US president has indicated a desire to see the US minimum rate increased from 15% to 21%, as part of a revenue-raising package to soak big companies
US president Joe Biden delivers the State of the Union address at the US Capitol in Washington, DC on Thursday. Photograph: Al Drago/Bloomberg’s plans for a minimum effective 15 per cent corporate tax rate worldwide out of the water? In his State of the Union speech. Biden said he wanted to see the US minimum rate upped from 15 per cent now to 21 per cent, as part of a revenue-raising package aimed at soaking big companies and billionaires.
So the message may be a more subtle one. If Biden wins, his team have briefed that they will want to reopen the global deal to aim for a 21 per cent minimum. If Biden can’t deliver in the US — as has happened with aspects of the current OECD deal — then this won’t go anywhere. But it will mean the current OECD deal may not bed down as an international accord.
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