G20 Leaders Endorse Global Minimum Corporate Tax

Contact Your Elected Officials
The Epoch Times Header

Treasury Secretary Janet Yellen has confirmed that leaders of the world’s 20 biggest economies (G20) have endorsed a “historic agreement” on new international tax rules, including a global minimum corporate tax.

A senior White House official told reporters on Friday that G20 leaders would this weekend formalize their endorsement of a deal establishing a global minimum corporate tax rate of 15 percent.

According to draft conclusions of the two-day G20 summit, held in Rome, Italy, the rules will enter into force in 2023, states the draft joint communique, which is expected to be formally adopted on Sunday, Reuters reported.

President Joe Biden, who traveled to Rome for the summit, wrote on Twitter that G20 leaders “made clear their support for a strong global minimum tax,” calling it “more than just a tax deal—it’s diplomacy reshaping our global economy and delivering for our people.”

The Biden administration pushed the global minimum tax as a way to reduce international tax arbitrage by U.S. multinationals and, in part, to blunt the impact of Biden’s proposed domestic corporate tax hike.

Yellen, who has been a strong advocate of the tax, wrote on Twitter: “Rather than competing on our ability to offer lower rates, America will now compete on the skills of our people, our ideas & our capacity to innovate—which is a race we can win.”

The White House official cited an independent study that found that a 15 percent global minimum tax rate would lead to at least $60 billion in additional revenue per year just in the United States.

The two-pillar framework—the outcome of negotiations coordinated by the Organisation for Economic Cooperation and Development (OECD) for much of the last decade—aims to force large Multinational Enterprises (MNEs) to pay tax where they operate and earn profits, while seeking to end a race to the bottom on international corporate tax rates.

“The deal works because it removes the incentives for the offshoring of American jobs, it’s going to help small businesses compete on a level playing field, and it’s going to give us more resources to invest in our people at home,” the White House official said, calling the deal a “game changer for American workers, taxpayers, and businesses.”

“In our judgment, this is more than just a tax deal; it’s a reshaping of the rules of the global economy,” the official added.

By Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Democrats are Losing by Pushing Their Dirty CR Bill

Talk is going around about the “Democrats Dirty CR” and the “Republicans Clean CR”.

NCAA streamlines transfer portal

The NCAA lords of the Division I Administrative Committee have unveiled a fresh batch of transfer portal reforms.

Section 230 Immunity, Defective Design and Trial Lawyers (Part 2)

Congress granted social media platforms Section 230 immunity even when children are harmed, trial lawyers found a way to bypass protection.

A Tale Of Two Political Parties

While the GOP, led by Trump, has produced results, Democrats offer horrible policies and candidates, presenting a vivid contrast to the American people. 

The Case for Western Islam

The suggestion of a expression of Islam which emerges from western culture is one that comes from a place of love.

Democrats are Losing by Pushing Their Dirty CR Bill

Talk is going around about the “Democrats Dirty CR” and the “Republicans Clean CR”.

Biden Undergoing Radiation, Hormone Treatment for Prostate Cancer

Former President Biden has begun receiving a combination of radiation and hormone treatments for prostate cancer, spokesperson announced.

Homan Says DOJ Probing Funding Behind ‘Organized’ Attacks on ICE

Border czar, Homan said DOJ launched an investigation into funding for what he called “organized” attacks on federal immigration enforcement agents.

There Are No Survivors in the Blast at a Tennessee Explosives Factory, Sheriff Says

The blast in rural Tennessee that leveled an explosives plant and was felt for miles around left no survivors, authorities said Saturday

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump to Impose New 100 Percent Tariff on China on Nov. 1

President Trump said that the US will impose an additional 100 percent tariffs on Chinese goods and export controls on critical software starting on Nov. 1.

Trump Admin Agrees to $20 Billion Rescue Plan for Argentina

The U.S. government has finalized a $20 billion economic rescue plan for Argentina, Treasury Secretary Scott Bessent announced on Oct. 9.
spot_img

Related Articles

Popular Categories

MAGA Business Central