“Here at the G20, leaders representing 80% of the world’s GDP - allies and competitors alike - made clear their support for a strong global minimum tax,” the president said in the tweet. President Joe Biden’s original call for a 21% minimum tax. Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.” It awaited formal endorsement at the summit Saturday in Rome of the world’s economic powerhouses. G-20 finance ministers in July had already agreed on a 15% minimum tax. Yellen as benefiting American businesses and workers.
The move by the Group of 20 summit in Rome was hailed by U.S. ROME (AP) - Leaders of the world’s biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.
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