• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Yellen Sees Post-COVID Growth, Possible Full Employment in 2022

Yellen Says Global Minimum Tax Needed, Too Soon To Declare Victory Over Pandemic

April 5, 2021
Texas Governor Deploys 5,000 National Guard Troops Ahead of Anti-ICE Protests

Texas Governor Deploys 5,000 National Guard Troops Ahead of Anti-ICE Protests

June 13, 2025
ELLIOT RESNICK: We Could Use Fewer College Graduates

ELLIOT RESNICK: We Could Use Fewer College Graduates

June 13, 2025
Iran Says Israel Killed Its Top Terrorist Commander In Airstrikes

Iran Says Israel Killed Its Top Terrorist Commander In Airstrikes

June 12, 2025
Greg Gutfeld Says ‘Douche’ Democrat Senator Was Lucky ‘He Wasn’t Flattened’ By DHS

Greg Gutfeld Says ‘Douche’ Democrat Senator Was Lucky ‘He Wasn’t Flattened’ By DHS

June 12, 2025
Israel Strikes Iran

Israel Strikes Iran

June 12, 2025
New House Ethics Committee Panel Says Campaign Rules Might Need Reboot

New House Ethics Committee Panel Says Campaign Rules Might Need Reboot

June 12, 2025
Trump Admin Orders Immigrants From 4 Different Countries to Leave

Trump Admin Orders Immigrants From 4 Different Countries to Leave

June 12, 2025
Senate Budget Hawks, Top Trump Advisor Clash Over Border Spending In ‘Big, Beautiful’ Bill

Senate Budget Hawks, Top Trump Advisor Clash Over Border Spending In ‘Big, Beautiful’ Bill

June 12, 2025
EXCLUSIVE: House Conservatives Urge Senate To Keep ‘Pay-For’ In Trump Bill

EXCLUSIVE: House Conservatives Urge Senate To Keep ‘Pay-For’ In Trump Bill

June 12, 2025
‘Get Some F*cking Balls’: Dem Rep Goes On Profane Tirade Against GOP Colleague On House Floor

‘Get Some F*cking Balls’: Dem Rep Goes On Profane Tirade Against GOP Colleague On House Floor

June 12, 2025
Declassified Docs Show Robert F. Kennedy Met With CIA After Soviet Union Trip

Declassified Docs Show Robert F. Kennedy Met With CIA After Soviet Union Trip

June 12, 2025
Democrat-Leaning Firms Reveal Just How Bad Dems Are Polling On Immigration

Democrat-Leaning Firms Reveal Just How Bad Dems Are Polling On Immigration

June 12, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Friday, June 13, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Yellen Says Global Minimum Tax Needed, Too Soon To Declare Victory Over Pandemic

by Reuters
April 5, 2021 at 12:15 pm
in News
240 12
3
Yellen Sees Post-COVID Growth, Possible Full Employment in 2022

FILE PHOTO: U.S. Treasury Secretary-designate Janet Yellen in Wilmington, Delaware, U.S., December 1, 2020. REUTERS/Leah Millis/File Photo

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

U.S. Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate to end a “30-year race to the bottom on corporate tax rates.”

The global minimum tax is a key pillar of President Joe Biden’s $2 trillion infrastructure spending plan, which calls for an increase in the U.S. corporate tax rate to 28%..

Without a global minimum, the United States would again be at a disadvantage to a number of other major economies with lower tax rates, tax experts say, with U.S. commitment helping to jump start negotiations for a tax deal among a number of major economies.

Yellen, speaking to the Chicago Council on Global Affairs, said she also would use her participation in International Monetary Fund and World Bank annual meetings this week to advance discussions on climate change, improve vaccine access and encourage countries to support a strong global recovery.

The new Treasury chief said it was important to “end the pressures of tax competition” and make sure governments “have stable tax systems that raise sufficient revenues in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”

Separately, a U.S. Treasury official told reporters that it was important to have the world’s major economies on board with a global minimum tax to make it effective.

The official said the United States would use its own tax legislation to prevent companies from shifting profits or residency to tax haven countries and would encourage other major economies to do the same.

The Biden plan proposes a 21% minimum corporate tax rate, coupled with eliminating exemptions on income from countries that do not enact a minimum tax. The administration says the plan will discourage the shifting of jobs and profits overseas.

Yellen said in her remarks that while advanced economies had successfully supported their economies through the COVID-19 pandemic, it was too early to declare victory, and more support for low income countries to gain access to vaccines was needed.

“I am urging our partners to continue a strong fiscal effort and avoid withdrawing support too early, to promote a strong recovery and help avoid the emergence of global imbalances.

(Reporting by David Lawder in Washington and Bhargav Acharya in Bengaluru; Editing by Emelia Sithole-Matarise, Andrea Ricci and Chizu Nomiyama)

Tags: Coronavirus OutbreakJanet Yellen
Share196Tweet123
Reuters

Reuters

Reuters is an international news organization.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th