Yellen Declares End to Trump's Global Retreat, Eyes Tax Deal

Treasury secretary Janet Yellen signals that globalisation is back on the agenda

Yellen's speech comes days after President Joe Biden announced plans to raise the corporate tax to finance a massive $2 trillion infrastructure and jobs program.

"It won't necessarily be the reference rate for the minimum tax that gets decided at the OECD", the source said.

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".

Yellen, in her speech, criticized the strategy of President Donald Trump's administration, decrying four years when the U.S. "America first must never mean America alone", Yellen said.

The Biden administration could, if needed, change its legislation to bring the USA minimum tax into line with the global plan.

Finance ministers and central bankers of the Group of Seven and G20 are meeting virtually this week.

The Liberal government's fall economic statement last November reiterated Canada's support for a new deal on global taxation, which has been the subject of discussion for years among members of the Organization for Economic Co-operation and Development.


Yellen signs the US up for tax talks that may hit Ireland's exchequer hard

The second pillar of the OECD scheme is to establish a global minimum tax rate, which could apply to all companies, not only digital ones, so that governments do not compete with each other offering lower taxes to attract large multinational firms.

The NDP, which the minority Liberal government frequently relies upon for votes on spending matters, has long called for a corporate tax hike and is repeating that request ahead of the April 19 federal budget. "Not at all", Biden said, asserting that there is no evidence of that.

Yellen wants to halt what she described as an worldwide "race to the bottom" by countries competing to lure corporations with lower taxes. Canada's corporate tax rate steadily declined during the period from 1980 to 2015, yet research found corporate tax revenues did not follow the same downward trend.

The International Monetary Fund (IMF) and France's finance minister joined a chorus of support for the adoption of a global minimum corporate tax on Tuesday, saying an agreement on international taxation "is now within reach".

The average corporate income tax rate across 117 nations is 23.85%, according to the Tax Foundation, a think tank. Olaf Scholz and Bruno Le Maire should now take up Yellen's proposal and push for a global minimum tax rate of 21 per cent.

"It is a big concern", she said. Yellen in February told her counterparts at a virtual meeting of Group of 20 finance officials that the U.S.is no longer calling for a so-called safe harbor rule that would allow US tech companies to opt out of paying such a tax overseas.

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