DC. politicians) got one helluva strong union, yes??

[Jamestown1630]

Don’t we have anyone better than this old woman?

[ConservativeInPA]

Janet Yellen, Fat Ugly Commie Bitch (that’s an official title) has been around long enough to understand that taxes on businesses are actually a tax on consumers. Thus, the Global Minimum Tax, is a tax on everyone in the world. She’s on a real power trip. It must be the only way she gets off. No man in his right mind would touch that fugly piece of schiff.

[Richard Axtell]

This has got to be unconstitutional Sue, sue... then sue!
States need to come together and form a Red State Coalition, and throw out this idiocy!

[Paperpusher]

I see a lot of industry moving to country 137, where ever that is located.

[KarlInOhio]

So Don Biden will agree with Don Boris Johnson from the UK, Don Macron of France and the newest member of the Syndicate Don Scholz of Germany.

[Governor Dinwiddie]

Pure communism. Jesus come back soon!

[butlerweave]

voluntary agreement so most countries will not pay up ,LOL

[chief lee runamok]

Out of 195 countries, 136 countries will pay the taxes to support the
other 59 countries that won't, or has no industry to speak of to tax.

[kvanbrunt2]

Without a constitutional money system it’s all up for grabs from the usurpers.

[caww]

Interesting Yellens frequent use of the word “Compliance” as though the US is under control of someone other than then our own Gov. and it’s citizens.....which reinforces there most likely was a coup.

Compliance to the New World Order is certainly in play.

[ealgeone]

Basic accounting 101....businesses don’t pay taxes. They are an expense passed on to the consumer.