https://www.washingtonexaminer.com/news ... inimum-taxThe Group of Seven wealthy nations has committed to moving toward a 15% global minimum tax on corporations that operate internationally, handing the Biden administration a win.
Treasury Secretary Janet Yellen announced the agreement on Saturday and hailed it as an “unprecedented commitment” that would “end the race-to-the-bottom in corporate taxation.” The announcement came after the top finance chiefs for each of the countries met in London.
“The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our workforces and investing in research and development and infrastructure,” Yellen said.
The G-7 features some of the world’s largest economies and includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The group said in a joint statement that it strongly supports efforts to “address the tax challenges arising from globalization and the digitalization of the economy and to adopt a global minimum tax.”
Here we go global taxation. Companies in the US pay 21% and Biden is going to raise that to 28%. Companies will leave and consumers will pay. This will benefit who? China!
