Janet Yellen

Treasury Secretary Yellen is counting on the support of corporate America for the deal to win passage in Congress — a crucial step for its worldwide success.

The Treasury secretary said a digital dollar would take years to develop if the U.S. decides to proceed with one, underscoring a deliberate approach by policymakers.

Tax proposals in the Biden administration’s budget include plans to raise the corporate tax rate to 28% and to tax the unrealized capital gains of “extremely wealthy” individuals.

The chief policy officer for the U.S. Chamber of Commerce said the group has grown concerned that a global tax deal may “fundamentally disadvantage U.S. companies.”

The administration is pointing to funds still available to recipients of the credits that have not yet been claimed, as it struggles to extend those tax breaks this year.

The biggest win of her tenure — a global agreement on corporate taxes — remains incomplete.

The measure could be used to pay for a modification of the cap on the federal deduction of state and local taxes.

Janet Yellen has one of the biggest to-do lists in Washington: usher in a global tax overhaul, press Wall Street on climate change and distribute billions of dollars in COVID relief.

U.S. lawmakers are wary of passing any legislation until they have strong assurances that other countries will also change their laws.

The Treasury secretary said U.S. companies are likely to provide crucial support in pushing lawmakers to back a global overhaul of corporate taxation.