Joe Biden's radical plan to introduce a "global minimum tax rate"

The US Treasury Secretary Janet Yellen has declared war on low-tax jurisdictions around the world, urging the world's 20 industrialized nations to enact a collective minimum corporate income tax. She said the decision was an effort to reverse a 30-year sprint to the bottom in which countries slashed corporate tax rates in order to entice multinational companies. More than how US-based firms do in multinational merger and takeover bids determines competitiveness. In a virtual speech to the Chicago Council on Global Affairs, Yellen explained that it's about ensuring that policymakers have reliable tax regimes that collect enough money to invest…