{"id":389400,"date":"2021-04-05T14:59:12","date_gmt":"2021-04-05T18:59:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=389400"},"modified":"2021-04-05T14:59:14","modified_gmt":"2021-04-05T18:59:14","slug":"treasury-secretary-janet-yellen-to-propose-global-minimum-corporate-tax-to-keep-companies-from-moving-overseas-after-biden-tax-hike","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-secretary-janet-yellen-to-propose-global-minimum-corporate-tax-to-keep-companies-from-moving-overseas-after-biden-tax-hike\/","title":{"rendered":"Treasury Secretary Janet Yellen To Propose \u2018Global Minimum Corporate Tax\u2019 To Keep Companies From Moving Overseas After Biden Tax Hike"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">40<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftreasury-secretary-janet-yellen-to-propose-global-minimum-corporate-tax-to-keep-companies-from-moving-overseas-after-biden-tax-hike%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=389400&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-295.jpeg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>Treasury Secretary Janet Yellen is expected to propose a \u201cglobal minimum corporate tax\u201d when she speaks for the first time this week, according to a report from Axios, in order to prevent companies from moving operations overseas if President Joe Biden hikes corporate taxes.<\/p>\n<p>Last week, Biden announced plans for a multi-trillion-dollar \u201cinfrastructure bill\u201d designed to improve America\u2019s physical infrastructure, but would also fund a host of Democratic- and progressive-favored programs aimed at combatting issues like climate change.<\/p>\n<p>In order to pay for the bill, Biden is proposing a corporate tax hike, from the current 21% rate to a 28% rate, partially rolling back a tax cut passed during the first years of President Donald Trump\u2019s tenure, when he lowered the corporate tax rate from an Obama administration-era 35% high.<\/p>\n<p>\u201cBiden\u2019s plan, if adopted, would also make it harder for multinational companies to qualify for federal tax deductions based on tax payments to certain foreign governments,\u201d CNBC added in its report on the tax hike, which the Biden administration says would generate $2 trillion over the next 15 years, to fund just the administration\u2019s proposed infrastructure plan.<\/p>\n<p>But a 28% corporate tax rate puts the United States on \u201cthe higher end of the global corporate tax rate spectrum among major economies,\u201d according to CNBC, and the Biden administration is struggling to stop what it believes would be a corporate \u201cexodus\u201d if the hike passes.<\/p>\n<p>\u201cThe administration said that it would try to work with other nations to&nbsp;halt a global \u2018race to the bottom\u2019 on corporate tax rates that allows countries to gain a competitive advantage by attracting businesses with lower duties,\u201d CNBC noted. \u201cThat would allow the U.S. to hike its corporate rate to the proposed 28% without a broad exodus to countries with more competitive rates.\u201d<\/p>\n<p>To that end, Yellen is expected to propose a \u201cglobal minimum corporate tax\u201d that the Biden administration believes would keep companies inside the United States.<\/p>\n<p>\u201cCompetitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,\u201d Yellen is expected to tell a meeting of the Chicago Council on Global Affairs on Monday, <a href=\"https:\/\/www.axios.com\/janet-yellen-global-minimum-tax-rate-51c7395b-e46a-4a5c-b18b-bdcf5d8bd352.html\">according to Axios<\/a>.<\/p>\n<p>\u201cIt is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government,\u201d Yellen is expected to say. \u201cWe are working with&nbsp;G20 nations&nbsp;to agree to a global minimum corporate tax rate that can stop the race to the bottom.\u201d<\/p>\n<p>Yellen will also tell members of the Council that such a global minimum tax would \u201clevel the playing field\u201d and address income equality on a global scale.<\/p>\n<p>\u201cTogether 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,\u201d she will say, per her prepared remarks.<\/p>\n<p>The Biden administration, though, is facing an uphill climb on the corporate tax hike from its own party, not just Wall Street bigwigs. On Monday, Sen. Joe Manchin (D-WV), the moderate Democrat whose vote would be required to pass the tax hike, told reporters that he will not support a 21% to 28% tax hike, <a href=\"https:\/\/thehill.com\/homenews\/senate\/546494-manchin-says-he-wont-support-corporate-tax-hike-to-28-percent\">per The Hill<\/a>.<\/p>\n<p>\u201cAs the bill exists today, it needs to be changed,\u201d he said. \u201cIf I don\u2019t vote to get on it, it\u2019s not going anywhere.\u201d<\/p>\n<p><i>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a&nbsp;<\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i>member<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen is expected to propose a \u201cglobal minimum corporate tax\u201d when she speaks for the first time this week, according to a report from Axios, in order &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2311682,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-295.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Treasury Secretary Janet Yellen To Propose \u2018Global Minimum Corporate Tax\u2019 To Keep Companies From Moving Overseas After Biden Tax Hike","footnotes":""},"categories":[],"tags":[],"class_list":["post-389400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-295.jpeg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"Treasury Secretary Janet Yellen To Propose \u2018Global Minimum Corporate Tax\u2019 To Keep Companies From Moving Overseas After Biden Tax Hike","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/389400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=389400"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/389400\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2311682"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=389400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=389400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=389400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}