Minimum global corporate rate of 15% agreed by 136 countries as Yellen also says US will raise debt ceiling on 3 December
U.S. Treasury Secretary Yellen said on Sunday she hoped Congress would pass a law to reduce the company's 136-nation minimum tax rates.
Yellen told ABC's makers this week that bringing the US into compliance with lower land taxes could be included in a reconciliation budget bill that contains Joe Biden's proposed spending spending efforts.
Asked if she was sure the measure would work, Yellen said: "Yes."
Yellen also said that if Congress and the White House agree on spending plans, it will be the legal responsibility to increase government debt - the subject of intense political battles before and after the interim expansion agreement reached this week.
Advertisement
"Once Congress and the administration have decided on spending plans and tax plans, it is their job to pay off the debt," Yellen said.
“Housekeeping work. Because in fact, we should be opposing the government's monetary policy. "(ads2)
Experts agree that failing to pay the debt in the US, if not raised, could be a disaster for the global economy.
A group of 136 countries on Friday imposed a 15% lower tax rate on large companies and sought to make it harder for such businesses to avoid taxes on a key deal that Biden said we were measuring the playing field.
The holding of the conference, known as budget reconciliation, will allow 50-50 Senate Democrats to run without votes in the Republic, which is usually required to meet the 60-vote limit.
Republicans said they were concerned Biden's management was considering overcoming the need for a Senate mandate to negotiate.
Under the US constitution, the Senate must ratify any agreement by a two-thirds majority, or 67 votes.
Republicans in recent years have been more hostile to agreements and have sponsored corporate tax cuts.
Posts
