U.S. Minimum Global Tax Rate Should Be Raised, Senate Dems Say

A group of Democrats is pushing the U.S. to raise its global minimum tax rate to be equal to the domestic corporate rate or be at least 21%. They’re also calling for an end to a deduction for exporters.

Democratic Sens. Sheldon Whitehouse (R.I.), Richard Durbin (Ill.), Jack Reed (R.I.), Chris Van Hollen (Md.) and Elizabeth Warren (Mass.) recommended the changes in a Friday letter to Senate Finance Committee Chair Ron Wyden (D-Ore.) and Sens. Sherrod Brown (D-Ohio) and Mark Warner (D-Va.) who are drafting tax legislation for the Biden administration’s budget reconciliation bill.

Wyden last month ...