23.05.2021 – 20:22

The White House stressed that its effort to impose a global minimum corporate tax is a top priority for President Joe Biden and represents more than just a talking point for economists around the globe.

Daleep Singh, who serves as deputy national security adviser and deputy director of the National Economic Council, told CNBC that the effort to persuade allies to pass a minimum tax is motivated by economic and national security factors.

“It’s not just a tax issue. The question is: How do we fund initiatives that we think are essential to our internal renewal? He said.

Singh explained that the unification of the Organization for Economic Co-operation and Development after the minimum tax would give all members a chance to compete only in their ability to foster innovation and ingenuity of their respective workforces.

The U.S. Treasury Department has taken the lead in trying to persuade contemporary nations to adopt a global minimum tax. The department unveiled its 15% target on Thursday and said it was encouraged by early talks with foreign officials last week.

A global minimum tax will also allow governments to better generate revenue for domestic projects that the Biden administration considers important to national security, Singh said.