G-7 leaders endorse global minimum tax on multinational corporations

ENGLAND — According to the Associated Press, G-7 leaders have agreed to endorse a global minimum tax on multinational corporations.

This comes after finance ministers earlier this month embraced placing a global minimum tax of at least 15% on large multinational corporations to prevent them from using tax havens to avoid taxes, robbing some countries of needed revenue.

The minimum rate was championed by the United States and connects to President Joe Biden's goal to focus the summit on how democracies can support a more fair global economy by working together.