Hoping to get G20 endorsement for global minimum tax By Reuters

© Reuters. U.S. Treasury Secretary Janet Yellen testifies before the Senate Appropriations Subcommittee on Financial Services about the FY22 Treasury budget request on Capitol Hill, in Washington, DC, U.S., June 23, 2021. Shawn Thew/Pool via REUTERS

(Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday said the Biden administration is hoping to gain endorsement at next month’s G20 finance ministers meeting for a global minimum tax.

Yellen’s remarks came to lawmakers during a hearing on the administration’s budget proposal and followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate. The Biden administration is seeking a global minimum tax of at least 15%.

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