U.S. Secretary of the Treasury Janet Yellen has called on other countries to join Washington in setting a global minimum tax for businesses, in line with US economic policy. Promised to reassert leadership.
“Together, the global minimum tax can be used to ensure that the global economy thrives on the large-scale sporting sector in the taxation of multinational corporations, and leads to innovation, growth and prosperity,” Janet Yellen told the Chicago Council.
At the request of the Secretary of the Treasury, the Biden administration places tax evasion and tax camps at the center of its economic agenda ahead of the spring International Monetary Fund and World Bank meetings. The White House last week unveiled a more than $ 2 billion investment plan to renovate deteriorating infrastructure and increase clean energy. A program funded by the United States through a high corporate tax rate and other measures designed to prevent the transfer of profits for tax reasons.
The United States has been pushing for a multilateral agreement on digital taxation at the OECD over the summer, but Janet Yellen’s speech is part of a broader agreement on corporate taxation involving the G20 and other countries.
However, the tax hike clashes with the hopes of Republicans and business groups, who say such an increase could affect the competitiveness of U.S. multinationals.
“America First should never refer to the United States alone. In today’s world, no country can offer a strong and sustainable economy to its people. Leadership and global engagement make our companies and our economy vulnerable,” he said.