Reuters: U.S. Republicans vow to oppose Yellen's G7 tax deal, casting doubt on its future
WASHINGTON (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.
"It's wrong for the United States," Republican Senator John Barrasso said of the tax deal struck on Saturday by finance ministers from the G7 wealthy democracies.
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WNU Editor: The Republicans are not going to support this G-7 tax deal, and I predict a number of US Democrats will also express their opposition. All of which this blog predicted a few days ago .... G-7 Nations Reach A Deal On Global Tax Reform (June 5, 2021). What a change from all the hype that we saw just a few days ago.
