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For Immediate Release

Contact

Sam Quigley

sam@patrioticmillionaires.org

317-752-9150

Press Release

Patriotic Millionaires Praise OECD Global Corporate Minimum Tax Deal

"This agreement is a tremendous step forward in the fight for tax fairness."
WASHINGTON -

This morning, the OECD announced that 130 countries accounting for more than 90 percent of world GDP have agreed on a plan for a new global tax system that includes a global minimum corporate tax rate of 15%. The deal also includes provisions that would tax corporations where they do business, rather than where they are legally headquartered.

In response to this announcement, Morris Pearl, former managing director at BlackRock, Inc., and Chair of the Patriotic Millionaires, released the following statement:

"The OECD's announcement that 130 countries have signed onto a global minimum corporate tax is a tremendous step forward in the fight for tax fairness. The world has spent too many years in a race to the bottom, with countries lowering their corporate rates over and over again in an attempt to remain competitive. In this race, the only winners were multinational corporations. This new agreement will ensure that corporations must pay some reasonable tax rate no matter where they claim to be headquartered or what affiliate legally owns their intellectual property, and will reduce the corporate tax avoidance that has been a significant contributor to the global growth of inequality. A 15% rate is not high enough, but this is a fantastic start for a new global tax regime that will hopefully become stronger and more ambitious in coming years."

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The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. Our work centers on the two things that matter most in a capitalist democracy: power and money. Our goal is to ensure that the country’s political economy is structured to meet the needs of regular Americans, rather than just millionaires. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens.

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