Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.
The move by the Group of 20 summit in Rome was hailed by U.S. Treasury Secretary Janet L. Yellen as benefiting American businesses and workers.
"Here at the G20, leaders representing 80% of the world's GDP -- allies and competitors alike -- made clear their support for a strong global minimum tax," the president said in the tweet. "This is more than just a tax deal -- it's diplomacy reshaping our global economy and delivering for our people."
The minimum rate "completely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax," Cormann contended. "These differences are morally unacceptable and undermine the global recovery," said Draghi, an economist and former chief of the European Central Bank.
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