Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Contact

Press Release

Patriotic Millionaires Celebrate OECD Reaching Final Deal on Global Corporate Minimum Tax

"With the international hurdle out of the way, it's time for President Biden to pick up the baton and lead from home."
WASHINGTON -

Today, the OECD announced that holdout countries like the Republic of Ireland and Hungary have agreed to join onto the plan for a global minimum corporate tax rate of 15 percent, bringing the total number of countries in agreement to 136. This agreement brings long-time skeptics and tax haven countries together to end favorable tax treatments for corporations by including a provision 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:

“It's wonderful to see long-time tax haven countries like the Republic of Ireland, finally stand up against the growing power of global multinational corporations and sign onto the OECD's agreement for a global minimum corporate tax rate. For far too long countries around the world have competed to see who could appease corporations with the lowest tax rates and the largest loopholes. But in that race to the bottom the only winners were the multinationals. Now, the 136 countries around the world signed onto this agreement will ensure that corporations begin to pay a reasonable tax rate, no matter where they claim to be legally headquartered. While we maintain that a 15 percent rate is far too low to address the growing crisis of global inequality, it is terrific to see the world come together and progress forward in the fight for tax fairness.

And now with the international hurdle out of the way, it's time for President Biden to pick up the baton and lead from home. We can, and we must, establish a domestic corporate tax rate of 28 percent. It's well past time that American corporations contributed to a better future rather than their C-suite's bottom line."

###

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.

AOC, Joyce Introduce Bipartisan Bill for 'Immediate Relief' From Cannabis Convictions

"Goes to show that lawmakers don't have to agree on everything to find common ground on solutions to the challenges facing everyday Americans."

Brett Wilkins ·


Green Groups Demand Answers About 'Flimsy' and Buried Biden Drilling Report

"Public records released as a result of this request will shine light on the dangerous chasm separating Biden's climate promises from his refusal to phase out the use of our public lands and waters for oil and gas extraction."

Jessica Corbett ·


'Protest Works': Cheers as Shell Signals Pullout of Cambo Oil Field Project

"We have to see the end of North Sea projects as well as all new fossil fuel extraction: There is no future in them."

Julia Conley ·


Pentagon Blasted for 'Unacceptable Failure' to Reckon With Civilian Casualties

"For too long, the United States has failed to live up to its legal and moral commitments to the protection of civilians, as well as its own stated policies. This needs to change."

Brett Wilkins ·


Groups Say Congress Should Reject Biden's Harmful Sentencing Proposal on Fentanyl-Related Drugs

"The facts don't support the argument that a harsh law enforcement approach, such as permanent classwide scheduling of fentanyl-related substances, will curb drug distribution, sale, and use."

Andrea Germanos ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo