Biden administration proposes global minimum tax of at least 15%
CBSN
The Biden administration is proposing a global minimum tax of at least 15% as it looks to level the playing field and stop what Treasury Secretary Janet Yellen has called the "race to the bottom." However, the Treasury Department said that 15% is just the starting point and they will push for that rate to be higher.
The initial proposal comes as officials with the Treasury's Office of Tax Policy participated in meetings with officials from 24 nations over the last two days as part of the Organization for Economic Cooperation and Development's international tax negotiations. Treasury Department officials said the administration was "heartened" by the reception of its proposal. A comprehensive agreement to set a global minimum tax is one of the provisions in the administration's Made in America Tax Plan, which includes a series of tax provisions that, if implemented, would cover the cost of the president's more than $2 trillion infrastructure package, known as the American Jobs Plan.Actor Richard Dreyfuss is facing backlash for allegedly sharing remarks that audience members found sexist, homophobic and generally offensive at a Q&A event over the weekend tied to a Massachusetts theater's screening of "Jaws." Dreyfuss starred in the 1975 blockbuster that was filmed in Massachusetts and screened Saturday night at The Cabot, a performing arts center in the coastal community of Beverly.
Another American who was arrested in the Turks and Caicos Islands for possessing ammunition was sentenced to time served and a $9,000 fine on Tuesday, local media reported. Tyler Wenrich was facing a potential mandatory minimum sentence of 12 years in prison for ammunition charges in the British territory.