Yellen to make the pitch for harmonizing corporate taxes
Treasury Secretary Janet Yellen will speak later today in what’s being touted as her first major speech.
“We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” she will say according to Axios.
The market is brushing off the threat of higher corporate taxes for companies using offshore shelters. It’s a system that’s deeply entrenched and offers major benefits to places like the Cayman Islands, Panama, Ireland and many more.
Roosevelt tried to dismantle the offshore system after WWII. If he couldn’t do it, neither can Biden.