A total of 130 nations representing more than 90 percent of global GDP have agreed to a global minimum corporate tax, Treasury Secretary Janet Yellen announced Thursday.
The tax, proposed by Yellen and the Biden administration during the G7 conference, would establish a minimum corporate tax rate across all participating countries to prevent corporations from avoiding taxes by incorporating offshore, according to Barron’s. The plan is also intended to prevent countries from competitively lowering their tax rates to attract investment, according to a Treasury Department statement.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response,” Yellen said in the statement.
President Biden and First Lady Dr. Jill Biden visited eastern Virginia Monday for the “Getting America Back On Track” tour. The President stopped at Yorktown Elementary School in Newport News, and gave a pitch at Tidewater Community College for his $1.8 trillion American Families Plan (AFP). He said expanding education for every American is critical to keep the U.S. competitive internationally, and called for tax increases on corporations and the wealthy to fund the plan.
Six of the seven GOP gubernatorial candidates met for a debate hosted by the Virginia Federation of Republican Women on Tuesday evening. Candidates answered questions about Dominion voting machines, Second Amendment rights, transportation, and funding law enforcement. Organizers said Pete Snyder had a prior engagement.
Larry O’Connor asked the candidates, “Amazon is king right now in northern Virginia if you didn’t know any better. How will we expect small businesses to survive when government regulations that make it difficult for them are thrown out the window for literally the richest man in the world? How do you plan to protect key real estate in northern Virginia from being swallowed up by one company as well?”