![]() ![]() ![]() The global minimum tax had been agreed to by G-20 finance ministers earlier this year, but Saturday’s session represents the first time that the leaders of the countries will endorse the agreement. The bill still needs to pass through Congress, however Biden had hoped to see movement on it before he left for Europe but fell short. The corporate minimum tax has gained support from Democrats in Congress, and Biden has included it in his framework for a sweeping $1.75 trillion climate and social spending bill as a revenue raiser. "And in our judgment, this is more than just a tax deal it's a reshaping of the rules of the global economy." "It's a game changer for American workers, taxpayers and businesses," the senior official added. “The deal works because it removes the incentives for the offshoring of American jobs, it's going to help small businesses compete on a level playing field, and it's going to give us more resources to invest in our people at home,” a senior administration official told reporters on a call previewing the announcement. The agreement would set a 15 percent global minimum corporate tax rate that administration officials say would generate $60 billion or more in additional revenue annually in the U.S. ![]()
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