US Treasury Secretary Janet Yellen on Monday said she was working with G20 countries to adopt a global minimum corporate tax rate that would stem the erosion of government revenues. A collective effort by the world’s 20 major economies would help end the “thirty-year race to the bottom on corporate tax rates,” Yellen said at a virtual event hosted by the Chicago Council on Global Affairs. “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. Yellen’s speech comes days after President Joe Biden announced plans to raise the corporate tax to finance a massive $2 trillion infrastructure and jobs program.
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