Let’s tell every other country how they should run their countries? These people just love all that ■■■■■■■ power. I can predict what China’s response will be to Yellen and Biden.
Proposing that the US leads a multi National effort to come an agreement on corporate tax rates so as to not have a continual race to the bottom is … what is it again?
A global minimum tax is not a tax that every country implements. US headquartered corporations already pay a “global minimum tax” of 13% of their global income. Before the Trump Administration, they paid 35%. GMT is to corporations what Alternative Minimum Tax is to people. The idea is to prevent US corporations from having shells in the US with a great percentage of income in other countries. US citizens already pay income tax on income earned in other countries, even if they actually live and work abroad. The issue is not a “new tax” - it is a raise in the tax to the rate that the corporations paid before the Trump years.
I don’t think that China was being talked about in this proposal. It looks to me like it would speak to the Western coalition to start to limit tax havens and then hopefully start cracking down on the super sketchy tax shelters.