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Treasury Yellen demands global minimum corporate tax rate

Treasury Secretary Janet Yellen insisted on President Biden’s $ 2.3 trillion infrastructure proposal and the world’s lowest corporate tax rate on Monday, ahead of this week’s virtual meeting with global counterparts.

“Competitiveness is more than a way for US-based companies to compete with other companies in bids for global mergers and acquisitions,” she said in a statement to the Chicago Council on Global Affairs on Monday. “Ensure a stable tax system in which the government invests in important public goods, raises enough income to respond to the crisis, and ensures that all citizens share the burden of government financing fairly. is.”

Mr Biden’s plan will generate about $ 2 trillion in 15 years to pay for the infrastructure spending he outlined Wednesday. This will raise the corporate tax rate from 21% to 28%, raise the minimum tax rate for foreign income of U.S. companies, and allow foreign companies operating in the U.S. to benefit from shifting profits to lower tax countries. Will be difficult.

“We are working with the G20 countries to agree on a global minimum corporate tax rate that can stop race to the bottom,” Yellen said.

The statement was previously reported by Axios.

Treasury Yellen demands global minimum corporate tax rate

Source link Treasury Yellen demands global minimum corporate tax rate

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