US WASHINGTON (AP) Secretary of the Treasury Janet Yellen on Monday called for the adoption of a global minimum corporate income tax, an attempt to offset any disadvantages that may arise from the Biden administration’s proposed increase in the tax rate. US corporations.
Citing a 30-year-old race at the end of which countries have lowered corporate tax rates in a bid to attract multinational businesses, Yellen said the Biden administration will work with other advanced economies in the G20 to decide a minimum.
The competition has more to do with how US-based companies compete against other companies in global mergers and acquisitions, Yellen said in a virtual speech to the Chicago Council on Global Affairs. It is about ensuring that governments have sound tax systems that raise enough revenue to invest in essential public goods.
The speech was Yellen’s highest profile to date on international affairs and came just as the spring meetings of the World Bank and International Monetary Fund began in a virtual format.
It is important to work with other countries to end the pressures of tax competition and the erosion of the corporate tax base, Yellen said.
President Joe Biden has proposed raising the corporate tax rate to 28% from 21%, partially overturning the Trump administration cut from 35% in its 2017 tax legislation. Biden also wants to impose a minimum US corporate income tax overseas and make it harder for companies to shift profits offshore. The increase would help pay off the White House’s ambitious $ 2.3 trillion infrastructure proposal.
Also Monday, Biden said he was not at all worried that a higher corporate tax rate would cause some U.S. companies to relocate overseas, although Yellen’s proposed global minimum tax is intended to prevent happen.
There is no evidence of what. Is strange, Biden said in response to a question from reporters.
According to the Tax Foundation, the Trump administration corporate tax cut lowered the U.S. rate from the highest among the 37 advanced economies in the Organization for Economic Co-operation and Development to the 13th highest. Many analysts have argued, however, that some large multinational corporations pay the full tax.
Do we have 51 or 52 corporations from Fortune 500 who have not paid a single penny a day for 3 years? Tha Biden. Come on.
Yellen, meanwhile, downplayed the potential for Biden’s administrations’ domestic agenda, which also includes a $ 1.9 trillion COVID relief package approved last month, to boost higher inflation. Former Treasury Secretary Larry Summers, among others, has raised such concerns since the bill was passed.
I strongly doubt that this will cause inflationary pressures, Yellen said, referring to the administration’s proposal for infrastructure. The problem for a very long time has been too low inflation, not too high inflation.
Yellen also said the United States will step up its efforts at home and abroad to combat climate change after sitting on its side for four years.
The Treasury will work to promote capital flows toward climate investment and away from carbon-intensive investments, “said Yellen.” This approach has angered members of Congress GOP, who say it threatens the potential of the US oil and gas industry to access the necessary borrowing.
Yellen also noted that many developing nations have stalled on vaccinating their populations and have also experienced severe economic consequences from the pandemic. About 150 million people worldwide will fall into extreme poverty this year, Yellen said.
The result is likely to be a deeper and longer crisis, with growing debt problems, more entrenched poverty and growing inequality, Yellen said.
The Biden administration supports the creation of $ 650 billion in new lending capacity at the IMF to address such issues, she said. Many Republicans in Congress are against the new split, arguing that most of the funding will go to relatively better developing countries, such as China.
Yellen acknowledged that the additional credit would be distributed to each member of the IMF, but argued that significant resources would go to the poorest countries most in need. Nations can also donate some of their funds to the hardest hit countries, which she expects many to do, she added.
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