U.S. Senator Tammy Baldwin (D-WI) is urging fellow members of Congress to pass a measure to raise taxes on corporations with operations in low-tax foreign countries.
The legislation, called the No Tax Breaks for Outsourcing Act, would effect American participation in a global minimum tax, a major Biden-administration policy priority. In 2021, U.S. Treasury Secretary Janet Yellen joined 130 nations to negotiate a framework to equalize corporate taxation so companies could not escape high taxes in their home countries. Two months ago, all 27 member states of the European Union agreed on a plan for their involvement in such a system.
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