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US Treasury Secretary Janet Yellen invented the global corporate minimum tax to fill the US coffers. Something similar is needed for the European Union. The Covid pandemic, the energy crisis and Russia’s war in Ukraine have all had a negative impact on finances. The Organisation for Economic Co-operation and Development (OECD) has developed the proposal, which is backed by more than 130 Member States. The support is so high because everyone would like to see multinationals taxed where the profits are made, rather than in tax havens. The global corporate minimum tax only applies to large global companies. Giant global...

Treasury Secretary Janet Yellen said on Sunday she was confident the U.S. Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries. Yellen told ABC's "This Week" the actions to bring the United States into compliance with the global minimum tax would likely be included in the so-called reconciliation budget bill containing President Joe Biden's proposed spending initiatives. Asked whether she was confident the measure would get through, Yellen said: "Yes. I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package....

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...

Update (1310ET): Irish Finance Minister Paschal Donohoe (the current head of the Eurogroup assemblage of EU finance ministers) just issued a terse statement claiming that while Ireland supports the aims of the OECD's tax reform, it's wary of the 15% minimum global tax rate.130 nations, including China & India have signed the 15% global minimum tax plan sponsored by the US and OECD Except Ireland Ireland is smart to defend her advantage over China as a gateway to EuropeI am shocked any African Nation and UK will agree to 15% tax on FDI pic.twitter.com/vDsiea8anC — Kalu Aja (@FinPlanKaluAja1) July 1,...

"For years, American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20%. We want to drop the rate, particularly, for high-tech manufacturers like you, Mr. President, even further than the 20%," Vice President Joe Biden said at a manufacturing plant in Davenport, Iowa this week. "We want to create a global minimum tax, because American taxpayers shouldn't be providing a larger subsidy for investing abroad than investing at home," Biden said at a campaign event.