U.S. Treasury’s Yellen confident Congress will pass global minimum tax

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WASHINGTON, Oct 10 (Businesshala) – Treasury Secretary Janet Yellen said on Sunday she is confident the US Congress will approve legislation to implement the global corporate minimum tax agreed by 136 countries.

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Yellen told ABC’s “This Week” that action to bring the United States into compliance with the global minimum tax would be included in a so-called reconciliation budget bill that includes President Joe Biden’s proposed spending initiative.

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Asked if he believed the measure would be successful, Yellen said, “Yes.”

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

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Republican senators have said they were concerned the Biden administration was considering bypassing the need to get the Senate’s authority to enforce the treaties. The parliamentary maneuver known as budget reconciliation would allow Democrats to act without Republican votes.

Under the US 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 House. Republicans in recent years have been highly hostile to treaties and have supported cuts to corporate taxes.

Reporting by David Lauder and Donna Chiacu; Editing by Lisa Shumaker and Chizu Nomiyama

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