Yellen: Compete on Economic Strengths, Not Low Tax Rates | Business News
By DAVID McHUGH, AP Business Writer
U.S. Treasury Secretary Janet Yellen said Sunday that deterring the use of tax havens will let countries compete on economic fundamentals — instead of by offering ever-lower tax rates that deprive governments of money for infrastructure and education.
Yellen spoke after finance ministers from the Group of 20 major economies endorsed a global minimum corporate tax of at least 15{3620381a13159a468e49440759e066b806585052159d280f445194d667fac272}, a measure aimed at putting a floor under tax rates and discouraging companies from using low-rate countries as tax havens.
“This deal will end the race to the bottom,” she said at a news
