Corporate Tax

Biden Treasury candidate says he desires to finish the corporate tax race to the underside.

WASHINGTON, Feb. 23 (Reuters). Deputy Treasury Secretary Wally Adeyemo said Tuesday that higher corporate tax rates would help President Joe Biden fund strategic industrial investments and pledged to end a “race to the bottom” on global corporate taxation.

Adeyemo told the Senate Finance Committee during its confirmation hearing that Biden wanted to fund investments to make American companies more competitive.

“If this is confirmed, my goal is to make sure we work through the OECD and G20 tax processes to level the playing field for American companies, especially when it comes to taxes,” Adeyemo said. “We have to end what seemed like a race to the bottom in terms of international taxation.” (Reporting by David Lawder)

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