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  • The Biden proposal for a global minimum corporate tax rate, explained

    6 days ago - By Fast Company

    To eliminate tax havens such as the Cayman Islands, the Biden administration is working to get all countries to agree to a minimum corporate tax rate.
    The “Double Irish, Dutch sandwich” sounds like a menu item, but it's actually a complicated business scheme where companies open offices in Ireland and the Netherlands, two countries with low corporate tax rates, and move money between them to minimize their tax burdens. Tax havens are now a common part of multinational business practice. By taking advantage of legal loopholes and opening up subsidiaries in places such as Bermuda or the...
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  • Janet Yellen wants a global minimum tax rate. Here's what that means for the US and the world

    6 days ago - By Business Insider

    Treasury Secretary Janet Yellen.
    Andrew Harnik/AP Photo
    On Monday, Treasury Secretary Janet Yellen called for a global minimum tax in a speech.
    The nonbinding tax would be agreed upon by various countries, and is meant to prevent a "race to the bottom."
    The move comes as the Biden administration calls for a corporate tax increase.
    See more stories on Insider's business page .
    On Monday, in her first major address, Treasury Secretary Janet Yellen called for a new tax - a global minimum corporate tax rate. "Together we can use a global minimum tax to make sure the global economy thrives...
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