Janet Yellen. ANDREAS SOLARO/AFP by way of Getty Images
After finance ministers from the world’s 20 largest economies completed up a gathering in Venice, Italy, on Saturday by agreeing to assist a proposal that will impose a global minimum tax of at the least 15 p.c, Treasury Secretary Janet Yellen stated she’s “very optimistic” that Congress will pass bills essential to implement the deal stateside, Bloomberg reports.
Republicans, and a few Democrats, stay skeptical of the plan and nonetheless intend to combat it, The New York Times writes. Rep. Kevin Brady (R-Tex.), as an illustration, stated his expectation is that if and when the agreement is finalized it will present benefits for “foreign companies and workers over American ones.”
But Yellen does not appear involved in regards to the anticipated opposition. She said she’s been speaking with Democratic leaders of key congressional committees, and the expectation is that modifications associated to the global minimum tax will be get pushed via by way of the method of reconciliation, which will not require any GOP votes, as long as all Democrats are on board.
Regardless of whether or not Yellen’s confidence is warranted, senior officers on the Group of 20 assembly in Venice told the Times that approval of the agreement throughout the U.S. is “crucial to its broader acceptance and should not be taken for granted.” Read extra at Bloomberg and The New York Times.
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