So everyone will have the same tax rate for corporations except China and India who will get all our manufacturing jobs because they’re the lowest. Nice!
The European Commission backed on Tuesday a call from U.S. Treasury Secretary Janet Yellen for a global minimum corporate tax, but said its rate should be decided in talks in the Organisation for Economic Cooperation and Development (OECD).
Yellen said on Monday she was working with G20 countries to agree on a global corporate minimum tax rate to end a “thirty-year race to the bottom on corporate tax rates”.
The U.S. plan envisages a 21% minimum corporate tax rate, coupled with eliminating exemptions on income from countries that do not enact a minimum tax to discourage the shifting of jobs and profits overseas.