Biden: Global corporate tax agreement helps American working families

U.S. President Joe Biden on Friday welcomed a new global deal to ensure big companies pay a minimum tax rate of 15% and said it would help working families in America.

"For decades, American workers and taxpayers have paid the price for a tax system that has rewarded multinational corporations for shipping jobs and profits overseas," said Biden, who had strongly backed the idea. "This race to the bottom hasn't just harmed American workers, it's put many of our allies at a competitive disadvantage as well."