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Title : 130 Nations Now Support The U.S. Proposal For A Global Minimum Tax On Corporations
link : 130 Nations Now Support The U.S. Proposal For A Global Minimum Tax On Corporations

130 Nations Now Support The U.S. Proposal For A Global Minimum Tax On Corporations

U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis/Reuters  

CNBC: 130 nations agree to support U.S. proposal for global minimum tax on corporations 

* A group of 130 nations has agreed to a global minimum tax on corporations, Treasury Secretary Janet Yellen announced Thursday, part of a broader agreement to overhaul international tax rules. 

* Yellen did not announce the actual rate at which the GMT would be set, but the Biden administration has pushed for at least 15%. 

* The GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions to move their headquarters. 

WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules. 

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere. 

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.  

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WNU editor: Most of these countries are supporting a global tax because they are hoping to get a cut out of this tax. LOL. Good luck on that.

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