Biden Makes Tax Dodgers Pay As G20 Leaders Agree To Establish Historic Global Minimum Corporate Tax

[634-5789]

After the Summit, the G20 Leaders came to a consensus across a host of issues, including:

Historic Global Minimum Tax: G20 Leaders representing 80% of the world’s gross domestic product (GDP) endorsed the establishment of a historic Global Minimum Tax (GMT) to end the race to the bottom, ensure giant corporations pay their fair share no matter where they are located, help prevent the offshoring of good American jobs, and invest in our people at home. One recent independent study found that this agreement to establish a 15% GMT—up from 0% today—would lead to at least $60 billion in revenue per year in the United States alone. Today’s announcement is a testament to American diplomacy and leadership.


https://www.politicususa.com/2021/10/31/biden-makes-tax-dodgers-pay-as-g20-leaders-agree-to-establish-historic-global-minimum-corporate-tax.

[PoliticAverse]

1. If giant corporations could get away with avoiding tax by having a division in Ireland...

why can't they just move it to one of the countries not covered by the agreement now (the next tax haven country)?

Also who is to say all the legislatures in the G20 countries will go along?

$ 50 billion can buy a lot of clever lawyering and accounting.

[unblock]

3. The idea is that if a company takes advantage of a foreign tax haven, then

The home country can tax that company for the difference between the tax haven rate and the global minimum tax rate.

In theory, it eliminates the incentive for a company to shift profits, which then eliminates the tax haven's incentive to lower rates.

But, good luck getting this past today's senate...

[PoliticAverse]

4. "But, good luck getting this past today's senate" - indeed. n/t

[Budi]

2. "..a testament to American diplomacy and leadership." That's why Biden is President & ____ is not.

" this agreement to establish a 15% GMT—up from 0% today—would lead to at least $60 billion in revenue per year in the United States alone. Today’s announcement is a testament to American diplomacy and leadership."


"God love ya, man" ~ joe biden quote

[PoliticAverse]

6. I'd wait to see if it passes in the US first before celebrating. n/t

[Lovie777]

5. K & R . . .