What You Need to Know About the G-7 Tax Agreement

In early June, members of the G-7 reached an agreement that would establish a minimum global corporate tax rate of at least 15% on multinational corporations. The intent of the deal—which the group called “historic"—is to stop the so-called “race to the bottom” in the international corporate tax world.

Even though the news immediately made headlines, questions still linger about what it all means. Here’s what you need to know.

About the G7

G-7 is shorthand for the Group of Seven nations, a consortium of wealthy developed countries that have met regularly since the 1970s to discuss global ...