In this file photo Treasury secretary nominee Janet Yellen speaks after US President-elect Joe Biden announced his economic team at The Queen Theater in Wilmington, Delaware, December 1, 2020. — AFP picWASHINGTON, April 5 — The United States is pushing in the G20 for agreement on a global minimum corporate tax to stem the erosion of government revenues, US Treasury Secretary Janet Yellen said today.
“Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations,” she said in a prepared speech to The Chicago Council on Global Affairs. But for companies and economies to remain competitive, governments must make sure they “have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”
A Treasury official told reporters the G20 goal is to have a proposal by July, and the Biden administration could if needed change its legislation to bring the US minimum tax into line with the international plan.
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