Democrats’ Budget Set to Include Global Minimum Tax, Treasury Secretary Says

Treasury Secretary Janet Yellen said Sunday that she is confident that the Democrats’ budget will include a global minimum tax for corporations just days after nearly 140 countries endorsed the measure.

“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Treasury Secretary Janet Yellen told ABC News on Sunday. “I hope that it will be passed and we will be able to reassure the world that the United States will do its part.”

Though the United States and 135 other countries signed the agreement, each nation must pass its own legislation to enact the minimum tax rates. Democrats are currently crafting the budget, a spending package that would reshape the social safety net, but the process has slowed by disagreements between the party’s moderate and left wings.

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Republican Leaders Push Back Against Global Business Tax

Mike Crapo and Kevin Brady

Republican lawmakers are pushing back against the Biden administration’s plan to join a global compact implementing a tax on U.S. corporations regardless of where they operate.

One hundred and thirty six136 countries agreed Friday to implement a global business tax, and G-7 finance leaders agreed to the plan Saturday. President Joe Biden and Treasury Secretary Janet Yellen praised the plan.

Proposed by the Paris-based Organization for Economic Co-operation and Development (OECD), an intergovernmental economic organization, the global tax is necessary to respond to an “increasingly globalized and digital global economy,” OECD said.

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