Janet Yellen Speaks to the Pontifical Academy of Sciences About the Need For Global Corporate Tax Coordination!

Pope Francis

This has to be a first for a United States Treasury Secretary. 

During a virtual speech this morning, Treasury Secretary Janet Yellen told the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences at a Dreaming of a Better Restart event:

Let me close with a few words about...the race to the bottom on corporate tax rates. Our challenge is to make sure governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.

We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the 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.

There was no word on whether the Pope was taking notes. 

 -RW