Yellen calls for a global minimum corporate tax rate in his first major speech as Secretary of the Treasury
“We are working with the G20 countries to agree on a global minimum corporate tax rate that can stop the race to the bottom. Together, we can use the global minimum tax to make sure the global economy thrives, on a more level playing field. in the taxation of multinational corporations and stimulates innovation, growth and prosperity, ”Yellen said in a speech to the Chicago Council on Global Affairs.
“Competitiveness is not limited to how companies headquartered in the United States compare to other companies in global M&A offerings,” she said in her remarks. , which represented his first major speech as Secretary of the Treasury.
“This is to ensure that governments have stable tax systems that generate sufficient income to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
The plan would also raise the corporate tax rate to 28%, from 21%. The rate had reached 35% before former President Donald Trump and Republicans in Congress cut taxes in 2017.
This story has been updated.