Yellen Will Push For Global Minimum Tax Rate Amid Biden Infrastructure Blitz, According To Report

SourceForbes
SectorEconomy
CountryMiddle east

Topline Treasury Secretary Janet Yellen on Monday will present an argument for a global minimum tax rate, according to prepared remarks obtained by Axios, tax hikes that will help pay for President Biden’s massive infrastructure and jobs plan.  Treasury Secretary Janet Yellen The Washington Post via Getty Images Key Facts A global minimum tax is a corporate tax rate that the major world economies would need to agree on in principle and pledge not to undercut—the idea is that this coordination across the globe will prevent multinational companies from relocating in search of lower rates, because rates would be essentially the same everywhere. Yellen is pushing for the minimum as a way to avert a “race to the bottom”—a trend where countries slash their corporate rates as a way to encourage foreign investment and create a more favorable business environment than their neighbors, driving global tax rates (and revenue) lower and lower as they compete with each other.  In a speech to the Chicago Council on Global Affairs, Yellen will emphasize the importance ...read more...