Ahead of the meetings, Treasury Department officials said that the countries still need to settle on a global minimum tax rate, which the United States and France would like to be higher than 15 percent. Republican lawmakers have expressed some skepticism about the global minimum tax, in part because they see it as a stalking horse for the Biden administration to raise the U.S. corporate tax rate. President Biden has tied his proposal to raise the corporate tax rate in the United States to 28 percent from 21 percent to a global minimum tax, saying that it would dissuade companies from simply moving operations offshore. Republicans, who cut the corporate rate from 35 percent to 21 percent rate in 2017, have said they will oppose any changes to those tax cuts. Treasury officials have expressed confidence that the global tax can pass muster in the United States.

Source: International New York Times July 09, 2021 09:00 UTC