New York – The Biden administration proposes one Global minimum tax 15% For large companies in the context of negotiations within the Organization for Economic Co-operation and Development on international tax reform that will stop the race to lower taxes and guarantee governments a safer income.
The Treasury Secretary says: “It is necessary to work multilaterally to put an end to tax competition. 15% basis and the confrontation will continue with ambition” to reach a greater proportion. Janet Yellen.
A 15% American suggestion is Less than the 21% initially assumedBut its goal for the United States is to garner support. In fact, it is close to the 12.5% that is currently being discussed within the OECD, and it would have been – according to reports by The New York Times – to be greeted enthusiastically and almost as a turning point in the ongoing negotiations in the Organization for Economic Cooperation and Development that also include the G20. Italy takes over the presidency.
The proposal presented by the United States exposes Biden to criticism and risk His plan is in danger To relaunch the US economy, as the administration provides for higher corporate taxes than those proposed around the world, US giants are thus likely to be punished.
Biden aims, to finance his plan, not only to tighten the corporate tax burden, which Donald Trump has reduced, but also to Taxing the rich. To that end, he submitted a proposal to Congress to strengthen the Internal Revenue Service, the US revenue agency, with the goal of finding money “hidden” by American intruders. With a stronger IRS, it would be possible, according to Biden’s plans, to increase tax revenue by $ 700 billion over a decade.
The Close cryptocurrenciesWhich is considered by the US authorities as a means of tax evasion. Under Biden’s proposal, cryptocurrency transfers in excess of $ 10,000 must be reported to the U.S. Revenue Agency.