15% Global Tax

[coorslite21]

The elites really do want to destroy the little guy.....

A 15% Global Corporate Tax won't fix anything.....Corporations would simply pass that on to us.......

Crazy Biden and Yellen....😮

 

 

G7 agrees 'historic' global minimum corporate tax rate

2 hours ago

 

G7 finance ministers have agreed to back a corporate tax rate of at least 15%, hoping to end decades of tax havens competing to attract multinationals.

Finance ministers from the G7 nations on Saturday pledged to commit to a minimum global level of corporate tax of at least 15%

The move aims to get multinationals — particularly tech giants — to pay more into government coffers hit hard by the pandemic.

"I am delighted to announce that today after years of discussion G7 finance ministers have reached a historic agreement to reform the global tax system," said British Finance Minister Rishi Sunak, who was chairing the talks in London.

"It's complicated and this is a first step," Sunak said.

 

'Historic deal' hailed

German Finance Minister Olaf Scholz described the deal as "historic."

"It is very good news for tax justice and solidarity and bad news for tax havens around the world," Scholz said in a statement, adding: "Companies will no longer be in a position to dodge their tax obligations by booking their profits in the lowest-tax countries." 

French Finance Minister Bruno Le Maire said the group's commitment was a "starting point," pledging to hike it further.

"This is a starting point and in the coming months we will fight to ensure that this minimum corporate tax rate is as high as possible," Le Maire said. 

US Treasury Secretary Janet Yellen said the move would "help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases." 

26:00 mins.

 

| 18 hours ago

The Day with Phil Gayle: Is a global corporate tax crackdown coming?

What is the global minimum corporate tax?

The US-led proposal focuses on creating a global minimum corporate tax rate as well as special rules to change how much tax companies pay and where it is paid.

US President Joe Biden had called for a unified minimum corporate tax rate of 15%.

 

The global minimum tax would be levied only on the world's 100 largest and most profitable companies.

If a company pays taxes somewhere with a lower rate, it would probably have to pay top-up taxes.

Such a move aims to end what Yellen has called a "30-year race to the bottom on corporate tax rates" as countries compete to lure multinationals.

'G7 looking out for their own'

Alex Cobham, chief executive of the Tax Justice Network, called the move a "historic moment" but slammed it as "very unfair." 

In an interview with DW, Cobham said the figure should have been "at least 25%."

"The way the G7 is going about this with such a low rate…it means the benefits would have been much smaller than they could have been," the economist said.

"It shows just how unfit for purpose the OECD and the G7 are, as the rich countries set the rules for everyone else. We need to move this to the United Nations and get a deal that works for everyone, not just the G7 looking out for their own revenues," he added.

Reaction from tech giants

Facebook said it welcomed the G7 pledge, despite the social media firm risking paying more, its vice president of global affairs said Saturday.

"We welcome the important progress," Nick Clegg tweeted, adding "this could mean Facebook paying more tax, and in different places."

A spokesperson for the online retail giant Amazon said the tax plan was "a welcome step forward." 

"We hope to see discussions continue to advance with the broader G20 and Inclusive Framework alliance," they added.

Google, meanwhile, said it strongly supports the work being done to update international tax rules.

"We hope countries continue to work together to ensure a balanced and durable agreement will be finalized soon," a spokesperson for the global search giant said.

04:06 mins.

 

| 07.04.2021

Europe must 'respond forcefully' to US tax proposal

What else was on the agenda? 

Following two days of talks, G7 finance ministers backed moves to force banks and companies to disclose their exposure to climate-related risks, according to a final communique seen by Reuters. 

They also reiterated that digital currency projects should not operate until it meets "legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards," the communique read. 

 

mvb,fb/mm (AFP, dpa, Reuters) 

 

[Sage449]

😡😡😤😤😠😠🤬🤬🤬

And we're the stupid ones.....

[markb57]

hopefully this will end up in the SCOTUS. This is unconstitutional.

[yota691]

Tech giants face higher taxes

14:41 - 06/06/2021

 

  

Information / follow up..

A historic deal agreed by the world's richest countries on Saturday sees a global minimum corporate tax imposed on multinational companies, including technology giants such as Amazon, Apple and Microsoft.

After two days of talks in London, finance ministers from the Group of Seven countries said they had agreed to impose a global base tax rate on companies of at least 15 percent.

Changes are also being made to ensure that large companies, especially those with a strong online presence, pay tax in the countries where they register sales, not just in places where they have an operating base.

Treasury Secretary Janet Yellen, who attended the talks in London, praised the agreement. She wrote on Twitter: “Ministers have made an important and unprecedented commitment that provides tremendous momentum towards achieving a strong global minimum tax rate of at least 15 percent.

British Finance Minister Rishi Sunak, who chaired the meetings, described the meeting as a proud moment that will create a level playing field for companies around the world.

Ministers from other G7 members - Canada, France, Germany, Italy and Japan - also signed the joint statement.

The statement said: The non-binding agreement addresses the tax challenges arising from globalization and digitization of the economy and the adoption of a global minimum tax.

Historic Tax Agreement:

President Joe Biden initially proposed a minimum global corporate tax rate — the tax companies pay on their profits — at 21 percent. But the US Treasury last month put forward a 15 percent plan.

G20 leaders, including emerging economies such as China and India, will also likely be pressured to sign the minimum tax.

Many countries' public coffers are running out due to the coronavirus pandemic. Many rich countries borrowed hundreds of billions of dollars to prop up their economies. It is a deficiency that they now urgently need to make up for.

The agreement is a historic and major transformation after decades of unrestricted tax competition. The agreement helps restore balance in the relationship between the state and major corporations.

Although the tech giants may be hit the hardest. However, other types of multinational corporations fall into the trap of the global bargain.

The United States has proposed imposing a new global minimum tax on the world's 100 largest and most profitable companies.

Any final agreement could have major ramifications for low-tax countries and tax havens. But national governments can still set the local corporate tax rates they want.

However, if companies pay lower rates in a particular country. It is possible that their home governments will now increase their taxes to a minimum, eliminating the advantage of shifting profits from one country to another. finished/25h

[patrickgold]

6 hours ago, markb57 said:

hopefully this will end up in the SCOTUS. This is unconstitutional.

I'm losing faith in the SCOTUS, remember they wouldn't touch the fraudulent elections.

[md11fr8dawg]

6 hours ago, markb57 said:

This is unconstitutional.

 

Maybe it is, but you can bet Joke and the Ho don't have the balls to do what Trump would and tell them to go pound sand!!

[md11fr8dawg]

1 minute ago, md11fr8dawg said:

 

Maybe it is, but you can bet Joke and the Ho don't have the balls to do what Trump would and tell them to go pound sand!!

Besides, the RATS have NEVER seen a tax they didn't like. And true to the socialist ideals, once that tax is put in place it will NEVER be rescinded. I LOVE the one comment by the mentally ill ****** bag that said they would try and get the tax as high as possible in the future. BRILLIANT idea, oh yeess!!!

[coorslite21]

Seems there may be something about....."no taxation without representation" in one of those crazy documents the founders created..   CL