Yellen calls for minimum global corporate income tax

Yellen calls for minimum global corporate income tax


WASHINGTON — US Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration’s proposed increase in the US corporate tax rate.

Citing a “thirty-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Yellen said the Biden administration would work with other advanced economies in the Group of 20 to set a minimum.

“Competitiveness is about more than how US-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said in a virtual speech to the Chicago Council on Global Affairs. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods.”

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The speech was Yellen’s highest-profile so far on international affairs and came just as the spring meetings of the World Bank and International Monetary Fund

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