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Janet Yellen

October 10, 2021

Over 130 countries reach agreement on corporate minimum tax

Over 130 countries reached a deal on a 15 percent minimum corporate tax rate to deter big global companies from stashing money in low-tax countries.

President Biden has been one of the driving forces behind the deal. A total of 136 countries came to the agreement, representing 90 percent of the global economy.

“Today’s agreement represents a once-in-a-generation accomplishment for economic diplomacy,” Treasury Secretary Janey Yellen said in a statement.

“Rather than competing on our ability to offer low corporate rates,” she added, “America will now compete on the skills of our workers and our capacity to innovate, which is a race we can win.”

The Paris-based Organization for Cooperation and Economic Development said that the minimum tax would net roughly $150 billion for governments.

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More than 130 countries reach deal on corporate minimum tax

September 28, 2021

Yellen: US government will run out of money in less than three weeks

Treasury Secretary Janet Yellen warned bipartisan members of Congress that the federal government will likely run out of money by October 18 unless lawmakers raise or suspend the debt ceiling.

If the US were to default on the national debt, it would lead to potentially catastrophic economic consequences.

“It is uncertain whether we could continue to meet all the nation’s commitments after that date,” Yellen wrote.

Yellen’s warning comes hours after Senate Republicans blocked a bill that would have suspended the debt ceiling.

“We know from previous debt limit impasses that waiting until the last minute can cause serious harm to business and consumer confidence, raise borrowing costs for taxpayers, and negatively impact the credit rating of the United States for years to come,” the Treasury Secretary wrote.

“Failure to act promptly could also result in substantial disruptions to financial markets, as heightened uncertainty can exacerbate volatility and erode investor confidence,” Yellen added.

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Yellen warns Congress has just three weeks before US expected to default

September 9, 2021

Treasury Secretary raises alarm over nation’s debt ceiling

Treasury Secretary Janet Yellen is raising the alarm over the nation’s borrowing limit that could set off a worldwide economic crisis if Congress fails to take action.

Yellen warned congressional leaders on Wednesday that the US could potentially default on its debt in October. There is now reportedly a scramble to determine how to raise the debt ceiling in time.

“The time for Congress to act is now to make sure the U.S. does not come close to defaulting on some of its obligations,” said Rachel Snyderman, associate director at the Bipartisan Policy Center, a think tank that monitors the debt limit. “But what’s concerning right now is that there are so many important priorities at play.”

Republicans vowed to withhold votes for the debt ceiling, though they helped suspend it under former President Donald Trump.

“Democrats control Washington now. They can raise the debt limit on their own,” said Doug Andres, a spokesman for Sen. Mitch McConnell (R-KY), on Wednesday.

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Yellen triggers alarm bells over debt ceiling cliff 

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