Biden Administration Proposes ‘More Realistic’ 15 Percent Global Corporate Tax Rate

President Joe Biden and Vice President Kamala Harris, joined by White House staff, participate in a virtual bilateral meeting with Canadian Prime Minister Justin Trudeau on Tuesday, Feb. 23, 2021, in the Roosevelt Room of the White House. (Official White House Photo by Adam Schultz)

The Biden administration proposed a minimum global corporate tax rate of 15%, but said it hoped world leaders would negotiate a more “ambitious” minimum rate.

Treasury Department officials proposed the 15% minimum corporate tax rate during an Organization for Economic Cooperation and Development (OECD) meeting on taxation Thursday. The meeting marked the initial discussions over a global minimum rate between nations after the Treasury Department had previously pushed for such a tax to stop the global “race to the bottom.”

“Treasury proposed to the Steering Group that the global minimum tax rate should be at least 15%,” the department said in a statement Thursday. “Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher.”

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Commentary: Biden’s $2 Trillion Infrastructure Plan is Loaded with Corporate Welfare

President Biden has just unveiled a new $2.3 trillion “infrastructure” plan, but a shockingly large portion of this bill is actually unrelated to infrastructure.

The plan includes massive subsidies for corporations as well as state and local governments, and comes right after the administration’s proposed increase in the corporate tax rate, which would raise the rate from 21 percent to 28 percent.

There’s $300 billion for manufacturing, $100 billion for electric utilities, $100 billion for broadband, $174 billion for electric vehicles, and a whole lot more. A significant portion of this spending is directed at subsidizing big corporations.

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Amazon, Which Routinely Avoids Taxes, Supports Biden’s Corporate Tax Rate Hike

Amazon endorsed President Joe Biden’s proposed higher corporate tax rate despite its history of routinely avoiding most or all of its federal tax obligations.

The massive online retailer supports President Joe Biden’s plan to pay for the $2 trillion infrastructure plan he unveiled last week, Amazon CEO Jeff Bezos said in a statement Tuesday. Biden announced that the plan would raise the corporate tax rate from 21% to 28%.

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