“We are working with the G20 countries to agree on a minimum global corporate tax rate that can end the race to the bottom. Together, we can use the global minimum tax to ensure that the global economy thrives, on a more level playing field. in the taxation of multinational corporations and stimulates innovation, growth and prosperity, ”Yellen said in a speech to the Chicago Council on Global Affairs.
“Competitiveness is not all about how US-based companies compete against other companies in global M&A tenders,” she said. during these remarks, which represented his first major address as Secretary of the Treasury.
“This is to ensure that governments have stable tax systems that generate enough revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of funding government.”
The plan would also increase the corporate tax rate to 28%, from 21%. The rate hit 35% before former President Donald Trump and Republicans in Congress cut taxes in 2017.
This story has been updated.