Business Leaders and Millionaires Celebrate G7 Minimum Corporate Tax Deal as Good “First Step,” Demand Even Higher Rates

Monday, June 07

For Immediate Release
Monday, June 7, 2021
Contact: Will Whitmire
will@patrioticmillionaires.org
954-439-3395

Business Leaders and Millionaires Celebrate G7 Minimum Corporate Tax Deal as Good “First Step,” Demand Even Higher Rates

“This deal on its own will not change much, but by setting the precedent of a minimum rate, it can and should serve as a foundation for more ambitious, impactful deals in the future.”

Washington, DC – On Saturday, finance ministers from the G7 announced a deal to support a new global minimum corporate tax rate of 15%, which corporations would have to pay regardless of where they are headquartered. In response to this historic agreement, Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires, issued the following statement:

“The G7 deal on a global minimum corporate tax rate of at least 15% is incredibly promising and a significant victory for global tax fairness, but it’s also entirely inadequate. Setting any sort of global minimum is a much-needed first step that will stop the international race to the bottom of corporate tax rates. But it is just that, a first step that requires further action.

A 15% rate is way too low, lower than the current corporate tax rates of virtually every member of the G20. This deal on its own will not change much, but by setting the precedent of a minimum rate, it can and should serve as a foundation for more ambitious, impactful deals in the future.”

For more information contact: Will Whitmire, will@patrioticmillionaires.org

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About the Patriotic Millionaires

Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at https://patrioticmillionaires.org/about/