Treasury Secretary Janet Yellen To Propose ‘Global Minimum Corporate Tax’ To Keep Companies From Moving Overseas After Biden Tax Hike

Treasury Secretary Janet Yellen To Propose ‘Global Minimum Corporate Tax’ To Keep Companies From Moving Overseas After Biden Tax Hike


Treasury Secretary Janet Yellen is expected to propose a “global minimum corporate tax” when she speaks for the first time this week, according to a report from Axios, in order to prevent companies from moving operations overseas if President Joe Biden hikes corporate taxes.

Last week, Biden announced plans for a multi-trillion-dollar “infrastructure bill” designed to improve America’s physical infrastructure, but would also fund a host of Democratic- and progressive-favored programs aimed at combatting issues like climate change.

In order to pay for the bill, Biden is proposing a corporate tax hike, from the current 21% rate to a 28% rate, partially rolling back a tax cut passed during the first years of President Donald Trump’s tenure, when he lowered the corporate tax rate from an Obama administration-era 35% high.

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“Biden’s plan, if adopted, would also make it harder for multinational companies to qualify for federal tax deductions based on tax payments to certain foreign governments,” CNBC added in its report on

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