Source: United States Senator for Rhode Island Sheldon Whitehouse
Calls to enact Biden international tax plan as part of the Build Back Better agenda
Washington, DC – Senator Sheldon Whitehouse (D-RI), Chair of the Senate Finance Subcommittee on Taxation and IRS Oversight, applauded the major reform of the international tax system led by the Biden administration and signed today by more than 130 countries. The deal establishes a 15 percent minimum corporate tax rate and requires major global businesses to pay taxes in countries where their goods or services are sold. Whitehouse issued the following statement.
“This historic global agreement gets us closer to the fair, simple tax system we need. It’s not right that Rhode Island businesses pay more in taxes than massive corporations that use foreign tax havens and special international loopholes. We need to level the playing field for domestic businesses.
“But this important agreement doesn’t mean we shouldn’t pursue the President’s more ambitious standards. We can’t let foreign countries that do the bare minimum dictate terms for us.”