March 18, 2021

Andrew Campbell 

Taxation is the major revenue for development. Biden administration attempts to raise corporation tax to cope with its future development. 

In fact, raising corporate tax in United States causes some dispute. Some tax experts argued that it might hurt United States’ struggle in business. In the past, United States adopted the policy of reducing tax to attract investment worldwide. Numbers of research showed that raising corporate tax is not a trend. 

At this moment, Treasury Secretary Janet Yellen considered a solution to meet a minimum corporate tax. Now, she is working with Organization for Economic Cooperation and Development (OECD) to build a rule to a global minimum corporate tax. 

According to Yellen, a global minimum corporate tax can prevent destructively corporate tax competition. It also can stop shifting profits among nations. However, it still has various challenges to make it possible. 

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