Experts Fear Biden’s Global Minimum 15 Percent Tax Rate on Big Corporations Could Harm Small Businesses

(L-R) British Prime Minister Boris Johnson, French President Emmanuel Macron, German Chancellor Angela Merkel, and U.S. President Joe Biden, pose for the media prior to a meeting at the La Nuvola conference center for the G20 summit in Rome, Italy, on Oct. 30, 2021. Stefan Rousseau/Pool/Getty Images

Experts are concerned that President Joe Biden’s new global minimum tax rate of 15 percent on large multinational corporations will harm the small businesses that support them.

Treasury Secretary Janet Yellen confirmed on Oct. 30 that leaders of the world’s 20 biggest economies (G-20) have endorsed the “historic agreement” on new international tax rules, including a global minimum corporate tax rate of 15 percent.