Janet Yellen’s biggest legacy could be the “Paris accord” of taxation - a minimum global rate for multinationals that stops the global race-to-the-bottom in countries cutting taxes.
US Treasury Secretary Janet Yellen is working with her counterparts worldwide to forge an agreement on a global minimum tax on multinational corporations, as the White House looks for revenue to help pay for President Joe Biden’s domestic agenda.
The effort, which would involve a fraught and challenging global negotiation of tax laws, could prove one of Dr Yellen’s biggest policy legacies if it succeeds. It also could prove central to Mr Biden’s presidency.
