This week, SPD leader Olaf Scholz secured a coalition agreement with the Greens and the FDP. The deal included a proposal to introduce a carbon floor price, propelling EU ETS prices to a record high.
Biden however, is expected to face stiff opposition from Republicans and would need cross-party support to steer the plan through a Congress that is split 50-50. In a sign of the challenge facing the president, the centrist Democrat senator Joe Manchin has already said he would favour a 25% corporate tax rate, rather than 28%.
The proposals to the OECD came after G20 finance ministers agreed on Wednesday to make progress on seeking an international consensus on tackling tax avoidance. They intend to work towards a deal through the forum of the OECD, with hopes of an agreement to overhaul the global tax system in time for a July summit of G20 finance ministers. Bidenâs plans support the core reforms already drafted by the OECD.
Biden proposes global reforms to end profit shifting to tax havens msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.