US proposes tax of at least 15% on global corporate profits

WASHINGTON (AP) — The U.S. Treasury Department says it supports a global minimum corporate tax rate of at least 15% — below the 21% minimum it has been seeking to impose on the foreign profits of U.S.-based companies. The offer comes as the Organization for Economic Cooperation and Development and the Group of 20 major economies seek an agreement on minimum corporate tax rate. It is part of an effort to end what Treasury calls “a race to the bottom’’ as countries compete with each other to cut corporate tax rates and lure multinational companies.