President Biden’s plan to establish a worldwide minimum corporate now has the support of 130 countries including China and India.
Treasury Secretary Janet Yellen, who has been leading the United States’ effort to have a global minimum tax of at least 15%, made the announcement Thursday when the agreement among the countries was made official, according to CBS News .
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“Today’s agreement by 130 countries representing more than 90% of global GDP is a clear sign,” Yellen said. “America will enter a competition that we can win – one judged on the skill of our workers and the strength of our infrastructure. … We have a chance now to build a global and domestic tax system that lets American workers and businesses compete and win in the world economy.”
The two-step, framework plan was coordinated by the Organization of Economic Cooperation and Development. The first part allows countries the right to tax roughly $100 billion in multinational profits on companies that do business within their borders. The second part supports implementing a 15% global minimum tax, which the organization estimates would generate roughly $150 billion a year in revenues.