U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis/Reuters
CNBC: 130 nations agree to support U.S. proposal for global minimum tax on corporations
* A group of 130 nations has agreed to a global minimum tax on corporations, Treasury Secretary Janet Yellen announced Thursday, part of a broader agreement to overhaul international tax rules.
* Yellen did not announce the actual rate at which the GMT would be set, but the Biden administration has pushed for at least 15%.
* The GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions to move their headquarters.
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.
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WNU editor: Most of these countries are supporting a global tax because they are hoping to get a cut out of this tax. LOL. Good luck on that.
Hunter Biden will be tapped to administer this program.
ReplyDeleteHypocrisy program garbage, see the owner of Facebook and amazon doesn't pay so many taxes, religious leaders always exempt, now and China where everything belongs to the government,where neither the government and the UN can interfere in china? Does the US still think it owns the world? Bad joke, see China first are becoming the first business model, nothing is theirs everything from government and corporations, so capitalism will be just a mercantile service and not property of life and freedom, even though it's already dead, freedom of life and property of life will be the next agenda.
ReplyDeleteThis event is just a political one.
ReplyDelete