Here is an idea that I can support…..but an idea that will be fought tooth and nail by corporations that do not want to pay anything for the right of economic exploitation….
But Biden’s SecTreasury has proposed a plan for a global tax…….
Corporations around the world should pay at least a 15% tax on their earnings, the Treasury Department said Thursday as part of its push for a global minimum for businesses.
The final rate could go even higher than that, according to a Treasury release that said the 15% minimum is a “floor and that discussions should continue to be ambitious and push that rate higher.”
U.S-based companies currently pay a 21% rate, a level that was slashed during the Trump administration. Previously, the top rate had been 35%.
Treasury Secretary Janet Yellen has been touting the benefits of a global corporate minimum tax rate that she said would discourage companies from relocating domiciles to other countries to cut their tax burdens even though most of their operations are in the U.S.
Yellen’s Treasury believes “that the international tax architecture must be stabilized, that the global playing field must be fair, and that we must create an environment in which countries work together to maintain our tax bases and ensure the global tax system is equitable and equipped to meet the needs of for the 21st century global economy,” the department said in a news release.
Sadly I do not see this as a plan that will make it….corporations own a lot of politicians around the world and they will do as they are told…..
I may have been pre-mature in my doubt….
The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries, per the AP. G7 finance ministers meeting in London also endorsed proposals to make the world’s biggest companies—including US-based tech giants—pay taxes in countries where they have lots of sales but no physical headquarters. Britain’s Treasury chief Rishi Sunak, the meeting’s host, said the deal would “reform the global tax system to make it fit for the global digital age and crucially to make sure that it’s fair, so that the right companies pay the right tax in the right places.”
US Treasury Secretary Janet Yellen, who attended the London meetings, said the agreement “provides tremendous momentum” toward reaching a global deal that “would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the US and around the world.” France cheered Saturday’s agreement and claimed credit for acting as its catalyst. “We made it! After 4 years of battle, a historic accord was reached with G7 member states,” French Finance Minister Bruno Le Maire tweeted. “France can be proud!” The endorsement from the G7 could help build momentum for a deal in wider talks among more than 140 countries being held in Paris as well as a Group of 20 finance ministers meeting in Venice in July.
Will this be just another great idea that will be thrown on the trash pile of good ideas.
A side thought for my reader to ponder…
As long as I am writing about globally….how would you like to work for McDonalds…..in Denmark…..
The agreement with McDonalds does not only include salary per. hour and 6 weeks holiday. There is extra charge for evening and night work. Payment for seniority, holiday payment (Easter and Christmas for example, (100%), on top of all payment there is an extra 6.85%, Pension plan for employees from the age of 20 (12%).
In the Danish labor market, all employees have 5 weeks paid holiday by law. Some of the things that are extra in the companies that have a collective agreement, just like McDonalds, is one week more (called Feriefridage). So, the answer to your question is yes. McDonalds employees have 6 weeks’ paid vacation for all.
McDonald’s workers in Denmark truly make more than $20 an hour.
I Read, I Write, You Know
“lego ergo scribo”