Sven Giegold
Member of the European Parliament – Greens/EFA Group

Speaker of the German Green Delegation

Yellen speech: Seize the opportunity for an end to fiscal dumping!

Commenting on US Treasury Secretary Yellen’s speech on a global minimum tax rate on corporate profits, Sven Giegold, finance spokesperson of the Greens/EFA group in the European Parliament, said:

“This speech by Treasury Secretary Yellen is music to my ears. Now is a historic opportunity to end global tax dumping! She has reached out her hand, now Europe just has to take it. Foreign profits of US corporations will be taxed at 21% in the US (GILTI). Now Europe should propose to make this American rule the global standard. 21% would be a fair minimum tax rate for corporate profits internationally. Already under Obama, America has forged the sharpest sword against tax evasion via bank accounts with the automatic exchange of information on financial accounts. Now the same can succeed with corporate profits. The fiscal Easter holiday is now over: the public coffers are empty due to the Corona crisis. Olaf Scholz and Bruno Le Maire should now take up Yellen’s proposal and push for a global minimum tax rate of 21%. Now is the chance to end tax dumping on corporate profits. If the big EU member states push for 21%, the proposal could fly in the G-20.”

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Recording of Yellen’s speech: https://www.thechicagocouncil.org/events/secretary-janet-l-yellen-international-economic-policy

Yellen’s speech manuscript: https://home.treasury.gov/news/press-releases/jy0101

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