Despite the support of US Treasury Secretary Janet Yellen: There are still many obstacles to great success.
Today and tomorrow the G20, the finance ministers of the world’s twenty largest economic powers, meets in Venice. It also focuses on planned global corporate tax reform. Among other things, it contributes at least 15 percent to the global minimum tax.
U.S. Treasury Secretary Janet Yellen only found words of praise for the reform after the G7 Treasury ministers’ meeting a month ago. This will end the race on corporate taxes and guarantee fair taxation for the middle class and workers in the United States and around the world.
Meanwhile, 130 countries, including Switzerland, have announced their support for the reform under the umbrella of the Organization of the Petroleum Exporting Countries (OECD). The G20 finance ministers are also expected to make a political intervention this weekend, so the plan is expected to be unveiled by the OECD by October.
Reform in the US Congress may fail
Nevertheless, reform may now fail because the United States is everywhere. Because it shouldn’t be easy for Yellen. To win the required two-thirds majority in the U.S. Congress. Republicans, who received half the vote in Congress, reject the reform, including a planned tax increase.
Swiss Finance Minister Yuli Moorer, who is a G-20 guest, should pay particular attention to what his colleague Yellen had to say in Venice. The low-tax country Switzerland is under pressure from 15 percent of the global minimum tax, so it has only joined the reservation in reform plans.
The Swiss Confederation can now quietly hope that Yellen’s master plan will not come to an end, as the world’s largest economic power will not go with it.
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