Democrats’ Budget Set to Include Global Minimum Tax, Treasury Secretary Says

Treasury Secretary Janet Yellen said Sunday that she is confident that the Democrats’ budget will include a global minimum tax for corporations just days after nearly 140 countries endorsed the measure.

“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Treasury Secretary Janet Yellen told ABC News on Sunday. “I hope that it will be passed and we will be able to reassure the world that the United States will do its part.”

Though the United States and 135 other countries signed the agreement, each nation must pass its own legislation to enact the minimum tax rates. Democrats are currently crafting the budget, a spending package that would reshape the social safety net, but the process has slowed by disagreements between the party’s moderate and left wings.

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Arizona State Treasurer Kimberly Yee Sends Letter to Sinema, Kelly Opposing Legislation to Allow IRS to Monitor Americans’ $600 or More Withdrawals and Deposits

Arizona State Treasurer Kimberly Yee sent a letter to Arizona’s Democratic Sens. Kyrsten Sinema and Mark Kelly urging them not to vote for legislation that would allow the IRS to monitor Americans’ bank accounts for transactions of $600 or more in withdrawals and deposits. The proposal is part of the Biden administration’s $3.5 trillion American Families Plan, the so-called “human infrastructure” bill. Scott Earl, the CEO & President of Mountain West Credit Union Association, also signed the letter, representing multiple credit unions. 

Yee, who is running for governor of Arizona, said, “As it stands now, this proposal would threaten the financial security of more than 100 million Americans from all demographics. If it passes, the government will conduct one of the largest data mining exercises in American history, risking the security of the banking system.”

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Commentary: Afghanistan Reveals U.S. Choices Have Dangerously Narrowed

In the “Nicomachean Ethics,” Aristotle has a lot to say about the activity of choice and its place in securing “eudaimonia,” that “good-spiritedness” that is synonymous with human fulfillment.

Choice is critical in the metabolism of virtue. But, Aristotle points out, it is possible for someone, through bad choices, to put himself in a situation from which choice cannot rescue him.

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Janet Yellen Warns of ‘Irreparable Harm’ If Congress Doesn’t Raise the Debt Ceiling

Treasury Secretary Janet Yellen warned congressional leaders Friday that failing to raise the debt ceiling would risk “irreparable harm to the U.S. economy and the livelihoods of all Americans.”

In a letter, Yellen said that she did not know how long the Treasury Department could prevent the U.S. from defaulting on its debt, which could carry catastrophic economic consequences. The debt ceiling is set to expire on Aug. 1.

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Treasury Secretary Warns of ‘Rapid’ Inflation This Year

Janet Yellen

As more federal data show a major spike in inflation, another top federal official said the U.S. is in for more aggressive inflation for the rest of 2021.

Federal officials have been pressed to speak on rising inflation after \data released earlier this week showed that the all items index increased 5.4% over the last 12 months, the biggest spike since the 2008 financial crisis.

Treasury Secretary Janet Yellen commented on the rise in inflation, saying it would grow worse this year.

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