U.S. Treasury Secretary Janet Yellen urged European Union countries on Monday to sign on to a global deal to revamp corporate taxation, keep fiscal support through 2022 and consider more spending in the face of COVID-19 uncertainty.
“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” Yellen said in remarks prepared for delivery to Eurogroup finance ministers.
“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share.”
A tax-cut race to the bottom must end, she said.
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