Treasury Secretary Janet Yellen
Janet Louise YellenThe Hill’s Morning Report – Biden’s Infrastructure Plan Leads to Debate Debate 2024 IDP The White House hopes opposition to the Biden Cabinet COVID disrupts a boom in Latino business – the recovery must be aimed at restoring it insisted on a global minimum corporate tax rate on Monday during her first important speech in her new role, as the Biden government wants to fund an infrastructure plan funded by raising corporate taxes.
“Together, we can use a global minimum tax to ensure that the world economy thrives on a more equal playing field in the taxation of multinational corporations, and this stimulates innovation, growth and prosperity,” Yellen said during a virtual event that offered by the Chicago. Council on Global Affairs.
The speech comes at the beginning of the spring meetings of the World Bank and the International Monetary Fund, which are virtually held.
President Biden
Joe BidenBiden to look at ‘Eastern politics’ to negotiate with autocrats The Hill’s Morning Report – Biden’s infrastructure plan leads to definition debate The memorandum: Biden’s bet on taxes MORE last week proposed a series of changes to corporate taxes that, according to its administration, could raise more than $ 2 billion dollars over 15 years to pay for infrastructure investments. The plan would increase the U.S. corporate tax rate from 21 percent to 28 percent, increase a U.S. minimum tax on corporate earnings to 21 percent, and take steps to prevent companies from relocating their headquarters and jobs overseas.
Critics of the corporate tax hike claim that it will make the U.S. business climate less competitive compared to other countries that have lowered their tax rates over the past few years.
Yellen said the Biden government wanted to end a global ‘race-to-the-bottom’ on corporate tax rates by working with other countries in the G20 to reach an agreement on a global minimum tax rate. She said this effort is important to ensure that countries can obtain the revenue they need to provide the necessary public services.
“Competitiveness is about more than the way U.S. headquarters fare against other companies in global merger and acquisition offerings,” Yellen said. “It is about making sure that governments have stable tax systems that generate sufficient revenue to invest in essential public goods and respond to crises, and that all citizens share the burden of government funding fairly.”
A Treasury official said on Monday that the G20 had set a goal of reaching a political agreement on international tax issues by July and that the government was still working on it. The official acknowledged that some countries may not eventually sign an agreement on a global minimum tax, but said a number of Biden’s tax proposals are aimed at preventing US businesses from moving their headquarters, assets and jobs to tax havens. to move.