Yellen Aims to Win Support for Global Tax Deal

The Biden administration is trying to persuade other nations to approve a global minimum tax as it works to curb profit shifting and raise corporate taxes in the United States.

LONDON — Treasury Secretary Janet L. Yellen will try to secure international support this week for a broad agreement that aims to put an end to global tax havens when she makes her first trip as President Biden’s top economic diplomat to the Group of 7 finance ministers summit in Britain. Such a pact has been elusive for years, as countries like Ireland sought to keep taxes as low as possible in order to attract global investment. But the Biden administration has made securing a global minimum tax a priority as it looks to raise corporate taxes domestically to help pay for a sweeping expansion of the nation’s infrastructure. Getting other governments to agree to a global minimum tax is critical to Mr. Biden’s goal of raising the corporate tax rate in the United States to 28 percent from 21 percent. Having a global standard that companies pay regardless of where their headquarters are would help discourage American businesses from simply offshoring their operations or intellectual property to countries with lower tax rates, administration officials contend.