China News Agency, New York, April 5th. US Secretary of the Treasury Yellen called on the 5th at an event hosted by the Chicago Council of Global Affairs that all countries should jointly set the world’s lowest corporate tax rate to end the “30-year-long race to the bottom”. competition".

　　According to a report by the Chicago Tribune, Yellen said in a video speech at the event that in the past 30 years, many countries have competed to reduce corporate tax rates to attract multinational companies, forming a race to the bottom.

The Biden administration will seek to set the world's lowest corporate tax rate with members of the Group of Twenty (G20) to end this situation.

　　"Competition is not just about how companies headquartered in the United States fight against other company mergers and acquisitions," Yellen said. "Competition must ensure that the government has a stable tax system to obtain sufficient fiscal revenue to invest in necessary public products and deal with it. Crisis and ensure that people share the government’s financial burden fairly."

　　Yellen also criticized the Trump administration's policies in his speech.

"In the past four years, we have all seen what happened in the process of'retarding' the United States on the international stage," she said. "U.S. priority should never be only about the United States." She said that the United States needs to return to the international arena. , And work with other countries to implement a "rule-based order."

　　Earlier, US President Biden announced an eight-year infrastructure plan with a scale of more than 2 trillion US dollars. He said that the plan also proposed raising the corporate tax rate from 21% to 28%, and raising the global minimum tax rate for multinational companies to 21%, etc. Tax reform measures to cover related expenses.

　　The Wall Street Journal quoted analysis as saying that once this infrastructure plan is passed by Congress and eventually passed into law, it will put US-headquartered companies at a disadvantage in global operations because companies in other countries face relatively lower corporate tax rates.

From this perspective, setting the lowest corporate tax rate at the global level is extremely important to Biden's implementation of the infrastructure plan.

　　The analysis also said that Yellen is also trying to reach a consensus on setting the world's lowest corporate tax rate through the Organization for Economic Cooperation and Development (OECD), but factors such as the new crown pandemic and the complexity of coordinating tax reform rules have slowed the progress of negotiations.

　　According to the "Washington Post" report, last year alone, nine countries around the world reduced corporate tax rates.

According to data from the Washington Think Tank Tax Foundation, the current average global corporate tax rate is 24%.

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