A Global Minimum Tax on Corporations?

G-7 Leaders Hammer Out A Global Minimum Tax For Companies

Here’s what's up--

The agreement, reached one week ago, marks a major step forward, but challenges still remain: The G-7 will now try to reach a consensus with the broader Group of 20 countries when they meet in Italy next month, as well as with the Organization of Economic Cooperation and Development, a group of 37 mostly wealthy countries.

As part of Biden's infrastructure plan, he wants to tax corporations at 28% from Trump's 21% and wants corporations to pay for his infrastructure plan.

Profit-shifting by American and foreign multinationals costs the US tens of billions of dollars a year as they remain undeterred from seeking out tax havens in places such as Bermuda, the Cayman Islands, Ireland, and Singapore.

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Janet Yellin and Biden seem to be right on this global minimum tax goal but I will have to study it. As they are raising the coporate tax rate, it is only fair to tax all that offshoring and hiding the amount of taxes they need to pay this country. Will get back on this one.