LONDON: Finance Ministers from the Group of Seven (G7) rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15 per cent, an agreement that could then form the basis of a worldwide deal. Such a deal aims to end what US Treasury Secretary Janet Yellen has called a “30-year race to the.
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U.S. President Joe Biden departs after delivering an update on his administration s coronavirus disease (COVID-19) response in the Eisenhower Executive Office Building s South Court Auditorium at the White House in Washington, U.S., June 2, 2021. REUTERS/Carlos Barria
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U.S. President Joe Biden still believes in his corporate tax hike proposal but is willing to keep an open mind as he prepares to talk with Republican Senator Shelley Moore Capito on Friday about a potential deal on infrastructure, the White House said.
White House spokesperson Jen Psaki, speaking to reporters, said the administration still views domestic and international minimum tax proposals as separate issues. Biden will also talk with U.S. Representative Pete DeFazio, the Democratic chairman of the House Committee on Transportation & Infrastructure, she added.
As part of Biden’s new tax pitch, the president emphasized that the White House would strengthen the IRS enforcement on corporations and wealthy earners who engage in tax dodging.
A bipartisan group of Colorado lawmakers are making a last-ditch effort to lower residential property tax assessment rates and help Coloradans ward off larger tax hikes this year.
Group of Seven (G7) finance ministers made progress in talks about reforming global corporate tax rules in London on Friday, Britain's finance ministry said.