Yellen calls for global minimum corporate tax rate

Treasury Secretary Janet Yellen on Monday called for the establishment of a global minimum corporate tax rate, as President Joe Biden seeks to raise levies on U.S. companies in a move that may prompt them to seek locations with lower taxes. Noting that “a 30-year race” to cut corporate tax rates has been among the consequences of an interconnected world, Yellen said in a speech to the Chicago Council on Global Affairs, “It is important to work with other countries to end the pressures of tax competition and corporate tax base erosion.” “Competitiveness is about more than how U.S.-headquartered…

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