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Janet Yellen. Photo: Alex Wong/Getty Images

The Group of Seven nations on Saturday reached a historic deal to reform the global tax system, agreeing that corporations around the world should pay at least a 15% tax on earnings.

The state of play: The global tax minimum was proposed by Treasury Secretary Janet Yellen last month, per CNN. The new reforms will affect the world's largest firms with profit margins of at least 10%, U.K. Finance Minister Rishi Sunak explained.

  • The deal also ends national digital service taxes, which had the support of several European countries, but which U.S. officials said would unfairly target American technology giants, per Reuters.
  • Yellen said that both Amazon and Facebook will be covered under the arrangement: "It will include large profitable firms and those firms, I believe, will qualify by almost any definition."
  • G7 finance ministers also agreed to tackle environmental crime "with a new task force on nature-related financial disclosures to mirror the work of the Task Force on Climate Related Financial Disclosures," Bloomberg writes.

What they're saying: "G7 finance ministers today, after years of discussions, have reached a historic agreement to reform the global tax system, to make it fit for the global digital age — and crucially to make sure that it’s fair so that the right companies pay the right tax in the right places," Sunak said.

  • "That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world," Yellen said.

What to watch: Sunak said G20 finance ministers will discuss the agreement in July.

Go deeper

Mike Allen, author of AM
Sep 10, 2021 - Economy & Business

White House spoils for fight on taxes

Sen. Joe Manchin (D-W.Va.), at the center of the Hill's fall fights, near the Senate subway on Aug. 5. Photo: Kent Nishimura/L.A. Times via Getty Images

The White House plans to lean into attacks on proposed taxes to pay for President Biden's "Build Back Better" agenda as "an inflection point where leaders need to choose which side they’re on."

Why it matters: Both ends of Pennsylvania Avenue are heading into an epic fall debate over the size and funding of transformational social and climate programs. The 2022 midterms are the backdrop, with Democrats running partly on jobs created by infrastructure spending.

"Justice for J6" rally underway with large police presence

Police officers watch as demonstrators gather for the "Justice for J6" rally in Washington, D.C., on Sept. 18, 2021. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Demonstrators were met by a heavy law enforcement presence on Saturday ahead of the "Justice for J6" rally outside the fenced-off U.S. Capitol, AP reports.

The latest: U.S. Capitol Police officers at approximately 12:40 p.m. arrested a man with a knife for a weapons violation, the agency wrote in a tweet.

DHS to increase deportation flights to Haiti from Del Rio

Migrants walk across the Rio Grande River carrying supplies back to a makeshift encampment under the international bridge between Del Rio, Texas, and Acuña, Mexico. Officials are struggling to provide food, water, shelter and sanitation, forcing migrants to cross the Rio Grande several times per day for basic necessities. Photo: Jordan Vonderhaar via Getty Images

The Department of Homeland Security on Saturday announced plans to ramp up deportation flights to Haiti out of the small Texas border town Del Rio, starting as soon as Sunday.

Why it matters: Reports have emerged of more than 10,000 migrants, primarily from Haiti, crowded in a temporary camp under the international bridge in Del Rio. Hoping to find refuge in the United States, they've had to bear with filthy conditions and the scorching sun for days, per an NBC News affiliate.