The G-7 Finance Ministers announced they back the Organization for Economic Cooperation and Development’s efforts to adopt a Global Minimum Tax. Coalition for a Prosperous America’s CEO Michael Stumo says that’s a good first step in keeping companies from hiding their profits and not paying their fair share of taxes. He says those companies need to be taxed where they sell.
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He says by instituting the Global Minimum Tax it will dis-incentivise companies from out sourcing their business to other countries to avoid the taxes.

Stumo is hopeful the U.S. will approve legislation to move ahead on the global minimum tax as well as Sales Factor Apportionment that will keep multinational corporations from offshoring their production and avoiding U.S. corporate taxes.

Stumo hopes this can be included in the tax framework legislation put out earlier by Senators Ron Wyden, Sherrod Brown and Mark Warner.