The leaders of the world’s wealthiest developed nations on Sunday backed a new 15% global minimum tax on corporations, intended to keep the world’s largest companies from being able to dodge taxes by offshoring profits.
“Critically, the G7 leaders endorsed a global minimum tax of 15 percent. So many corporations have been engaged in what are essentially tax havens, deciding that they would pay considerably less than other — in other environs around the world,” President Joe Biden said in a press conference in England on Sunday. “And — but this is going to make sure there’s a minimum tax, and I’m going to have — I’m going to move on this at home as well — a minimum tax for corporations to pay for the profits they make anywhere in the world.”
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