U.S. Republicans vow to oppose Yellen’s G7 tax deal, casting doubt on its future – Reuters

  • Date: 09-Jun-2021
  • Source: Reuters
  • Sector:Economy
  • Country:Middle East
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U.S. Republicans vow to oppose Yellen’s G7 tax deal, casting doubt on its future – Reuters

Several top U.S. Senate Republicans on Monday rejected Treasury Secretary Janet Yellen's G7 deal to impose a global minimum corporate tax and allow more countries to tax big multinational firms, raising questions about the U.S. ability to implement a broader global agreement.

The opposition from Republicans may push President Joe Biden to attempt to use budget procedures to pass the initiatives with only Democratic votes.

It left lawyers and tax experts in Washington wondering whether it could get done without crafting a new international treaty, which requires approval by a two-thirds majority in the evenly split 100-member Senate.