24/02/21

US: Biden Treasury nominee says wants to end corporate tax 'race to the bottom'.

As published on reuters.com, Tuesday 23 February, 2021.

WASHINGTON, Feb 23 (Reuters) - Deputy Treasury secretary nominee Wally Adeyemo said on Tuesday that higher corporate tax rates would help President Joe Biden fund strategic industry investments and vowed to end a “race to the bottom” on global corporate taxation.

Adeyemo told the Senate Finance Committee during his confirmation hearing that Biden wanted to fund investments to make American companies more competitive.

“My goal if confirmed is to make sure that we work through the OECD and the G20 tax process to make sure we create a more level playing field for American companies, especially when it comes to taxation,” Adeyemo said. “We need to end what has seemed like a race to the bottom in terms of international taxation.” (Reporting by David Lawder)