Few, if any, industries are going to love the higher taxes they will soon face in the US and abroad thanks to President Biden and his American Jobs Plan. But big tech has good reason to be particularly unnerved by Treasury Secretary Janet Yellen's calls for a global minimum corporate tax rate.
Though it didn't name its source, Bloomberg reported Tuesday that the EU plans to insist that its long-awaited digital tax on the US tech giants - which Washington (under Trump) had protested - be part of the same package as the global minimum corporate tax in order to secure a deal.
A bevy of European officials have praised Yellen's call for nations to work together to set a new tax floor, a call that was made during a speech to the Chicago Council on Global Affairs yesterday.
Paolo Gentiloni, the European Commission's point man on the economy, responded to Yellen's plea for G-20 economies to agree on the minimum tax to prevent a "race to the bottom" with praise, saying there could be a breakthrough agreement by the summer.
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