Treasury Secretary Janet Yellen on Monday called for a global minimum corporate tax rate, a pitch that will come when the Biden administration begins selling its roughly $ 2 trillion infrastructure and employment proposal that will be used to fund U.S. corporate taxes of the massive plan to be raised.
“We are working with the G20 countries to agree on a global minimum tax rate for companies that can stop the race to the bottom. Together, we can use the global minimum tax to ensure that the world economy thrives on a level playing field in the taxation of multinational corporations, promoting innovation, growth and prosperity, ”Yellen said in a speech to the Chicago Council on Global Affairs.
President Joe Biden’s infrastructure proposal, called the American Jobs Plan, would raise the corporate tax rate from 21% to 28%. The tax rate was 35% before former President Donald Trump and Republicans of Congress cut taxes in 2017. Biden said last week that the tax hike “will raise $ 1 trillion over 15 years alone”.
This story breaks and is updated.