Yellen says 'Pillar 1' tax deal could add or subtract small amount of U.S. revenue

U.S. Treasury Secretary Janet Yellen said on Tuesday that a global plan to reallocate some corporate taxing rights to market countries would have a minimal effect on U.S. revenues, and the form of its approval by Congress is still yet to be determined.

Yellen told the Senate Finance Committee that the United State could lose some revenue collected from U.S. corporations doing business abroad in the so-called "Pillar 1" tax reform plan now under negotiation. But as a "very large market economy," the Treasury would gain some revenue from foreign firms selling products and services in the United States.

"It could be positive or negative, depending on details that have not yet been worked out," Yellen said.