Summers Calls OECD Pact a 'Huge Triumph' for Foreign Policy

The transcript discusses a significant global corporate minimum tax deal, highlighting its importance in enhancing tax collections from corporations worldwide. It emphasizes the agreement's role in promoting fairness by preventing a race to the bottom in business income taxation and allowing tax reductions for working people globally. The deal is seen as a triumph of global economic diplomacy, aligning with Joe Biden's middle-class foreign policy. Credit is given to President Biden, Secretary Yellen, and other officials for their efforts in achieving this landmark agreement.

Who has been a strong advocate for the global corporate minimum tax?

• Janet Yellen

• Joe Biden

• Larry Summers

• OECD

What is one of the main practical benefits of the global corporate minimum tax agreement?

• Reducing corporate tax rates

• Increasing corporate profits

• Fortifying tax collections from corporations

• Eliminating taxes for small businesses

How does the agreement aim to change the approach to taxing business income?

• By eliminating taxes on business income

• By increasing tax rates globally

• By allowing countries to compete for lower taxes

• By leveling up taxation in a fairer way

What does the agreement demonstrate about global economic diplomacy?

• It is irrelevant in today's economy

• It can benefit working people everywhere

• It is only for the elite in Davos

• It focuses solely on corporate interests

Who is credited with creating the environment for this agreement?

• OECD

• Janet Yellen

• Larry Summers

• Joe Biden