There has been some very interesting news this week. The G7, under British direction for a bit, has successfully agreed a global corporate tax rate.
On paper, this looks like a huge step in the right direction. It’s always been one of the greatest injustices that the little man gets charged full whack, while the multinationals could domicile themselves wherever they wanted and use their “tax-efficiency” to drive the little man out of business.
There are some caveats, but even so, my view is that this is some lovely foot-in-the-door precedent-breaking stuff.
I think what excites me most is that it is there in principle.
This is why I used the foot-in-the-door analogy. It’s a bit tepid at 15%, but it’ll frighten the likes of Ireland and can be raised later on.
Because it’s there in principle, theoretically, journalists should be able to identify and report on deviations.
I’m not sure much will be in achieved in the short term, but with companies getting away with such sums 15% of anything has surely got to be better than nothing.
There are some quotes from Tech giants welcoming the move.
They should be framed and brought out whenever they find a loophole.
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It’s a big step though and Biden was important in getting there.
Republicans will pull out in 4 years mind
Possibly, but the Dems can take this to the ballot box with a bit of confidence. Everybody knows it’s wrong. It has taken two decades for anyone to do anything about it.