136 Countries Agree to Global Minimum Tax
(Worthy News) – On Friday, 136 countries agreed to setting a 15% minimum global tax rate for big corporations and to make it harder for them to avoid the tax, The Epoch Times reported. President Biden lauded the plan after it was announced, saying in a statement that “a strong global minimum tax will finally even the playing field for American workers and taxpayers, along with the rest of the world.
“Secretary Yellen and the rest of my administration have rallied more than 130 countries representing more than 90% of the world’s GDP to bring us one step closer to finally ending that race to the bottom, to ensure that profitable corporations pay their fair share, and provide governments with the resources to invest in their workers and economies,” the statement continued.
Senate Republicans argue that the minimum tax would have to be ratified as an international tax treaty by a two-thirds majority of the Senate.[ Source (Read More…) ]