G-20 leaders back global minimum tax
President Biden and other leaders of the Group of 20 major economies endorsed a global minimum corporate tax on Saturday at the start of a two-day summit in Rome, reports The Wall Street Journal.
The landmark agreement seeks to prevent major companies such as Apple and Bristol Myers Squibb from moving profits and jobs across borders to avoid taxes. A deal has been in the works for years, but Biden's Treasury Department made a sustained push to finalize it at the summit, reports The New York Times.
G-20 leaders also hope to take a common stand on ways to honor the 2015 Paris climate agreement ahead of next week's United Nations climate conference, COP26. On Friday, senior G-20 leaders announced the creation of a global body to coordinate government responses to the next pandemic.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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