Global minimum tax rate could drive business away from US, watchdog warns

global minimum tax rate could drive business away from us watchdog warns

Sumary of Global minimum tax rate could drive business away from US, watchdog warns:

  • President Biden and leaders of the G-7 group of nations will endorse a global minimum corporate tax rate of at least 15% on Friday, a policy that could ultimately drive business investment away from the U.S..
  • That’s according to the Taxpayer Protection Alliance (TPA), a nonprofit advocacy group based in Washington, D.C., which argues that a higher global minimum rate would ultimately be “passed on to workers and consumers through reduced compensation and higher prices.”.
  • “We won the race to the top, having the highest corporate tax rate in the industrialized world prior to the tax reforms of 2017,”.
  • “Biden global minimum corporate tax isn’t so much about ending the competition between nations, but rather ending the competition between progressives’ wishes and reality.”.
  • But the Biden administration is arguing the minimum rate will build a more equitable tax system that will help “deliver a foreign policy for the middle class and will help support working families everywhere.”.
  • Yellen and the Biden administration recently embraced a long-stalled effort to revamp the international tax system, throwing the full weight of the U.S….

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