Pascrell Praises Announcement of Global Minimum Tax Agreement

Statement

U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), the Chairman of the House Ways and Means Subcommittee on Oversight, today reacted favorably to an announcement by U.S. Treasury Secretary Janet Yellen that the United States has won the support of 130 nations to create a global minimum tax for the largest companies in the world.

"This announcement represents a titanic achievement for the Biden administration and the cause of economic equity," said Rep. Pascrell. "The world's wealthiest citizens and companies have not paid their fair share for a long time, forcing regular working people to shoulder the load. A global minimum tax is essential to reversing the race to the bottom by leveling the playing field and instituting fairness. I am excited by this declaration, congratulate Secretary Yellen and her team, and look forward to reviewing the fine print."

As Chairman of the Oversight Subcommittee, Rep. Pascrell has made tax fairness one of his highest priorities. Pascrell is the main sponsor of the Carried Interest Fairness Act, legislation to close one of the most egregious loopholes in the federal tax code, and legislation to end the stepped-up basis loophole that allows some of America's wealthiest families to leave massive inheritances without paying their fair share.

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