G20 Leaders Announce Endorsement Of Global Minimum Tax On Day One Of Summit
ROME, ITALY - OCTOBER 30:
U.S. President Joe Biden arrives for the welcome ceremony on the first day of the Rome G20 summit, on October 30, 2021 in Rome, Italy. The G20 (or Group of Twenty) is an intergovernmental forum comprising 19 countries plus the European Union. It was founded in 1999 in response to several world economic crises. Italy currently holds the Presidency of the G20 and this year's summit will focus on three broad, interconnected pillars of action: People, Planet, Prosperity.
Shelby Talcott
Senior White House Correspondent
October 30, 2021 11:21 AM ET
World leaders attending the G20 summit’s first session in Rome Saturday announced their endorsement of a global minimum tax, a senior administration official said.
“Most of the leaders were in person, with others there virtually,” the official said. “The leaders all came out in support of a global minimum tax. The president emphasized the importance of this historic deal during his intervention. The president also mentioned that while we don’t see eye to eye on every issue, we can tackle shared interests.”
The global minimum tax would prevent corporations from operating overseas to avoid taxes. It’s a position that President Joe Biden has pushed for since taking office. By establishing a 15% global minimum tax rate, the U.S. would garner at least $60 billion more in revenue per year in the U.S. alone, an official told reporters.
“The deal works because it removes the incentives for the offshoring of American jobs. It’s going to help small businesses compete on a level playing field, and it’s going to give us more resources to invest in our people at home,” an official explained. “It’s a game changer for American workers, taxpayers, and businesses, and in our judgment, this is more than just a tax deal – it’s a reshaping of the rules of the global economy.”
