U.S. keeps tariff threat alive for discriminatory taxes, watching inflation – Yellen

One America News ^ | 6-16-2021 | Andrea Shalal

[Drastic]

The United States is pursuing every avenue to ensure that countries suspend or roll back discriminatory digital services taxes, but will keep tariffs as an option if that does not happen, U.S. Treasury Secretary Janet Yellen said on Wednesday.

Yellen told the Senate Finance Committee she had engaged in “very constructive” bilateral conversations with the Irish finance minister on the issue, and believed the entire European Union would ultimately support an increase in global minimum taxes, as proposed by the United States.

She said she was hoping for progress on the tax issue, which is being negotiated under the leadership of the Organization for Cooperation and Development, by the time the leaders of the Group of 20 major economies meet in October.

U.S. President Joe Biden and other leaders of the Group of Seven (G7) advanced economies on Sunday endorsed a commitment by G7 finance officials to work toward a global minimum tax of at least 15% through the G20/OECD inclusive framework.

[cgbg]

the entire European Union would ultimately support an increase in global minimum taxes,

Business will just move their taxable operations somewhere where the "New World Order" is ignored.

Tax attorneys will make a killing.

[Flick Lives]

Asked about rising consumer and durable goods prices, Yellen said the Biden administration was monitoring inflation “very carefully” and took the issue seriously.

“No one wants to return to the bad high inflation days of the 70s,” Yellen told the committee.

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We’ve already arrived at 70’s era inflation. Only in the 70’s a house cost 40K so 10% inflation would add $4,000 to the cost. Now a very average house is 400k and that same 10% adds $40,000 to the cost.