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G7 industrial democracies are expected to offer their support for the Biden Administration’s proposed 15%-plus global minimum corporate tax, US Deputy Treasury Secretary Wally Adeyemo said in a Reuters interview on Monday.

Key quotes

“My sense is that you’re going to see a lot of unified support amongst the G7 moving forward,”

“That support may be voiced at an in-person meeting of G7finance ministers in London on June 4-5.”

“Expect a broad international commitment of 15% or more to help build support in Congress for a US corporate tax increase by narrowing the gap between US and overseas rates. Once a higher US minimum is in place, that will provide incentives for other countries to move toward the US rate.”

“If we can get the world to say that they’re willing to do at least 15%, it gives us the ability to come back to the international conversation once we’ve finished to the domestic piece.”