Biden Admin Wants Global Minimum Tax Rate on Companies: Treasury Secretary Yellen

Treasury Secretary Janet Yellen said the Biden administration is working with other like-minded world leaders to introduce a global minimum tax rate on companies. In a virtual speech delivered to the think tank Chicago Council on Global Affairs, Yellen deplored what she said has been a “race to the bottom” over the past 30 years, in which countries have sought to reduce corporate tax rates to incentivize multinational businesses, including U.S.-owned businesses, to offset costs via accounting moves that transfer their revenues to countries with lower corporate taxes. “Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.” She said, “We are working with G20 nations …

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