France, Germany Support U.S. 21% Tax Plan for Corporations (1)

France and Germany have given their backing to the U.S. proposal for a 21% minimum tax on multinational companies, adding momentum to efforts to overhaul global rules despite reluctance from some smaller European countries.

The plan by President Joe Biden’s administration earlier this month transformed global negotiations after years of being bogged down. It also carries a significantly higher levy on companies than the 12.5% minimum tax previously discussed.

The lower rate was favored by countries including Ireland, which charges that level of tax to attract corporate investment. Such practices have long been controversial though, and have become more so ...