Biden joins world leaders in endorsing global corporate minimum tax as G-20 kicks off

[Geee]

AOL

ROME — President Joe Biden and other world leaders voiced their support for a global corporate minimum tax at Saturday's closed-door G-20 summit, a monumental agreement that U.S. officials are hoping will lead to an increase in revenue to fund Biden's Build Back Better agenda.

Following the first plenary session on Saturday, a senior Biden administration official said that the leaders "all came out in support of a global minimum tax."

While finance representatives from most G-20 countries have already agreed to implement a 15 percent minimum tax on corporations — ending a race to the bottom on corporate taxation that could keep companies from leaving the U.S. for low-tax countries — approval from heads of state is an important step forward towards implementing the deal.

A final endorsement of the new tax was expected to be included in the joint communique, the statement that G-20 leaders issue at the end of the summit outlining their priorities and actions they agreed to take. Each country will then have to go through their own process to ratify the tax.

An administration official said that the global corporate minimum tax would lead to at least $60 billion in additional revenue every year in the U.S. alone.

[Valin]

@Geee

ROME — President Joe Biden and other world leaders voiced their support for a global corporate minimum tax at Saturday's closed-door G-20 summit, a monumental agreement that U.S. officials are hoping will lead to an increase in revenue to fund Biden's Build Back Better agenda.

Translation All Prices will go Up.

 

[Valin]

DU