CNN: Joe Biden wants to overhaul global tax rules. Ireland stands in the way London
(CNN Business)One of President Joe Biden's priorities is a historic overhaul of global tax rules. The world's most powerful 20 economies are on board. But an island nation of 5 million people is standing in the way.
Biden still needs Ireland.
For years, the country has successfully attracted hordes of global businesses with a corporate tax rate of just 12.5%, compared to 21% in the United States and 19% in the United Kingdom. Facebook (FB), Google (GOOGL) and Apple (AAPL) have set up regional headquarters in the country, while pharmaceutical companies like Pfizer (PFE) have built manufacturing hubs.
Now, with 132 governments around the world in agreement on a minimum corporate tax of at least 15% to ensure big business pays its fair share, Ireland is digging in its heels.
"We are not in that agreement," Finance Minister Paschal Donohoe recently told Irish media.
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WNU Editor: Ireland's position may change. Negotiations are still ongoing. But the group that I predict will torpedo Biden's global tax proposal will be the US Congress.
3 comments:
I am very much surprised by this and don't think it's a sincere attempt as none of the 20 signers actually want that.
And they don't want that because their donors, eg Amazon, Google etc all have their European HQs in Ireland BECAUSE of the low taxes.
It's a game they play with you and if you believe they'll stop using their tax havens you gotta be on some sleeping drugs
Why they do this charade I don't know, maybe to earn some imaginative brownie points from the gullible left who to this day cheers on critical race theory not understanding what it is and who's weaponized it and why lol so maybe they'll believe the tax overhaul
Also..a lot of side business exists only because of the tax differences in these nations. Entire consulting and accounting firms exist because of it. You think they'll let their billions of dollar business evaporate? Of course not.. the McKinsey's and KPMGs and Goldman Sachs ARE the de facto governments lol they write all the laws and Congress just signs off never reading it
silly comment
Commenting on your own work again, I see!
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