Earlier this week, Biden’s Treasury Secretary, Janet Yellen, argued in favor of a global minimum tax rate for corporations, regardless of their location, in an apparent bid to counter the impact of corporations moving business overseas in response to the Biden administration’s calls to increase corporate tax rates.
“Ms. Yellen, in a speech to the Chicago Council on Global Affairs, called for global coordination on an international tax rate that would apply to multinational corporations regardless of where they locate their headquarters,” The New York Times reported. “Such a global tax could help prevent the type of ‘race to the bottom’ that has been underway, Ms. Yellen said, referring to countries trying to outdo one another by lowering tax rates in order to attract business.”
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