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While small countries are often perceived as major havens for hiding or laundering money, "enormous amounts of illicit funds" end up in the US financial system, Treasury Secretary Janet Yellen said Thursday. Yellen said the U.S. must fight money-laundering and tax evasion at home if it wants to promote anti-corruption efforts throughout the world.
"There's a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States," Yellen said in a speech to the Summit on Democracy.Let us clean up our act at home seemed to be the message in the text that was released for Yellen's speech which read "The United States cannot be a credible voice for free and fair government abroad if, at the same time, we allow the wealthy to break our laws with impunity.If we want free institutions to thrive the world over, then first, we must model what they look like at home."The Treasury has estimated that tax evasion, mostly by high-income households and corporations, cost the government $600 billion in lost revenue last year.

Yellen says US may be 'best place' to hide, launder illicit funds'

Yellen: There’s a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States.”

Yellen: There&rsquo;s a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States.&rdquo;

While small countries are often perceived as major havens for hiding or laundering money, "enormous amounts of illicit funds" end up in the US financial system, US Treasury Secretary Janet Yellen said Thursday.&nbsp;Yellen said the U.S. must fight money-laundering and tax evasion at home if it wants to promote anti-corruption efforts throughout the world.
"There's a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States," Yellen said in a speech to the Summit on Democracy. Let us clean up our act at home seemed to be the message in the text that was released for Yellen's&nbsp;speech which read "The United States cannot be a credible voice for free and fair government abroad if, at the same time, we allow the wealthy to break our laws with impunity.If we want free institutions to thrive the world over, then first, we must model what they look like at home." The US Treasury has estimated that tax evasion, mostly by high-income households and corporations, cost the government $600 billion in lost revenue last year.

The money managers of the 7 most advanced economies have agreed on a 15% global minimum tax.&nbsp;Finance ministers of the Group of Seven (G7)&nbsp;have backed&nbsp;a U.S. proposal that calls for corporations across the globe to pay at least a 15% tax on earnings.U.K. Finance Minister&nbsp;Rishi Sunak announced the same in a video statement on Saturday.U.S. Treasury Secretary&nbsp;Janet Yellen&nbsp;who is in London to see through this major tax&nbsp; overhaul tweeted&nbsp;&ldquo;That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world"The tax deal also got positive feedback from tech giants&nbsp;Nick Clegg, vice president of global affairs at&nbsp;Facebook, wrote in a tweet that the company welcomed the G-7 tax rule.

The big tax overhaul! Global Minimum Tax agreed upon by G7

The big tax overhaul! The G7 money mangers agree on the 15% Global Minimum Tax&nbsp;

The big tax overhaul! Global Minimum Tax agreed upon

The money managers of the 7 most advanced economies have agreed on a 15% global minimum tax.&nbsp; Finance ministers of the Group of Seven (G7)&nbsp;have backed&nbsp;a U.S. proposal that calls for corporations across the globe to pay at least a 15% tax on earnings. U.K. Finance Minister&nbsp;Rishi Sunak announced the same in a video statement on Saturday. U.S. Treasury Secretary&nbsp;Janet Yellen&nbsp;who is in London to see through this major tax&nbsp; overhaul tweeted&nbsp;&ldquo;That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world" The tax deal also got positive feedback from tech giants&nbsp;Nick Clegg, vice president of global affairs at&nbsp;Facebook, wrote in a tweet that the company welcomed the G-7 tax rule.

Corporations around the world should pay at least a 15% tax on their earnings this is call coming in for the US Treasury as it proposes a global minimum tax.&nbsp;
Major economies are looking to discourage internationally present companies from shifting profits&nbsp; and tax revenues - to low-tax countries regardless of where their sales are made.So if companies pay lower rates in a particular country like Ireland or Bermuda their 'home' governments could "top-up" their taxes to the agreed minimum rate, eliminating the advantage of shifting profits to a tax haven.
Next step comes in with OECD&nbsp;and G20 to agree on a rate and also&nbsp;applicability norms.&nbsp;

Global minimum tax is here, US proposes a rate of 15%

Global minimum tax is here, US proposes a rate of 15% as Janet Yellen calls for and to bottoming of corporate taxes.&nbsp;

Corporations around the world should pay at least a 15% tax on their earnings this is the call coming in for the US Treasury as it proposes a global minimum tax.&nbsp;
Major economies are looking to discourage internationally present companies from shifting profits&nbsp; and tax revenues - to low-tax countries regardless of where their sales are made. So if companies pay lower rates in a particular country like Ireland or Bermuda their 'home' governments could "top-up" their taxes to the agreed minimum rate, eliminating the advantage of shifting profits to a tax haven.
Next step comes in with OECD&nbsp;and G20 to agree on a rate and also&nbsp;applicability norms.&nbsp;

janet yellen

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