In a win for President Joe Biden, G7 nations announced their support last weekend to impose a global minimum tax rate of at least 15%. Treasury Secretary Janet Yellen said such a tax would end the “race-to-the-bottom” where companies shift profits to slash their tax burden.
And although some prominent Republicans are already bashing the global minimum tax, Goldman Sachs is advising clients not to sweat. If a global minimum tax is enacted — and that’s a big if, given the sizable hurdles ahead — it would have just a “small” impact on corporate profits, the Wall Street bank said in a…
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