A global minimum tax deal hit a new roadblock last week after Hungary vetoed its implementation at a meeting of European Union finance ministers in Luxembourg.
Iowa Republican Sen. Chuck Grassley gives his take on tax cuts that could provide ease to Americans as the country faces record-high inflation on 'Kudlow.'on corporate profits ran into a major roadblock last week after Hungary vetoed a European Union plan to implement the measure at the end of 2023.last year for a 15% global minimum corporate tax and other policies aimed at cracking down on international tax avoidance.
"Under such circumstances, implementing the global minimum tax would cause serious damage to the European economy," Hungary’s finance minister Mihály Varga said.agreed upon by 137 countries It is unclear what happens next; experts doubt that this marks the end of the global minimum tax deal. Poland previously opposed the plan, but dropped its opposition during a visit from Treasury Secretary Janet Yellen to Warsaw in May. The EU also worked with Poland to address some of its concerns, including seeking a reassurance that the 27-member bloc would link the minimum tax to a separate proposal imposing a levy on the world's 100 biggest companies.
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