Janet Yellen

The US budget reconciliation package will include the changes needed to bring the US into compliance with the OECD 15% global minimum tax.

“Yes. I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package.”

Said on

10 October 2021 · Interview on ABC's This Week, asked whether she was confident Congress would pass the measure

Source

Yellen confident US Congress will pass minimum global corporate tax · The Business Standard (Reuters)

Should come true

No date given

How sure they sounded

I am confident

Categories

PoliticsEconomy

Importance

3 of 5 · US participation determines whether the global minimum corporate tax works as designed across major economies.

Outcome

Inaccurate Happened 16 August 2022.

The GILTI changes needed for Pillar Two compliance were in the Build Back Better Act, which stalled in the Senate. The reconciliation bill that did pass, the Inflation Reduction Act of August 2022, added only a domestic book-income minimum tax (CAMT) that is not Pillar Two-compliant, and GILTI was left unaligned.

Evidence:

• https://rsmus.com/insights/services/business-tax/pillar-two-compliant-legislation-in-doubt-under-second-trump-adm.html
• https://www.macfarlanes.com/insights/102l6lm/unpacking-pillar-two-us-implementation/