Saleha Mohsin

The transition group is strategizing on how to pass another sweeping tax bill next year,

"Our budget request provides steady-state operational funding," Yellen said. "It will complement the one-time, long-term investment in the IRS."

The Biden administration is alarmed over the market turmoil triggered by the new U.K. government's economic program.

Janet Yellen has one of the biggest to-do lists in Washington: usher in a global tax overhaul, press Wall Street on climate change and distribute billions of dollars in COVID relief.

The club of rich nations secured a landmark deal that could help them collect more taxes and impose levies on U.S. tech giants such as Amazon and Facebook.

Group of Seven governments are nearing a deal to pursue a minimum corporate tax rate of at least 15% in international negotiations, but remain at odds over how to treat global technology companies.

Treasury Secretary Janet Yellen’s team has proposed a 15% global minimum corporate tax in international negotiations aimed at ending competition to lure companies through cheap rates, which then end up eroding government revenues.

A U.S.-driven effort to reach a global accord on taxing big tech companies’ overseas profits is getting bogged down over ensnaring one company in particular.

The Treasury secretary outlined the case for a harmonized corporate tax rate across the world’s major economies.

The Internal Revenue Service’s delay of the April 15 tax-filing deadline to May 17 gives taxpayers an additional month to file returns and pay any outstanding levies.