Posted on 04/06/2021 11:28:44 AM PDT by Red Badger
Virginie MONTET Tue, April 6, 2021, 12:28 PM·3 min read Proposed by the United States, supported by the IMF and welcomed by major economies including France and Germany, a global minimum tax rate on corporations is gathering momentum toward becoming a reality.
The reform aimed at ending tax competition between countries and the use of tax havens by companies will be on the agenda of G20 finance ministers when they meet virtually on Wednesday, and the group could unveil a proposal by July.
The idea has been promoted by the Organization for Economic Co-operation and Development but received a fresh boost this week when US Treasury Secretary Janet Yellen said she would push for an agreement among the advanced economies in the G20.
"Together, we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations," Yellen said on Monday.
The idea is to ensure companies pay a minimum amount of tax regardless of where they are located, preventing firms from evading taxes by establishing headquarters in countries with lower rates -- a practice prevalent among tech companies which drains resources from government coffers.
(Excerpt) Read more at news.yahoo.com ...
and who would collect said tax?
Its not the governments effin money!
10% for the Big Guy..................
and who would collect said tax?
____
Nicholae Carpathia.
Global minimum tax for corporations us inches towards reality.
Please see tag.
Never going to happen. There will always be a nation willing to underbid other nations.
Global Marxism and suppression of private enterprise inches toward reality.
I’m in favor of a 0% corporate tax, replaced with border adjustment tax. Needs to include services in the math too. Remember in the 90’s IBM shipping their jobs out of America to India for obvious cost benefits. Let’s level the playing field a bit.
So would the US cut federal tax rates by the amount of the global corporate tax? I doubt it.
Usually when dems run things they just add on taxes and never take away. There are few exceptions to this but not many.
Will Antarctica become a country? Do they tax snow and ice? Penguin pelts? That continent may be the last resort for those who resort to offshore accounts to hide their profits. Either that, or the Billionaire Oligarchs will simply declare themselves exempt from such a tax. No further discussion is either necessary, or warranted.
Exactly. It won’t matter to the democrats, though. They don’t care if jobs move out of this country.
Some island nation like the Caymans is going to become an even bigger tax haven. They'll need to build more buildings with more walls to hang more plaques representing all of the new companies incorporated there.
What a great idea......what could possibly go wrong!!
ROFLOL
It just means each tax would impose domestic taxes on corporations of at least a certain level. It’s not espousing any new taxing authority.
Germany and France are not the problem here, though. Ireland is. If you tell me Ireland and the Cayman Islands agree to this, then I think there’s a story here.
Typo: I meant “each country would impose domestic taxes...”
Who would be the enforcing entity for this proposal, and would this proposal be imposed from the top-down with no vote of approval from the people in any country? Is this the “democracy” that the Dems were trying to prevent Trump from destroying?
It will be implemented thru ‘Treaty provisions’, so only the US Senate has to approve, thus protecting the House politicos...................
What you said is the most reasonable interpretation. But these days you never can tell.
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