Finance ministers from seven of the world’s wealthiest nations have backed a plan to set a minimum global corporate tax rate of at least 15% on multinational companies. The agreement, which was reached during a meeting in Britain of the G7, or Group of 7, is “historic” but should have aimed higher, says economist Joseph Stiglitz. “If you have too low of a tax rate, that minimum tax becomes, de facto, the maximum tax,” he says.

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