Key GOP senators fear Biden to bypass Constitution to force U.S. corporations to pay global tax

Monday, October 11, 2021 | Tag Cloud Tags: , , , , , , , , ,

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(Worthy News) – President Joe Biden and U.S. Treasury Secretary Janet Yellen are urging Congress to approve an international agreement for a global corporate tax of 15%, raising alarm among key GOP senators of an administration plan to circumvent the Senate’s treaty power under the U.S. Constitution.

Some Republicans argue the global tax — on top of other tax hikes proposed by the Biden administration — would destroy American businesses and worsen the U.S. economy.

The global tax is necessary to respond to an “increasingly globalized and digital global economy,” its proponents, the Paris-based Organization for Economic Co-operation and Development, an intergovernmental economic organization, argues. [ Source: Just the News (Read More…) ]

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