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….