130 countries join U.S. push for global minimum tax on large corporations

President Joe Biden's corporate tax plan got a boost Thursday, as 130 countries and jurisdictions signed on to an agreement that would implement a global minimum tax for companies. The administration says the agreement, the first major overhaul of international taxation in a century, will level the playing field and help American business compete. 

Treasury Secretary Janet Yellen, who has been leading the United States push for a global minimum tax of at least 15%, called the announcement a historic day for economic diplomacy. "Today's agreement by 130 countries representing more than 90% of global GDP is a clear sign: The race to the bottom is one step closer to coming to an end. In its place, America will enter a competition that we can win; one judged on the skill of our workers and the strength of our infrastructure," Yellen said in a statement. "We have a chance now to build a global and domestic tax system that lets American workers and businesses compete and win in the world economy."