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.

The European Union said Monday it would postpone its push for a controversial digital levy to focus on a negotiation over a broader minimum global tax deal.

The Treasury Secretary hopes Congress can take up two key portions of a global tax agreement endorsed by Group of 20 finance ministers.

French Finance Minister Bruno Le Maire said he is confident the Group of 20 economies will back a deal on international tax, even as his country pushes for a higher minimum corporate rate.

The U.S. is pressing European officials to reconsider plans to enact a digital tax across its 27 members in a dispute that threatens to undermine significant progress made recently toward a global corporate tax agreement.

An tiny group of countries from far-flung corners of the EU is resisting worldwide consensus on a revamp of corporate tax.

The world took a big step toward sweeping changes in taxation setting a minimum rate for corporations along with rules to share the spoils from multinationals.

Negotiations among more than 100 countries to overhaul global taxation are facing key questions as rich nations seek to persuade many developing economies to reach a preliminary deal in the week and a half.

The Biden administration’s proposal to impose a global minimum tax on corporations has been provoking opposition in Congress, with Republicans advocating user fees instead to pay for infrastructure improvements.

The world’s richest nations have set the stage for a revolution in corporate taxation, but they still have their work cut out to actually achieve that overhaul.

The Treasury secretary suggested that if Congress were to pass a capital-gains tax hike effective starting in April 2021, that wouldn’t count as a retroactive increase.