Treasury Secretary Janet Yellen calls for global minimum tax on companies to "stop the race to the bottom"

The United States is working with G20 nations on a global minimum tax for companies, Treasury Secretary Janet Yellen said Monday. It's part of President Biden's corporate tax plan that also includes raising the corporate tax rate in the United States and setting minimum taxes on U.S. companies' foreign earnings. 

Yellen said reaching an agreement would move the world away from what she called a 30-year race to the bottom. "Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth and prosperity," Yellen said.