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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
September 14 editorial cartoonsCartoons Sunday’s political cartoons include RFK Jr on the hook, the destruction of discourse, and more
-
Air strikes in the Caribbean: Trump’s murky narco-warTalking Point Drug cartels ‘don’t follow Marquess of Queensberry Rules’, but US military air strikes on speedboats rely on strained interpretation of ‘invasion’
-
A tour of Sri Lanka’s beautiful northThe Week Recommends ‘Less frenetic’ than the south, this region is full of beautiful wildlife, historical sites and resorts
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
