Arab Press

بالشعب و للشعب
Monday, Jun 30, 2025

Yellen to push for global minimum tax rate on corporations

Yellen to push for global minimum tax rate on corporations

Yellen to call for global coordination on taxes paid by multinational corporations

Treasury Secretary Janet Yellen on Monday made the case for a global minimum tax rate as she pushes President Biden's plan to increase levies on U.S. corporations in order to fund his $2.25 trillion spending proposal.

In a speech to the Chicago Council on Global Affairs, Yellen called for global coordination on taxes paid by multinational corporations — part of an effort to crack down on companies that relocate in search of lower rates. Yellen's comments were first reported by Axios.

"Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids," Yellen said. "It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government."

Yellen's remarks come as the Biden administration seeks to raise the rate paid by American corporations from 21% to 28%, one of the ways the White House plans to pay for the so-called American Jobs Plan, a sweeping, eight-year initiative that will make massive investments in the nation's roads and bridges, as well as transit systems, schools and hospitals.

Biden is also exploring raising the global minimum tax on U.S. corporations to 21% from about 13%.

But global rates have been falling in recent years, including in the U.S. In 2017, former President Donald Trump and congressional Republicans slashed the rate from 35% to 21%. Nine countries recently reduced their rates, and the average corporate rate in the G7 is 24%, according to the Tax Foundation.

"We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom," she said.

The White House is already facing headwinds over the proposed tax hikes: Both the U.S. Chamber of Commerce and Business Roundtable, which is comprised of CEOs from some of the nation's biggest companies, warned that forcing corporations to pay more in federal taxes would ultimately derail the economy's recovery from the coronavirus pandemic.

"Business Roundtable strongly opposes corporate tax increases as a pay-for for infrastructure investment," CEO Joshua Bolten said in a statement. "Policymakers should avoid creating new barriers to job creation and economic growth, particularly during the recovery.”

Recent findings from the Tax Foundation show that Biden's plan to raise corporate taxes would reduce GDP, the broadest measure of goods and services produced in the country, by 0.8% and eliminate 159,000 jobs. It would also reduce workers' wages by 0.7%, the nonpartisan organization said.

Comments

Oh ya 4 year ago
Well i hope all you demtard business owners that voted for the ham sandwich and a ho are happy now. You get what you deserve

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
×