Corporations around the world should pay at least a 15% tax on their earnings, the Treasury Department said Thursday as part of its push for a global minimum for businesses. Under a proposal from President Joe Biden, the tax rate would be lifted to 28%, part of a plan to raise levies on both companies and the highest earners. Establishing the global minimum would help reduce that incentive, though it is unclear how many countries are willing to participate. "Treasury made clear that a global corporate minimum tax rate would ensure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and would spur innovation, growth, and prosperity while improving fairness for middle class and working people," the release said. The news came following meetings with a steering group within the Organization for Economic Cooperation and Development that the Treasury said featured "earnest" talks of a global tax.
