Financial Secretary Janet YellenJanet Louise Yellen (Janet Louise Yellen) Hill’s Morning News-Biden’s infrastructure plan sparked a debate on definitions. In 2024, the Republican White House hopes the opposition against Biden’s cabinet. COVID has disrupted Latino business prosperity- Recovery should aim to restore economic prosperity in Latin America more On Monday, as the Biden government sought to develop an infrastructure plan funded by increased corporate taxes, she strived to achieve the lowest corporate tax rate in the world in her first important speech in her new role.
Yellen said at a virtual event held in Chicago: “We can use the world̵
The speech was given at the opening ceremony of the Spring Meeting of the World Bank and the International Monetary Fund.
President BidenBiden (Joe Biden) Biden (Biden) should seek “Ostpolitik” to negotiate with the dictator.Hill’s Morning News-Biden’s infrastructure plan sparked a definition debate memo: Biden’s bet on taxes is more Last week, he proposed a series of corporate tax reforms, and his government stated that it could raise more than $2 trillion in the next 15 years to pay for infrastructure investment. The plan will increase the U.S. corporate tax rate from 21% to 28%, increase the minimum tax rate for U.S. companies on foreign income to 21%, and take measures to prevent companies from moving their headquarters and jobs overseas.
Critics of raising corporate taxes believe that compared with other countries that have lowered corporate tax rates in recent years, doing so will make the US business environment less competitive.
Yellen said that the Biden administration hopes to reach a global minimum tax rate agreement through cooperation with other countries in the Group of 20 (G20), ending the “bottom line” of global corporate tax rates. She said that this work is important to ensure that countries can increase the income needed to provide necessary public services.
Yellen said: “Competitiveness is not just about companies based in the United States competing with other companies in global M&A bids.” “This is to ensure that the government has a stable tax system to raise enough revenue to invest in necessary public goods and Respond to the crisis and make all citizens fairly bear the burden of raising funds for the government.”
Finance Ministry officials said on Monday that the G20 has set a goal to reach a political agreement on international taxation issues by July, and the government is still working towards this goal. The official acknowledged that some countries may not eventually sign agreements on the lowest global tax rate, but he said that many of Biden’s tax proposals are aimed at preventing American companies from transferring their headquarters, assets and jobs to tax havens.