Worthy Christian News > US News > Key GOP senators fear Biden to bypass Constitution to force U.S. corporations to pay global tax

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

Monday, October 11, 2021 | Tag Cloud Tags: Congress, Economy, GOP, Joe Biden, NATO, News, Republican, Senate, tax, Worthy News | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly

(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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