A critical piece of President Joe Biden’s strategy to ensure that American corporations cannot run from the higher taxes he wants to impose is now in place.
On Friday, 136 nations agreed to set their corporate tax rates no lower than 15 percent, according to CNN.
The deal also requires companies to pay taxes in the nations where they do business, not just where they have a physical presence.
The global minimum tax is now supported by all of the countries in the Organization for Economic Cooperation and Development and the Group of 20.
Ireland had held out, fearing the repercussions of upping its current corporate tax rate of 12.5 percent. It signed on after winning an exemption from the higher rate for its small