Name: Janet Yellen to call for global minimum tax rate in first major address as Treasury secretary
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Janet Yellen to call for global minimum tax rate in first major address as Treasury secretary

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Janet Yellen in Washington, D.C., U.S., on Friday, March 26, 2021. Photographer: Erin Scott/Bloomberg via Getty ImagesJanet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.The big picture: President Trump lowered the U.S. rate from 35% to 21%, arguing that U.S. companies were at a global disadvantage and were being incentivized to relocate offshore. Driving the news: Biden has tapped five Cabinet secretaries to explain — and sell — his plan to the American public, including Transportation Secretary Pete Buttigieg, Energy Secretary Jennifer Granholm, Housing and Urban Development Secretary Marcia Fudge, Labor Secretary Marty Walsh and Commerce Secretary Gina Raimondo.Between the lines: Biden has been relying on Yellen to convince the business community and reassure Wall Street that his $2 trillion+ infrastructure proposal, on top of his $1.9 trillion stimulus package, won’t lead to inflation.Go deeper: Yellen will also challenge the world’s economic powers to focus on climate change and on ways to improve vaccine access for the world’s poorest countries.The bottom line: By trying to convince other countries to impose a global minimum tax, Yellen is acknowledging the risks to the American economy if it acts alone in raising corporate rates. A year ago, almost all of us were grappling with the unknowns of the pandemic. Today, some of us are doing just fine, while others are still reeling.Why it matters: This split-screen economy, called a K-shaped recovery, highlights the risk facing politicians, including President Biden, as they rally around bold climate action. If new climate laws aren’t inclusive of those less well off in America and around the world, they risk exacerbating inequality.Senate Parliamentarian Elizabeth MacDonough issued an opinion Monday that could allow Democrats to use the budget reconciliation process again in fiscal year 2021, a spokesman for Majority Leader Chuck Schumer's (D-N.Y.) saidWhy it matters: The opinion increases the number of pathways for advancing President Biden’s agenda without having to end the filibuster.A Democrat-aligned advocacy group is kicking off a six-figure campaign backing President Biden's mammoth infrastructure spending measure — starting with ads targeting constituents of Sens. Joe Manchin and Susan Collins — the group tells Axios.Why it matters: The American Working Families Action Fund (AWFAF) is one of the first groups to announce the launch of an independent digital and TV advertising effort aimed at selling the proposal to Congress and the public.

Janet Yellen in Washington, D.C., U.S., on Friday, March 26, 2021. Photographer: Erin Scott/Bloomberg via Getty ImagesJanet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.The big picture:...

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Janet Yellen to call for global minimum tax rate in first major address as Treasury secretary

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