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

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."