US Deputy Treasury Sec. Adeyemo expects G7 support for 15%-plus global minimum tax

G7 industrial democracies are expected to offer their support for the Biden Administration’s proposed 15%-plus global minimum corporate tax, US Deputy Treasury Secretary Wally Adeyemo said in a Reuters interview on Monday.

Key quotes

“My sense is that you’re going to see a lot of unified support amongst the G7 moving forward,”

“That support may be voiced at an in-person meeting of G7finance ministers in London on June 4-5.”

“Expect a broad international commitment of 15% or more to help build support in Congress for a US corporate tax increase by narrowing the gap between US and overseas rates. Once a higher US minimum is in place, that will provide incentives for other countries to move toward the US rate.”

“If we can get the world to say that they’re willing to do at least 15%, it gives us the ability to come back to the international conversation once we’ve finished to the domestic piece.”