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Treasury Deputy Secretary Wally Adeyemo said he expects strong backing from G7 peers for Washington's proposed 15%-plus global minimum corporate tax, which should help solidify support in Congress for domestic corporate tax legislation.

"My sense is that you're going to see a lot of unified support amongst the G7 moving forward," Adeyemo told Reuters on Monday after France, Germany, Italy, and Japan made positive comments about the Treasury's proposal.

That support may be voiced at an in-person meeting of G7 finance ministers in London on June 4-5, Adeyemo said.

Optimism about a long-sought comprehensive deal for how to tax the largest multinationals and digital services companies has increased since the Treasury last week said it would accept a global minimum tax rate of 15% or higher.

The rate is well below the Biden administration's proposed 21% minimum rate for U.S. companies' overseas income and its 28% proposed domestic corporate tax rate.

The Financial Times on Thursday reported that G7 countries are close to agreement on the corporate taxation of multinational firms. While the talks are taking place among nearly 140 countries through the Organization for Economic Cooperation and Development (OECD), G7 countries — the United States, Japan, Germany, Britain, France, Italy, and Canada — have a strong influence over multilateral decisions.

The reaction from G7 chair Britain, which currently has a 19% corporate tax rate, has been more guarded. Asked if Britain would support Washington's 15% minimum proposal, Prime Minister Boris Johnson shifted the focus to taxation of large tech companies such as such as Alphabet Inc and Facebook Inc.

"Reaching an international agreement on how large digital companies are taxed is a priority, and we welcome the U.S.'s renewed commitment to reaching a solution," Johnson said.

The U.S. global minimum tax proposal is expected to be a key topic of discussion at a preliminary virtual G7 finance leaders meeting on Friday.

DOMESTIC TAX LINKAGE

Adeyemo, who is involved in the OECD tax talks, said he expects a broad international commitment of 15% or more to build support in Congress for a U.S. corporate tax increase by narrowing the gap between U.S. and overseas rates.

Treasury Deputy Secretary Wally Adeyemo said he expects strong backing from G7 peers for Washington's proposed 15%-plus global minimum corporate tax, which should help solidify support in Congress for domestic corporate tax legislation. "My sense is that you're going to see a lot of unified support amongst the G7 moving forward," Adeyemo told Reuters on Monday after France, Germany, Italy, and Japan made positive comments about the Treasury's proposal. That support may be voiced at an in-person meeting of G7 finance ministers in London on June 4-5, Adeyemo said. Optimism about a long-sought comprehensive deal for how to tax the largest multinationals and digital services companies has increased since the Treasury last week said it would accept a global minimum tax rate of 15% or higher. The rate is well below the Biden administration's proposed 21% minimum rate for U.S. companies' overseas income and its 28% proposed domestic corporate tax rate. The Financial Times on Thursday reported that G7 countries are close to agreement on the corporate taxation of multinational firms. While the talks are taking place among nearly 140 countries through the Organization for Economic Cooperation and Development (OECD), G7 countries — the United States, Japan, Germany, Britain, France, Italy, and Canada — have a strong influence over multilateral decisions. The reaction from G7 chair Britain, which currently has a 19% corporate tax rate, has been more guarded. Asked if Britain would support Washington's 15% minimum proposal, Prime Minister Boris Johnson shifted the focus to taxation of large tech companies such as such as Alphabet Inc and Facebook Inc. "Reaching an international agreement on how large digital companies are taxed is a priority, and we welcome the U.S.'s renewed commitment to reaching a solution," Johnson said. The U.S. global minimum tax proposal is expected to be a key topic of discussion at a preliminary virtual G7 finance leaders meeting on Friday. DOMESTIC TAX LINKAGE Adeyemo, who is involved in the OECD tax talks, said he expects a broad international commitment of 15% or more to build support in Congress for a U.S. corporate tax increase by narrowing the gap between U.S. and overseas rates.

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[–] • 0 pt

So our treasury secretary is a nigger from Africa? What in the actual fuck?? They can't even build a building or house properly, let alone manage a budget since they have no money.