Treasury Secretary Janet Yellen on Monday pushed for a global minimum corporate tax rate during her first major speech in her new role, as the Biden administration is seeking to enact an infrastructure plan financed by increasing taxes on corporations.
“Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth, and prosperity,” Yellen said at a virtual event hosted by the Chicago Council on Global Affairs.
The speech comes at the start of the World Bank and International Monetary Fund’s spring meetings, which are being held virtually.
President Biden last week proposed a series of corporate tax changes that his administration says could raise more than $2 trillion over 15 years to pay for infrastructure investments. The plan would raise the U.S. corporate tax rate from 21 percent to 28 percent, raise a U.S. minimum tax on corporations’ foreign earnings to 21 percent, and take steps aimed at preventing companies from moving their headquarters and jobs overseas.
Keep reading at The Hill.