Recently%2C%20United%20States%20Treasury%20Secretary%20Janet%20Yellen%20pushed%20for%20an%20agreement%20among%20the%20advanced%20economies%20in%20the%20G20%20to%20join%20Washington%20in%20setting%20a%20global%20minimum%20corporate%20tax%20rate.%20%26nbsp%3B

The%20international%20cooperation%20will%20be%20crucial%20for%20funding%20President%20Biden%27s%20ambitious%20%242%20trillion%20infrastructure%20plan%20to%20revive%20the%20economy.

%22President%20Biden%27s%20proposals%20announced%20last%20week%20call%20for%20bold%20domestic%20action%2C%20including%20to%20raise%20the%20US%20minimum%20tax%20rate%2C%20and%20renewed%20international%20engagement%2C%20recognising%20that%20it%20is%20important%20to%20work%20with%20other%20countries%20to%20end%20the%20pressures%20of%20tax%20competition%20and%20corporate%20tax%20base%20erosion%2C%22%20Yellen%20said.

The%20plan%20seeks%20to%20increase%20the%20US%20corporate%20tax%20rate%20to%2028%25%20from%2021%25.

%22We%20are%20working%20with%20G20%20nations%20to%20agree%20to%20a%20global%20minimum%20corporate%20tax%20rate%20that%20can%20stop%20the%20race%20to%20the%20bottom%2C%22%20she%20added.

%3Cstrong%3EWhat%20is%20the%20global%20minimum%20corporate%20tax%3F%3C/strong%3E

A%20universal%20minimum%20corporate%20tax%20will%20be%20determined%20and%20implemented%20in%20each%20country%20so%20that%20companies%20cannot%20evade%20taxes%20by%20having%20headquarters%20in%20countries%20with%20lower%20rates.

%3Cstrong%3EWhat%20will%20the%20importance%20of%20the%20global%20minimum%20corporate%20tax%20rate%3F%3C/strong%3E

The%20implementation%20of%20the%20global%20minimum%20tax%20will%20ensure%20companies%20pay%20a%20minimum%20amount%20of%20tax%20irrespective%20of%20where%20they%20are%20located%2C%20preventing%20firms%20from%20evading%20taxes%20by%20establishing%20headquarters%20in%20countries%20with%20lower%20rates.

Under%20Trump%2C%20the%20US%20slashed%20down%20corporate%20tax%20rate%20in%202017%2C%20however%2C%20President%20Biden%20last%20week%20proposed%20raising%20the%20rate%20to%20materialise%20his%20infrastructure%20plan.

However%2C%20if%20the%20US%20alone%20raises%20their%20corporate%20tax%20then%20investors%20will%20flock%20to%20other%20countries%20with%20lower%20rates.%20Hence%2C%20Yellen%20suggested%20it%20would%20be%20best%20to%20couple%20a%20US%20rate%20increase%20with%20the%20establishment%20of%20a%20global%20minimum%20tax%20to%20end%20the%20%22race%20to%20the%20bottom%22%20among%20countries%20to%20see%20who%20implements%20the%20lowest%20rate.