YELLEN: GLOBAL TAX!

WASHINGTON (AP) — U.S. 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, 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.-headquartered com­pa­nies fare against oth­er com­pa­nies in glob­al merg­er and acqui­si­tion bids,” Yellen said in a vir­tu­al 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.”

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