Threat to Ireland's prosperity looms large as US tax plan 'to hit its 51st state'          

Ireland's low corporation tax rate now faces the threat of Joe Biden's White House imposing a 21% minimum tax rate on overseas profits

US treasury secretary Janet Yellen, in her first speech, set a summer deadline for the biggest multi-lateral overhaul yet to reach agreement between the richest nations to harmonise corporation tax rates.

The threat to Ireland's 12.5% corporation tax regime, the anchor of the State's prosperity, looms large as the new White House under President Joe Biden doubled down on its commitment to up-end the decades-old way US multinationals are taxed around the world. 

The threat has increased after US treasury secretary Janet Yellen, in her first speech, set a summer deadline for the biggest multi-lateral overhaul yet to reach agreement between the richest nations to harmonise corporation tax rates.