Yellen told ABC's "This Week" the efforts to bring the United States into agreement with the global minimum tax would likely be included in the so-called reconciliation budget bill holding President Joe Biden's proposed spending initiatives.
Asked whether she was sure the measure would get through, Yellen said, "Yes."
On Friday, the Organization for Economic Cooperation and Development announced a major breakthrough on corporate tax rates after years of disagreement.
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On Friday, the OECD of 136 countries set a minimum global tax rate of 15% for big companies. It attempted to make it harder for them to avoid taxation in a landmark deal that Biden said destroyed the playing field.
"The landmark deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, will also reallocate more than USD 125 billion of profits from around 100 of the world's largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits," the OECD said in a statement Friday.
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Republican senators have said they were disturbed the Biden administration was thinking of avoiding the need to get the Senate's authority to execute treaties. The parliamentary procedure known as budget reconciliation would allow Democrats to act without Republican votes.
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Under the U.S. Constitution, the Senate must approve any treaty with a two-thirds majority or 67 votes. Biden's fellow Democrats control only 50 seats in the 100-member chamber. Republicans in recent years have been increasingly opposed to treaties and have backed cuts in corporate taxes.
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The breakthrough comes after some changes were made to the original text; notably, the rate of 15% will not be increased later and those small businesses will not be hit with the new rates.
This helped Ireland — a longtime opponent of raising corporate tax rates — to get on board with the plan.
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Hungary, another long-term skeptic about a global tax deal, also changed its mind after receiving reassurances there will be a lengthy implementation period.
Countries now have to work out some great parts so the new deal will go into effect during 2023.
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The settlement is "a once-in-a-generation accomplishment for economic diplomacy," U.S. Treasury Secretary Janet Yellen said in a statement.
Yellen praised the many countries who “decided to end the race to the bottom on corporate taxation,” and expressed hope that Congress will use the reconciliation process to quickly put the deal into practice in the U.S.
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