UPDATED 7:16 AM PT – Friday, July 2, 2021
It appears 130 countries have issued a statement in support of a global minimum tax, in turn, giving backing to a key Biden administration agenda item.
According to reports Thursday, the nations back a plan that was initially discussed during the G7 summit in June. It calls for a global minimum tax rate of 15 percent for corporations headquartered in their countries.
The plan was highly supported by U.S. Treasury Secretary Janet Yellen prior to the summit. However, critics have said the plan favors foreign headquartered companies and workers over American ones.
“That global minimum tax would end the race to the bottom in corporate taxation and ensure fairness for the middle class,” Yellen stated. “And working people in the U.S. and around the world.”
That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world.
— Secretary Janet Yellen (@SecYellen) June 5, 2021
The nations are expected to finalize the plan at the G20 summit later this month.