US Proposal for Global Minimum Tax , on Corporations, Finds Support From 130 Nations.<br />The agreement over a <br />global minimum tax (GMT) was announced <br />by U.S. Treasury Secretary Janet Yellen on July 1.<br />A GMT would force a corporation <br />to pay taxes to their <br />primary nation of business.<br />rather than where it has set <br />up a shell headquarters.<br />For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs <br />in response, Janet Yellen, U.S. Treasury Secretary, via CNBC.<br />The result was a global race to the bottom: Who could lower their corporate rate further and faster?, Janet Yellen, U.S. Treasury Secretary, via CNBC.<br />Yellen was adamant that <br />"no nation has won this race.".<br />Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end, Janet Yellen, U.S. Treasury Secretary, via CNBC.<br />A specific tax percentage <br />has not yet been announced.<br />The agreement comes as part of President Joe Biden's <br />emphasis on “a foreign policy for the middle class,”.<br />which aims to place the American working class —<br />rather than the wealthiest Americans — as the focus <br />of all aspects of U.S. foreign policy
