CBS News reports Saturday that the Biden-Harris administration is proposing a global minimum tax of at least 15 percent:
The Biden administration is proposing a global minimum tax of at least 15% as it looks to level the playing field and stop what Treasury Secretary Janet Yellen has called the “race to the bottom.” However, the Treasury Department said that 15% is just the starting point and they will push for that rate to be higher.
The initial proposal comes as officials with the Treasury’s Office of Tax Policy participated in meetings with officials from 24 nations over the last two days as part of the Organization for Economic Cooperation and Development’s international tax negotiations. Treasury Department officials said the administration was “heartened” by the reception of its proposal.
A comprehensive agreement to set a global minimum tax is one of the provisions in the administration’s Made in America Tax Plan, which includes a series of tax provisions that, if implemented, would cover the cost of the president’s more than $2 trillion infrastructure package, known as the American Jobs Plan.
White House National Security Adviser Jake Sullivan says it’s great to hear the positive reception to their proposal.