Yellen Calls for Global Minimum Corporate Tax Rate

Treasury Secretary Janet Yellen called for a global minimum corporate tax rate on Monday to keep companies from relocating to find lower rates. “We are working with G-20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” Yellen said. The remarks, given in a speech to the Chicago Council on Global Affairs, come at the start of the World Bank and the IMF’s spring meetings as well as a week after President Joe Biden unveiled a plan to raise the U.S. corporate tax rate from 21% to 28%. Coverage was most common in center-rated outlets, particularly business-focused outlets; coverage in right-rated outlets was less common as of Monday afternoon. Coverage in some right-rated outlets framed Biden's proposed tax increases as breaking with a global trend of corporate tax decreases; coverage in some left-rated outlets focused on the funds raised by the proposal and the pre-Trump rate of 35%.