Biden Calls for Global Minimium Tax Rate to Target US Companies In Tax HavensEpoch Times, United States politics | The Epoch Times

President Joe Biden said Wednesday that he will push for the adoption of a global minimum corporate tax rate to reduce opportunities for tax-rate arbitrage by American corporations that reduce their U.S. tax burden by shifting profits to low-rate tax havens. “I’ve also proposed a global minimum tax, which is being proposed around the world for U.S. corporations, of 21 percent,” Biden said at a White House press briefing. “It means that companies aren’t going to be able to hide their income in places like the Cayman Islands and Bermuda, in tax havens,” the president added. It comes after Treasury Secretary Janet Yellen on Monday urged the adoption of such a tax, which would rely on negotiating a 21 percent global minimum corporate tax rate with major economies. Citing a “30-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Yellen said …Read More

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