130 nations agree to Biden-backed global 15% corporate minimum tax

Finance officials from 130 countries, coordinated in large part by the Biden administration and the OECD, agree to a framework for a global 15% minimum corporate tax on large multinational companies. The deal targets the practice of corporations headquartering in small, low-tax nations to avoid taxes in the countries where they operate. Economists estimate the policy could recoup $100-$240 billion annually in lost government revenue. Treasury Secretary Janet Yellen calls it a "historic" shift in international tax policy. The US pushes for the framework as part of Biden's broader economic agenda.