Treasury Secretary Janet Yellen, in a speech to the Chicago Council on Global Affairs on Monday, called for a global minimum tax due to the "consequence of an interconnected world" and a "race to the bottom" on corporate tax rates.
"There are certain matters where we are in it together — where the challenges are global and no one country will be successful if it goes at it in isolation," Yellen declared.
"Another consequence of an interconnected world has been a 30-year race to the bottom on corporate tax rates," Yellen argued. "Competitiveness is about more than how U.S. headquarters– headquartered companies fare against other companies in global merger and acquisition bids. It's about making sure the governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government."
"President Biden's proposals …