Treasury Secretary Janet Yellen called on world leaders Monday to institute a minimum global corporate tax rate to prevent companies from offshoring.
Nations must unite …
Treasury Secretary Janet Yellen called on world leaders Monday to institute a minimum global corporate tax rate to prevent companies from offshoring. Nations must unite to ensure corporations do not avoid taxation by moving to countries with lower tax rates, Yellen said in a speech to the Chicago Council on Global Affairs on Monday. Last week, President Joe Biden proposed to increase the U.S. corporate tax rate from 21% to 28% as a way of paying for his $2 trillion infrastructure plan. “President Biden’s proposals announced last week call for bold domestic action, including to raise the U.S. minimum tax rate, and renewed international engagement, recognizing that it is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Yellen said during her remarks.
