Saleha Mohsin

Scott Bessent is expected to play a key role in pushing for a renewal of Trump's 2017 tax cuts, many of which are set to expire at the end of 2025.

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.