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The Biden Administration’s plan for a global government tax cartel is running into trouble, and Treasury Secretary Janet Yellen isn’t pleased. She now has the U.S. playing the role of bullying enforcer against Hungary, which is blocking European Union approval.
On Friday the Treasury said the U.S. is withdrawing from a 1979 bilateral tax treaty with Hungary. Treasury said “the benefits are no longer reciprocal,” citing a loss of tax revenue for the U.S. But the timing suggests this is an act of retribution against Budapest for blocking EU approval of Ms. Yellen’s 15% global minimum tax. EU rules require the assent of all 27 members, and Hungary has refused to go along.
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