Is a global minimum corporate tax rate actually possible?

J

oe Biden’s Treasury secretary, Janet Yellen, made a striking proposal this week. Yellen, who is also a former head of the US central bank, said it would be desirable if there were a “global minimum corporate tax rate”.

“We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” she said in a speech to the Chicago Council on Global Affairs on Monday.

“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.”

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