Yellen Sets Out Rough Timeline for Congress on Global Tax Deal

The transcript discusses the global tax agreement endorsed by the G20, focusing on the challenges of implementing a minimum corporate tax rate of 15%. U.S. Treasury Secretary Janet Yellen outlines the timeline and political hurdles, particularly in the U.S. Congress, with midterm elections approaching. The EU's internal disagreements, especially from countries like Ireland, are highlighted as obstacles to a unified stance. The need for cooperation among EU countries and the influence of major economic powers within the EU are emphasized.

What is the main goal of the global tax agreement discussed in the first section?

• To increase taxes on small businesses

• To establish a global minimum tax rate for corporations

• To reduce taxes for European countries

• To eliminate taxes for multinational corporations

What is one of the main challenges in implementing the global tax agreement according to the second section?

• Lack of support from Asian countries

• Opposition from the United Nations

• The role of the US Congress

• Disagreement among African nations

Why is the political calendar in the United States significant for the global tax agreement?

• It affects the timing of legislative actions

• It determines the tax rates for corporations

• It influences the EU's decision-making process

• It sets the agenda for the G20 meetings

Which EU country is mentioned as benefiting from low tax policies?

• Ireland

• Germany

• Spain

• France

What is needed from the EU for the global tax agreement to proceed smoothly?

• Support from the United States

• A reduction in tax rates

• Approval from the United Nations

• A unified position among member countries