The United States is "working with G20 nations to agree to a global minimum corporate tax rate," Treasury Secretary Janet Yellen said Monday during a virtual speech before the Chicago Council on Global Affairs.
Yellen said countries have been engaged in a "30-year race to the bottom" on corporate rates, arguing that ending the competition will bring about a thriving, innovative global economy "based on a more level playing field in the taxation of multinational corporations."
CBS News reports a treasury official would not provide a specific number for the target minimum. The G20 reportedly hopes to reach a comprehensive political agreement by July, although the treasury official acknowledged there may be some holdouts, per CBS. Still, the official said that the White House's Made in America Tax Plan, which is part of President Biden's new infrastructure proposal, contains provisions that address tax havens. Read more at CBS News.