After finance ministers from the world's 20 largest economies finished up a meeting in Venice, Italy, on Saturday by agreeing to support a proposal that would impose a global minimum tax of at least 15 percent, Treasury Secretary Janet Yellen said she's "very optimistic" that Congress will pass bills necessary to implement the deal stateside, Bloomberg reports.
Republicans, and some Democrats, remain skeptical of the plan and still intend to fight it, The New York Times writes. Rep. Kevin Brady (R-Tex.), for instance, said his expectation is that if and when the agreement is finalized it will provide advantages for "foreign companies and workers over American ones."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
5 sunny-side up cartoons about egg pricesCartoons Artists take on inflated prices, double standards, and more
-
'Swimming in the sky' in northern BrazilThe Week Recommends The pools of Lençóis Maranhenses are clear and blue
-
An ailing Pope Francis – and the vultures circling in the VaticanTalking Point Caught between his progressive inner circle and an influx of conservatism, the Holy Father should 'brace' himself for a battle
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
