Business Leaders and Millionaires Celebrate G7 Minimum Corporate Tax Deal as Good “First Step,” Demand Even Higher Rates

On Saturday, finance ministers from the G7 announced a deal to support a new global minimum corporate tax rate of 15%, which corporations would have to pay regardless of where they are headquartered. In response to this historic agreement, Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires, issued the following statement:

“The G7 deal on a global minimum corporate tax rate of at least 15% is incredibly promising and a significant victory for global tax fairness, but it’s also entirely inadequate. Setting any sort of global minimum is a much-needed first step that will stop the international race to the bottom of corporate tax rates. But it is just that, a first step that requires further action.

A 15% rate is way too low, lower than the current corporate tax rates of virtually every member of the G20. This deal on its own will not change much, but by setting the precedent of a minimum rate, it can and should serve as a foundation for more ambitious, impactful deals in the future.”