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Yellen’s global tax plan meets resistance abroad and at home – Colorado Springs, Colorado

Colorado Springs, Colorado 2022-05-20 16:38:31 –

Last July, Treasury Secretary Janet Yellen celebrated as a “historic day” when more than 100 countries agreed on a global minimum tax agreement aimed at reforming and equalizing the world economy.

When she met with the Finance Minister of the Group of Seven in Germany this week, she noticed that she claimed that the prospects for advancing this idea were at least “not hopeless.” With new global concerns at the center, the plan is countering new resistance abroad and older sectors at home.

The ongoing war in Ukraine, rising food insecurity, the collapse of inflation and other threats of emergencies have distracted the Finance Minister from implementing plans by the 2023 deadline.

Wydział Prasowy, a spokesman for the Polish Treasury, expressed concern about “the EU’s reduced competitiveness and the additional burden on European companies” without guaranteeing that digital giants would be fully taxed. bottom. He added that concerns grew “especially when faced with the challenges of the current post-pandemic era.”

“We are trying to address their concerns,” Yellen told reporters Thursday. “I’m looking forward to Poland’s participation. I don’t think it’s hopeless.”



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