US Treasury Secretary Yellen to G20: Global corporate tax rate needed

• Date: 05 April 2021
• Author: Dan Verbin
• Published date: 05 April 2021
• Publication title: Israel National News (Israel)

The world need a minimum business tax rate to end a "30-year race to the bottom on corporate tax rates," Yellen said, according to Reuters.

The global minimum corporate tax rate is a key plank of President Joe Biden's $2 trillion dollar infrastructure plan. The plan mandates an increase in the U.S. corporate tax rate from 21 percent to 28 percent.

Raising the federal corporate tax rate to 28 percent would put the American economy at a disadvantage compared to most other major world economies, tax experts believe.

She said that it was essential to "end the pressures of tax competition." Governments need to have "stable tax systems that raise sufficient revenues in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government," she stated.

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