President Biden and other world leaders expected to focus on the global response to the coronavirus pandemic on the first day of the G-7 meeting in Cornwall, England, officials say.
in Cornwall, England, while making the case for democratic institutions' unique ability to respond to economic crises and disparities, senior administration officials said.
The Group of Seven, an organization of the world's leading industrial countries — Britain, Canada, France, Germany, Italy, Japan and the U.S. — will also endorse a global minimum tax of at least 15 percent for companies, the White House said. If one is enacted, an established global tax rate — which companies would have to pay regardless of where they are based — could reverse what the White House called a"race to the bottom" on international rates that has been a source of tension among countries for years.
"This U.S. priority is a critical step towards ending the decades-long race to the bottom that pushes nations to compete over who can offer the lowest tax rate to large corporations at the expense of protecting workers, investing in infrastructure, and growing the middle class," the White House said in a fact sheet shared with reporters.
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