Treasury Secretary Yellen To Call For Global Minimum Tax Rate

Treasury Secretary Janet Yellen will argue Monday for a global corporate minimum tax rate as she pushes President Joe Biden’s plans to raise levies on U.S. companies, a person familiar with her remarks said.

Yellen’s comments, reported earlier by Axios, are part of an effort to prevent companies from seeking locations with lower taxes as the administration seeks higher levies on American firms to help pay for a $2.25 trillion infrastructure program.

“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger-and-acquisition bids,” Yellen will say in a speech to 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 and respond to crises, and that all citizens fairly share the burden of financing government.”

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{Matzav.com}