U.S. Treasury Secretary calls for a global corporate minimum tax

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Sumary of U.S. Treasury Secretary calls for a global corporate minimum tax:

  • She also wants to help improve vaccination access for poorer countries and encourage countries to unite for a strong global recovery from COVID-19..
  • Treasury Secretary Janet Yellen said that she is working with G20 countries to agree on a global corporate minimum tax rate and pledged that restoring U.S..
  • In a speech ahead of her first International Monetary Fund and World Bank Spring Meetings as Treasury chief, Yellen signaled stronger U.S..
  • A global minimum tax proposed by the Biden administration could help to end a “thirty-year race to the bottom on corporate tax rates,”.
  • The proposal is a key pillar of President Joe Biden $2 trillion infrastructure spending plan, which calls for an increase in the U.S..
  • Without a global minimum, the United States would again have higher rates than a number of other major economies, tax experts say, while the U.S..
  • World Bank President David Malpass said finance leaders from the Group of 20 major economies on Wednesday would discuss global tax issues, including for digital services, adding that international attitudes were shifting away from continual tax reductions..
  • Separately, a group of Democratic senators unveiled a legislative proposal to roll back parts of former President Donald Trump 2017 U.S..
  • Yellen also said she would use the IMF and World Bank meetings to advance discussions on climate change, improve vaccine access for poor countries and push countries to do more to support a strong global recovery from the coronavirus pandemic..
  • She has backed a $650 billion increase in IMF monetary reserves that Mnuchin opposed last year, and said she will work with international institutions and partners on carbon emission reduction targets..
  • Treasury official told reporters that it was important to have the world major economies on board with a global minimum tax to make it effective, but did not say how many countries were needed for this….

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