US Treasury Secretary Janet Yellen wants a more level playing field in the taxation of multinational corporations.
Just days after President Joe Biden announced plans to raise corporate taxes to finance a massive US$2 trillion infrastructure and jobs program, Yellen said a collective international effort would end the “race to the bottom” on taxation. The interconnected global economy has led to “a thirty-year race to the bottom on corporate tax rates”.
“President Biden’s proposals announced last week call for bold domestic action, including to raise the US minimum tax rate, and renewed international engagement, recognising that it is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Yellen said.
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