The Treasury Department on Thursday said it supports a global minimum corporate tax rate of at least 15 percent—a figure that’s starkly lower than what the Biden administration is advocating as a proposed corporate tax rate and as the minimum tax on multinational corporations’ foreign earnings.

“Treasury underscored that 15 [percent] is a floor and that discussions should continue to be ambitious and push that rate higher,” the department said in a statement. “Treasury was heartened by the positive reception to its proposals and the unprecedented progress being made towards establishing a global corporate minimum tax.”

The proposal comes as department officials met with representatives from 24 nations as part of the Organization for Economic Cooperation and Development’s international tax discussions.

Establishing a global minimum tax is part of President Joe Biden’s tax plans to help fund his multi-trillion-dollar infrastructure and jobs bill, or the American Jobs Plan.

Biden’s tax proposal also includes raising the corporate tax rate from 21 percent to 28 percent, a seven percent increase that critics argue would drive the headquarters of American corporations overseas, harming the country’s competitiveness and eliminating thousands of jobs that would normally exist within the U.S.

The tax plans also call for a boost in the minimum tax on U.S. multinational corporations, from 10.5 percent to 21 percent, which would be estimated on a country-by-country basis.

“Treasury made clear that a global corporate minimum tax rate would ensure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and would spur innovation, growth, and prosperity while improving fairness for middle class and working people,” the department said.

The Group of 20, which is separate from the OECD but has overlapping members, has carved a goal to strike a deal on international tax issues within the next two months.

Treasury Secretary Janet Yellen has said that creating a global minimum tax rate would help prevent a “race to the bottom” on corporate taxes and make sure that countries are bringing in enough revenue to provide needed public services.

“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen said during her first major speech as treasury secretary. “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”

Rachel Bucchino is a reporter at the National Interest. Her work has appeared in The Washington Post, U.S. News & World Report and The Hill