Treasury Secretary Yellen Calls for Global Minimum Corporate Tax

U.S. Treasury Secretary Janet Yellen Corporate Tax

U.S. Treasury Secretary Janet Yellen said on April 5 that she is working with G20 countries to agree on a global minimum corporate tax rate and end "a 30-year race to the bottom on corporate tax rates." This is an effort to at least partially mitigate any disadvantages that could arise from the Biden administration's proposed U.S. corporate tax rate increase.

"Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids," Yellen said in a virtual speech at the Chicago Council on Global Affairs. "It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods."

Yellen also said she would use her participation in the International Monetary Fund (...

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