The Week (US)
Taxes: Nations agree on minimum corporate rate
Finance leaders from the Group of Seven countries reached a historic agreement to back a 15 percent global minimum tax rate, said Chris Giles in the Financial Times. The proposed deal, which still requires the approval of each nation’s legislature, would also enable countries to tax the “largest global companies with profit margins of at least 10 percent” based on the revenue they generate in that country, not just where they have a physical presence—a measure that is likely to directly affect the highly profitable U.S. tech giants. Republicans, however, have said they will oppose the deal, which has been championed by Treasury Secretary Janet Yellen, leaving its prospects in the U.S. uncertain.