Yellen to Press EU on Digital Tax Plan After G-20 Agreement

The transcript discusses the OECD's proposal for a 15% corporate minimum tax, endorsed by major economies, and its implementation challenges. The focus is on the ability of European countries to tax big tech companies where they operate. The implementation is expected by 2023, but some governments, like Ireland, have not fully agreed. The US delegation in Brussels is negotiating a separate European digital levy, which faces political challenges in the US. The discussion highlights the complexity of implementing multiple tax systems and the need for political consensus.

What is the proposed corporate minimum tax rate endorsed by major economies?

• 25%

• 20%

• 15%

• 10%

Which country has not fully signed on to the OECD tax proposal?

• France

• Spain

• Germany

• Ireland

What is a major concern regarding the effective rate of the proposed tax?

• It will not generate any revenue.

• It will only apply to tech companies.

• Many companies already pay more than the proposed rate.

• It might be too high for small businesses.

What is the US delegation's stance on the European digital levy?

• They have no opinion on it.

• They are pushing to delay or drop it.

• They want to implement it immediately.

• They support it fully.

What challenge does the US face in selling the tax proposals domestically?

• Implementing the taxes immediately.

• Combining the taxes into one.

• Reducing the tax rates.

• Explaining the purpose of the taxes.