On Monday, Treasury Secretary Janet Yellen argued in favor of a global minimum tax rate for corporations, regardless of their location, in an apparent bid to counter the impact of companies moving overseas in response to the Biden administration’s calls to increase corporation tax.
“Ms. Yellen, in a speech to the Chicago Council on Global Affairs, called for global coordination on an international tax rate that would apply to multinational corporations regardless of where they locate their headquarters,” the New York Times reported. “Such a global tax could help prevent the type of ‘race to the bottom’ that has been underway, Ms. Yellen said, referring to countries trying to outdo one another by lowering tax rates in order to attract business.”
This call for an international agreement comes as the Biden administration is looking to push through their latest legislative agenda — a massive $2 trillion infrastructure plan which President Joe Biden celebrated as the largest “investment in American jobs” since