{"id":588961,"date":"2021-07-12T13:20:41","date_gmt":"2021-07-12T17:20:41","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=588961"},"modified":"2021-07-12T13:20:43","modified_gmt":"2021-07-12T17:20:43","slug":"g20-leaders-back-bidens-global-minimum-tax","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/g20-leaders-back-bidens-global-minimum-tax\/","title":{"rendered":"G20 Leaders Back Biden\u2019s \u2018Global Minimum Tax\u2019"},"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\">14<\/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%2Fg20-leaders-back-bidens-global-minimum-tax%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=588961&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\/06\/GettyImages-488749418.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>The G20 endorsed President Biden\u2019s 15% \u201cglobal minimum tax\u201d on corporations.<\/span><\/p>\n<p><span>Over the weekend, members of the G20 \u2014 an international forum constituted by the United States, China, Germany, South Korea, the United Kingdom, and fourteen other leading economies, plus the European Union \u2014 met to discuss climate change, taxation, and other global economic issues.<\/span><\/p>\n<p><span>During the summit, United States Treasury Secretary Janet Yellen <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0272\"><span>touted<\/span><\/a><span> the necessity of combating the \u201crace to the bottom\u201d for corporate taxes:<\/span><\/p>\n<blockquote readability=\"11\">\n<p><i><span>We need sustainable sources of revenue that do not rely on further taxing workers\u2019 wages and exacerbating the economic disparities that we are all committed to reducing. We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share. We need to ensure that the globalized economy does not continue to shortchange our middle classes so that it can remain open and free, thereby encouraging economic growth and business certainty. This race to the bottom must end, and working together we can ensure that it does.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>A Saturday morning <\/span><a href=\"https:\/\/twitter.com\/SecYellen\/status\/1413878884408430596\"><span>statement<\/span><\/a><span> from Yellen affirmed global support for the policy:<\/span><\/p>\n<blockquote readability=\"9\">\n<p><i><span>The world is ready to end the global race to the bottom on corporate taxation, and there\u2019s broad consensus about how to do it \u2014 with a global minimum tax of at least 15 percent. One hundred thirty-three nations \u2014 representing more than 90 percent of the global economy \u2014 agree on this. The world should now move to finalize the deal.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>CNBC <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/07\/10\/g-20-financial-leaders-agree-to-move-forward-on-international-tax-crackdown.html\"><span>reports<\/span><\/a><span> that all members of the G20 now support the proposal.<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.dailywire.com\/news\/countries-begin-to-reject-bidens-global-minimum-tax\"><span>The Daily Wire<\/span><\/a><span> reported last week, President Biden has been leading an international effort to discourage individual nations from setting their corporate tax rates below 15%. The White House said that countries\u2019 decisions to lower taxes in the interest of attracting foreign capital \u201cpushes nations to compete over who can offer the lowest tax rate to large corporations at the expense of protecting workers, investing in infrastructure, and growing the middle class.\u201d<\/span><\/p>\n<p><span>Smaller nations \u2014 which compete with larger economic powers by cutting taxes and regulations \u2014 are beginning to reject the deal. CBS adds that low-tax countries such as Ireland and Hungary are still opposed to the deal, but will be \u201cencouraged to sign up by October.\u201d<\/span><\/p>\n<p><span>When the global minimum tax framework was <\/span><a href=\"https:\/\/www.dailywire.com\/news\/not-worth-the-paper-it-is-written-on-here-are-the-problems-with-bidens-global-minimum-tax&#039;\"><span>unveiled<\/span><\/a><span> during the G7 summit last month, Irish Finance Minister Paschal Donohoe said that \u201csmall countries\u2026 need to be able to use tax policy as a legitimate lever to compensate for advantages of scale, location, resources, industrial heritage, and the real, material and persistent advantage enjoyed by larger countries.\u201d<\/span><\/p>\n<p><span>As members of the European Union \u2014 which would require unanimous consent for the global minimum tax to enter into effect \u2014 Ireland and Hungary\u2019s continued resistance could threaten the deal.<\/span><\/p>\n<p><i><span>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 <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The G20 endorsed President Biden\u2019s 15% \u201cglobal minimum tax\u201d on corporations.Over the weekend, members of the G20 \u2014 an international forum constituted by the United States, China, Germany, South Korea, &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2314488,"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\/06\/GettyImages-488749418.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"G20 Leaders Back Biden\u2019s \u2018Global Minimum Tax\u2019","footnotes":""},"categories":[],"tags":[],"class_list":["post-588961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-488749418.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"G20 Leaders Back Biden\u2019s \u2018Global Minimum Tax\u2019","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/588961","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=588961"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/588961\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2314488"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=588961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=588961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=588961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}