130 nations agree to support U.S. proposal for global minimum tax on corporations

[NightFox]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

 

[Votto]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

 

[Viktor]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

There is no international government and no int tax.

 

[Votto]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

There is no international government and no int tax.

Yet.

Give them a few more years.

They all know it's coming but sometimes forget we have not all be told yet.

 

[NightFox]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

 

[Tommy Tainant]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

 

[EMH]

In the end, those who support big government are 100% about stealing from the productive hard working private sector, nothing but. They make up fake crisis after crisis to justify spending more and why what was collected already vanished.

Keep your guns.

 

[CrusaderFrank]

Anti-American Progressive LOVE handing World government wins like this

 

[NightFox]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

“Sinful” is right, in the sense that undermining the free market by blatantly using foreign tax rate differentials to externalize costs is sinful.

It’s been large multinationals saying “we’ll be happy to take the profits your markets provide but we don’t want to pay for all the underlying economic infrastructure and property rights protection that makes those profits possible.”

I’m not sure if this proposal will ultimately cure that disease, the devil is in the details and multinationals are very adept at finding loopholes and new cost externalizing schemes but at least it’s attempting to address a real and pervasive problem.

 

[Tommy Tainant]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

“Sinful” is right, in the sense that undermining the free market by blatantly using foreign tax rate differentials to externalize costs is sinful.

It’s been large multinationals saying “we’ll be happy to take the profits your markets provide but we don’t want to pay for all the underlying economic infrastructure and property rights protection that makes those profits possible.”

I’m not sure if this proposal will ultimately cure that disease, the devil is in the details and multinationals are very adept at finding loopholes and new cost externalizing schemes but at least it’s attempting to address a real and pervasive problem.

All of the big tech companies are in on it. I dont understand why the right have such a problem with this measure. If Amazon closes down you local store then you suffer because Amazon doesnt pay the taxes the old place paid.

This will need to be updated frequently to ensure justice is served.

 

[NightFox]

Anti-American Progressive LOVE handing World government wins like this

What exactly is “anti-American” about curbing the ability of large multinational corporations to essentially rip off the American Tax Payer by benefitting from our markets while at the same time foisting the costs that make them possible onto those of us that actually have to pay for it?

Do you actually want to continue to subsidize the market infrastructure of foreign tax havens by giving large multinational corporations a free ride on ours?

 

[CrusaderFrank]

Anti-American Progressive LOVE handing World government wins like this

What exactly is “anti-American” about curbing the ability of large multinational corporations to essentially rip off the American Tax Payer by benefitting from our markets while at the same time foisting the costs that make them possible onto those of us that actually have to pay for it?

Do you actually want to continue to subsidize the market infrastructure of foreign tax havens by giving large multinational corporations a free ride on ours?

Trump got US corps to repatriate over $1 TRILLION back to the USA

U.S. Companies' Repatriated Cash Hits $1 Trillion Under Tax Law

 

[NightFox]

Anti-American Progressive LOVE handing World government wins like this

What exactly is “anti-American” about curbing the ability of large multinational corporations to essentially rip off the American Tax Payer by benefitting from our markets while at the same time foisting the costs that make them possible onto those of us that actually have to pay for it?

Do you actually want to continue to subsidize the market infrastructure of foreign tax havens by giving large multinational corporations a free ride on ours?

Trump got US corps to repatriate over $1 TRILLION back to the USA

U.S. Companies' Repatriated Cash Hits $1 Trillion Under Tax Law

Right, so why would you be AGAINST a proposal that takes the next logical step in what Trump was trying to accomplish? This proposal is taking a page right out of Trump’s playbook and is attempting to address a problem that he‘ s been complaining about since the 1980’s.

Trump correctly identified the problem, he just didn’t have the time and/or political capital to follow through with a more comprehensive solution, LIKE THIS ONE.

 

[Votto]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

 

[NightFox]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

Er..umm.. you do realize that the current system of allowing multinationals to game differentials in corporate tax rates equates to privatizing profits and socializing costs, right? Is that something you prefer?

Personally I prefer markets to be as free from such anti-capitalism schemes as possible, however I can’t say that I trust those in power to actually implement a FAIR mechanism to prevent such machinations since as I said in a previous post the DEVIL IS IN DETAILS. Let’s see the details of the final proposal before we start criticizing it since the CONCEPT is sound.

 

[Tommy Tainant]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

Why do you support tax dodging ? Because its a Biden policy ?

 

[NightFox]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

Why do you support tax dodging ? Because its a Biden policy ?

It’s not “tax dodging” as much as it’s cost shifting, in other words it’s allowing multinationals to shift costs onto other tax payers (specifically citizens and businesses that operate solely in the domestic market).

 

[Tommy Tainant]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

Why do you support tax dodging ? Because its a Biden policy ?

It’s not “tax dodging” as much as it’s cost shifting, in other words it’s allowing multinationals to shift costs onto other tax payers (specifically citizens and businesses that operate solely in the domestic market).

Fundamentally its theft. Its using a countries infrastructure whilst avoiding paying your share. A lot of companies have business models that rely on screwing the tax payer.

 

[NightFox]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

Why do you support tax dodging ? Because its a Biden policy ?

It’s not “tax dodging” as much as it’s cost shifting, in other words it’s allowing multinationals to shift costs onto other tax payers (specifically citizens and businesses that operate solely in the domestic market).

Fundamentally its theft. Its using a countries infrastructure whilst avoiding paying your share. A lot of companies have business models that rely on screwing the tax payer.

If you define it that way, all negative externalities would constitute “theft” and so would any forcible expropriation of productive income for re-distribution by the state, this would also include state subsidies for domestic businesses.

After all, it’s the institution of the state that’s been facilitating this type of behaviour all along.

 

[Tommy Tainant]

Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations

“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.

If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.

“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.

“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.

The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.

In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”

Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.

This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.

If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.

Corporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.

And no, that won't be the US of A.

Sounds like the democrats will put a dagger in the economic heart of the US once and for all.

How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?

Its great news and hopefully the start of controlling the parasitic corporations.

Starbucks evades UK taxes by buying its coffee from a company based in that well known coffee hotspot, Luxembourg. The company is wholly owned by...................Starbucks. It enables them to dodge UK taxes and undercut local coffee shops.
Its sinful.

The Socialist dream, no where else to run.................................

Why do you support tax dodging ? Because its a Biden policy ?

It’s not “tax dodging” as much as it’s cost shifting, in other words it’s allowing multinationals to shift costs onto other tax payers (specifically citizens and businesses that operate solely in the domestic market).

Fundamentally its theft. Its using a countries infrastructure whilst avoiding paying your share. A lot of companies have business models that rely on screwing the tax payer.

If you define it that way, all negative externalities would constitute “theft” and so would any forcible expropriation of productive income for re-distribution by the state, this would also include state subsidies for domestic businesses.

After all, it’s the institution of the state that’s been facilitating this type of behaviour all along.

I cant see it any other way. Taxes are never popular but they are our ticket to a better world. If we allow large corporations to opt out of taxation then our society is going to be unbalanced.
Nobody is looking to shut down these companies, we just want them to share the load.