When Treasury Secretary Janet Yellen and President Biden announced their intent to negotiate an agreement among top industrial nations to institute a 21 percent minimum tax rate, plenty of pundits and politicians rolled their eyes. Yeah, what’s the chance industrial nations are going to give up the “race to the bottom” to lure capital? Over the weekend, the Group of Seven finance ministers defied expectations. They did not peg the minimum tax rate at 21 percent, but they agree to 15 percent, as well as additional taxes on the most profitable multinational corporations (including big tech firms).
OP-ED
Jennifer Rubin: Why the G7 agreement is such a big deal
U.S. Treasury Secretary Janet Yellen speaks during a press conference at Winfield House in London on June 5, 2021, after attending the G7 Finance Ministers meeting.
