Yellen proposing global minimum tax on multinationals

[Yo_Mama_Been_Loggin]

Treasury Secretary Janet Yellen is working with other countries on an agreement to update corporate tax rules to establish a global minimum tax as the Biden administration considers raising taxes on businesses in order to finance spending priorities.

The Washington Post reported Monday that the effort could be one of Yellen's biggest accomplishments if an agreement is reached and could be critical to any push from Biden to raise taxes to offset the cost of future spending proposals.

Yellen is participating in ongoing negotiations at the Organization for Economic Cooperation and Development (OECD) about how to update global tax rules to reflect the digital economy. One pillar of the group's work is focused on a nonbinding global minimum tax.

The work comes as the Biden administration is looking at including tax increases in its next major legislative package, which could be an infrastructure bill. During Biden's presidential campaign, he proposed increasing the U.S. corporate tax rate from 21 percent to 28 percent.

https://www.msn.com/en-us/news/politics/yellen-proposing-global-minimum-tax-on-multinationals/ar-BB1eBCzJ?li=BBnb7Kz

Janet Yellen signals Biden is still open to a wealth tax. Even without one, wealthy Americans likely face hikes.

In an interview, Treasury Secretary Janet Yellen was questioned by ABC's George Stephanopoulos about the potential future a wealth tax, and she signaled it's not out of the question for the Biden White House.

After Stephanopoulos asked if there would be "no wealth tax," Yellen said "that's something that we haven't decided yet, and can look at." She also said that President Biden has put forth some alternatives, including higher taxes on individuals and corporations, "that are similar in their impact to a wealth tax."

Sen. Elizabeth Warren recently reiterated her calls for a wealth tax by introducing the Ultra-Millionaire Tax Act. That would enact a 2% tax on households with a net worth between $50 million and $1 billion, and a 3% tax on those households with net worths over $1 billion.

Previously this year, Yellen had said that she wasn't planning on a wealth tax, as it's something with "very difficult implementation problems." She also said a wealth tax had been discussed, but wasn't favored by the president.

https://www.msn.com/en-us/money/markets/janet-yellen-signals-biden-is-still-open-to-a-wealth-tax-even-without-one-wealthy-americans-likely-face-hikes/ar-BB1eBKQ7?li=BBnb7Kz

[marble falls]

1. You shouldn't hear the GOP complaining with much conviction.

[dutch777]

2. A global min tax on major multinationals and financial transfers above @$ 1 mil makes huge sense

There are too many ways to skirt taxes for international companies and asset transfers. If there was just a 1/10 of 1% tax on large asset moves or exchanges, no one would see the cost and it would help many countries if a fair distribution of proceeds could be established. Great to hear this....long overdue.

[The Magistrate]

3. This Is An Excellent Idea, Sir

Nations, countries, need to present a unified front to these financial pirates.

[roamer65]

4. Either a minimum global tax or capital controls.

If we hike taxes here in the US alone, then we need capital controls to stop the outflows before we tax them.

[WarGamer]

5. Any tax is a good tax.

[MichMan]

6. Won't they just get passed on to consumers?

Same as the Trump tariffs were?