“We’re working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. Together, we can use global minimum tax to make sure that the global economy thrives, based on a more level playing field in the taxation of multinational corporations and spurs innovation, growth and prosperity,” Yellen stated in a speech to the Chicago Council on Global Affairs.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” she stated in the course of the remarks, which represented her first main deal with as Treasury secretary.
“It’s about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
The plan would additionally elevate the company revenue tax charge to 28%, up from 21%. The charge had been as excessive as 35% earlier than former President Donald Trump and congressional Republicans lower taxes in 2017.
This story has been up to date.