The Biden administration has launched a campaign to impose a lower tax on corporate profits, marking the end of forty years of global tax competition. In any case, this is the goal set by US Treasury Secretary Janet Yellen on Monday, April 5: “We are working with the G20 countries to agree on a minimum global corporate tax rate that can be kept down.” M saidI In a speech in Chicago, Yellen allowed states to fulfill their missions by justifying fair competition and taxes on the planet.
M.I Yellen should be included in the national and international dual context. One week after President Joe Biden unveiled in Pittsburgh a $ 2.2 trillion investment plan to raise corporate taxes, Biden plans to raise the corporate tax rate from 21 percent to 28 percent. Under Barack Obama, it was 35%.
The working class at the heart of political planning
This is part of President Biden’s labor program, which aims to put the working class at the heart of the American political agenda, and to finance everyone, including businesses. However, these do not. “In 2019, 91 of the world’s largest Fortune 500 companies, including Amazon, used various loopholes to avoid paying a single penny of federal income tax.”, In Pittsburgh (Pennsylvania) condemned Mr. Biden. “I do not want to punish them, but it is wrong. Will a firefighter and teacher pay 22%? Aren’t Amazon and 90 other big companies paying federal taxes? I will end this. “
M.I Political background Yellen reiterates: This is to ensure that governments have sustainable tax systems that generate enough revenue to invest in essential public goods and respond to crises, and that all citizens share the burden fairly. “
To this end, all countries must play the game, especially as Republicans already condemn the Biden project, a competitive disadvantage for American companies. M.I Yellen made the remarks two days before the G20 finance minister’s meeting: so the United States is not a loser in this movement, they are asking partners to support them: “Recommendations from President Biden (…) Call (…) Recognize the importance of working with other countries to end the pressures of tax competition and the erosion of the corporate tax base. ”, Confirmed mI Yellen.
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