Yellen believes U.S. will get on board with global minimum corporate tax — eventually
Treasury Secretary Janet Yellen is wrapping up a weeklong trip to the Indo-Pacific, her first since taking over the role.
She represented the U.S. at G-20 finance minister meetings in Bali before making additional stops in Tokyo and Seoul. And she campaigned for several of the worldwide initiatives that the U.S. is aiming to establish, including a price cap on Russian oil and a global minimum corporate tax.
The latter would entail countries enacting a 15% minimum tax (and allow governments to tax large companies based on where their goods and services are sold, as opposed to where they are headquartered) — with the goal of preventing companies from shopping for lower tax rates around the world.
Yellen, a longtime champion of the plan, has persuaded more than to sign on. But the U.S. isn't one has prevented it from getting the votes needed to pass Congress.
