The U.S. Treasury Department said Thursday it proposed a global minimum corporate tax rate of at least 15% during international tax negotiations on Thursday, backing down from its earlier call for a 21% minimum rate, Reuters reported.
The department said the proposal was made during an Organization for Economic Cooperation and Development (OECD) tax steering group meeting.
“Treasury proposed to the steering group that the global minimum tax rate should be at least 15%,” the department said in a statement. “Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher.”
Treasury Secretary Janet Yellen first proposed a 21% global corporate minimum tax in April as part of President Joe Biden’s $2.2-trillion infrastructure spending proposal. The plan would be financed largely by increasing the U.S. corporate tax rate to 28% from the current 21%.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).