Author Topic: Yellen calls for minimum global corporate income tax  (Read 183 times)

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Online Right_in_Virginia

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Yellen calls for minimum global corporate income tax
« on: April 05, 2021, 04:46:47 PM »
Yellen calls for minimum global corporate income tax
Associated Press, Apr 5, 2021

WASHINGTON (AP) — U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration’s proposed increase in the U.S. corporate tax rate.

Citing a “30-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, Yellen said the Biden administration would work with other advanced economies in the Group of 20 to set a minimum.

“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said in a virtual speech to the Chicago Council on Global Affairs. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods.”

Sen. Pat Toomey, R-Penn., said that Yellen’s proposal was unlikely to make much progress overseas. He also said Republicans should reverse any corporate tax hike if they regain a congressional majority in upcoming elections.

“Spoiler alert: This effort will likely fail and even if there is some sort of agreement, it will be non-binding because it is not a treaty,” Toomey said.

President Joe Biden has proposed hiking the U.S. corporate tax rate to 28% from 21%, partially undoing the Trump administration’s cut from 35% in its 2017 tax legislation. Biden also wants to set a minimum U.S. tax on overseas corporate income, and to make it harder for companies to shift earnings offshore. The increase would help pay for the White House’s ambitious $2.3 trillion infrastructure proposal.

Also on Monday, Biden said he is “not at all” concerned that a higher corporate tax rate would cause some U.S. companies to relocate overseas, though Yellen’s proposed global minimum corporate tax is intended to prevent that from happening.

“It is important to work with other countries to end the pressures of tax competition and corporate tax base erosion,” Yellen said.


https://apnews.com/article/janet-yellen-minimum-global-corporate-income-tax-0a839a4705566a8b9f8bd5411bfe62d5
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Online Right_in_Virginia

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Re: Yellen calls for minimum global corporate income tax
« Reply #1 on: April 05, 2021, 04:48:26 PM »
Corporations don't pay taxes, they collect them.

It seems Ms. Yellen wants the US to win the "race to the bottom". 
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Offline Cyber Liberty

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Re: Yellen calls for minimum global corporate income tax
« Reply #2 on: April 05, 2021, 05:55:47 PM »
Yellen yells:  "Hey!  You can't screw our Corporations!  Only WE can!!!"
« Last Edit: April 05, 2021, 05:59:36 PM by Cyber Liberty »
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Offline Sled Dog

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Re: Yellen calls for minimum global corporate income tax
« Reply #3 on: April 05, 2021, 09:09:50 PM »
So Toomey said it's not a treaty, did he?   Isn't that just like how the Iran Scam wasn't a treaty, nor was the  silly Paris Climate Shag?
The GOP is not the party leadership.  The GOP is the party MEMBERSHIP.   The members need to kick the leaders out if they leaders are going the wrong way.  No coddling allowed.