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U.S. Treasury's Yellen seeking October agreement on global minimum corporate tax

EconomySep 29, 2021 01:34PM ET
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© Reuters. Treasury Secretary Janet Yellen testifies during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, U.S., September 28, 2021. Kevin Dietsch/Pool via REUTERS

By David Lawder

U.S. Treasury Secretary Janet Yellen said on Tuesday she is looking for G20 countries to reach political agreement on a global minimum corporate tax deal at their summit in October and has not ruled out a rate higher than 15%.

Yellen, speaking to the National Association for Business Economics, said the Senate Finance Committee is looking at a "slightly higher" overseas minimum corporate tax rate than the 16.5% passed by the House of Representatives Ways and Means Committee.

"We'll see where it all shakes out, but my hope is that when reconciliation (legislation) passes, we will come into compliance with this regime, and we're looking for political agreement to be achieved at the G20 summit at the end of October, and then countries will quickly put this into place," Yellen said.

Some 134 countries agreed over the summer to support a global minimum tax of at least 15%, but low-tax Ireland has held off on endorsing the deal as it waits to see if the U.S. Congress accepts the Biden administration's proposed tax increases on corporations and wealthy Americans.

Yellen said she was optimistic that Ireland and other European holdout countries would ultimately join the Organisation for Economic Cooperation and Development (OECD) tax deal.

Ireland has for years had a 12.5% corporate tax rate that has attracted investment from large U.S. multinationals such as Alphabet (NASDAQ:GOOGL) Inc's Google and Apple Inc (NASDAQ:AAPL).

"I think they think of this is an existential question, but I believe in the end that they will come along with this," Yellen said.

"There are a few other holdouts, Estonia and Hungary, and we're really working hard to find ways to bring them on board, so I'm very optimistic that this will get done."

U.S. Treasury's Yellen seeking October agreement on global minimum corporate tax
 

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Comments (6)
Mike Mike
Mike Mike Sep 29, 2021 1:51PM ET
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Did she cut her hair out of the shape of a salad bowl?
test tester
test tester Sep 28, 2021 9:03PM ET
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There no one more obnoxious than Republicans, don't get me wrong i hate dems too but at least half of them aware that system is broken and their excuse is yeah we know is broken but we are choosing the lesser of two evil. Rep's on the other hand looks like incapable of realizing the situtation, if you are not a billionare Republican party is not your party, at least Dem's pretending they care about people, not that actually care but at least they pretend, Republicans not even doing that they are openly advancing oligarchies agenda. if any change going to happen you have to realize that your party is worse as much as Dems.
Jeff Radatz
Jeff Radatz Sep 28, 2021 9:03PM ET
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the question you should be asking yourself is why is more money needed. And if you really think democrats are looking out for you look at a paystub from last year and one from this year and look for yourself you tax rate....is it less now. Nope so looks like your already paying more than last year. But hey you should receive a bigger return on your taxes this year. Question is why. Simple they took to much from you all year long they earned the interest on that money not you. Tons of money currently isn't spent and needs reallocated they don't need more. At some point you have to stop enabling them.
Vlad Lozovskiy
Vlad Lozovskiy Sep 28, 2021 8:32PM ET
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Another disastrous idea.
KING KONG
KING KONG Sep 28, 2021 8:30PM ET
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they need more tax so they can send it over to other country...while USA is in a mess
Jokers R Us
Jokers R Us Sep 28, 2021 7:50PM ET
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Except we all know all major US corporations will be exempt.
Connecticut Yankee
A_Jaundiced_Eye Sep 28, 2021 5:36PM ET
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The reason Biden keeps this woman on is because she's the only person in Washington that looks older than him. Give it up, Janet.
Jokers R Us
Jokers R Us Sep 28, 2021 5:36PM ET
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Biden isn't doing anything he's being told what to do. Stop saying "Biden biden biden"...he's a puppet.
 
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