U.S. Treasury says Ireland tax decision puts global minimum tax within reach

WASHINGTON - Ireland's decision to drop its opposition to a revamp of global tax rules puts the world on course for a "generational achievement" of a global minimum tax that will boost U.S. competitiveness, a U.S. Treasury spokesperson said on Thursday.

The spokesperson said in a statement that the global minimum tax "would create a more level playing field so jobs and investment can flourish, and produce reliable revenues to fund programs that will benefit working and middle class families."

Another Treasury official, who also said Treasury was pleased with Ireland's decision, said the 15% agreed global minimum tax rate would be a floor, not a ceiling, allowing countries to set higher rates to suit their needs.