130 countries have agreed to back President Biden’s proposal for a global minimum tax on corporations. According to Treasury Secretary Janet Yellen this agreement marks a “historic day for economic diplomacy,” while the Organization for Economic Co-operation and Development said that the plan could generate about $150 billion a year in new tax revenues for participating countries.
The agreement would require that multinational corporations with revenues of at least $24 billion to pay a minimum tax of 15% on earnings in each nation in which they operate.
Hungary, Estonia and Ireland have not joined the agreement out of fear that it […]
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