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Biden Admin Wants Global Minimum Tax Rate on Companies: Treasury Secretary Yellen Treasury Secretary Janet Yellen said the Biden administration is working with other like-minded world leaders to introduce a global minimum tax rate on companies. In a virtual speech delivered to the think tank Chicago Council on Global Affairs, Yellen deplored what she said has been a “race to the bottom” over the past 30 years, in which countries have sought to reduce corporate tax rates to incentivize multinational businesses, including U.S.-owned businesses, to offset costs via accounting moves that tra...

WASHINGTON — U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to at least partially offs

Yellen calls for minimum global corporate income tax FILE - In this Dec. 13, 2017 file photo, Federal Reserve Chair Janet Yellen speaks during a news conference following the Federal Open Market Committee meeting in Washington. Yellen on Monday, April 5, 2021, urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration’s proposed increase in the U.S. corporate tax rate. (AP Photo/Carolyn Kaster, File) Published April 06. 2021 5:34AM  By CHRISTOPHER RUGABER WASHINGTON (AP) — U.S. Treasury Secretary Jane...

Washington United States Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to at least partially offset any disadvantages that might arise from the Biden administration’s proposed increase in the U.S. corporate tax rate. Citing a “30-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Ms. Yellen said the Biden administration would work with other advanced economies in the Group of 20 to set a minimum. “Competitiveness is about more than how U.S.-hea...

“It is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” the Treasury Secretary said Monday.