Ireland — formerly one of the few holdouts for a pending international “global minimum tax” plan — has joined the agreement.
During a June meeting of the G7, President Biden and other world leaders proposed a “strong global minimum tax” of “at least” 15%. The White House lauded the policy as a “critical step towards ending the decades-long race to the bottom that pushes nations to compete over who can offer the lowest tax rate to large corporations at the expense of protecting workers, investing in infrastructure, and growing the middle class.”
Smaller nations — which have historically relied upon lower corporate taxes to compete on the world stage with more developed economies — were initially hesitant to sign the deal. In July, a handful of countries