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Yellen calls for global minimum corporate tax rate in first major address as Treasury secretary

April 5, 2021. Summarized by summa-bot.

Compression ratio: 70%. 1 min read.

WASHINGTON, DC - FEBRUARY 5: Treasury Secretary Janet Yellen speaks during a virtual roundtable event with participants from local Black Chambers of Commerce on February 5, 2021 in Washington, DC. Topics discussed included the Biden administration's $1.9 trillion Covid-19 relief package and how the pandemic has affected local businesses. (Photo by Drew Angerer/Getty Images)

Treasury Secretary Janet Yellen called for a global minimum corporate tax rate on Monday, a pitch that comes as the Biden administration begins to sell its roughly $2 trillion infrastructure and jobs proposal that would raise US corporate taxes to fund the massive plan.

Washington (CNN)Treasury Secretary Janet Yellen called for a global minimum corporate tax rate on Monday, a pitch that comes as the Biden administration begins to sell its roughly $2 trillion infrastructure and jobs proposal that would raise US corporate taxes to fund the massive plan.

"We're working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom.

Together, we can use global minimum tax to make sure that the global economy thrives, based on a more level playing field in the taxation of multinational corporations and spurs innovation, growth and prosperity," Yellen said in a speech to the Chicago Council on Global Affairs.

President Joe Biden's infrastructure proposal, called the American Jobs Plan, would increase the minimum tax on US corporations to 21% and calculate it on a country-by-country basis to deter companies from sheltering profits in international tax havens.

The plan would also raise the corporate income tax rate to 28%, up from 21%.

Yellen had previously called for a global minimum corporate tax rate, including during her confirmation process earlier this year, when she told a Senate panel that if confirmed, she would work "with our allies on a global tax regime that protects American competitiveness while ensuring corporations pay their fair share. "

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