minimum corporate tax | Occupy World Writes

One watchdog group slammed Republicans for “choosing to sabotage the United States’ ability to tax corporations effectively and conspire with foreign governments.”

By Jake Johnson Published 7-6-2022 by Common Dreams

Official visit to the OECD of Viktor Orbán, Prime Minister of Hungary. on April 7, 2018. Photo: OECD/flickr/CC

News that GOP members of Congress are coordinating with the far-right Hungarian government in an attempt to block a proposed global minimum tax on multinational companies is drawing outrage from watchdog groups and Democratic lawmakers, with one U.S. senator accusing Republicans of doing “anything it takes to help their dark money corporate backers dodge taxes.”

Just ahead of the July 4 holiday weekend, the Washington Post reported that “senior Hungarian officials say they are working with Republican lawmakers in the United States to defeat a global minimum tax backed by the Biden administration, as European and American leaders struggle to enact a groundbreaking international accord targeting multinational corporations.” Continue reading →

One critic of the agreement said that “by settling for anything less than a 25% tax rate, the G7 is telling their citizens and the world that they’re willing to keep the race to the bottom alive and kicking.”

By Jake Johnson, staff writer for Common Dreams. Published 6-5-2021

U.S. Treasury Secretary Janet Yellen at the World Bank 2021 Spring Meetings. Phpto: World Bank/flickr/CC

Representatives from seven of the world’s wealthiest nations reached an agreement on Saturday to support a global minimum tax rate of at least 15% for multinational companies, a move aimed at curbing the use of tax havens and ending the decades-long race to the bottom on corporate taxation.

The deal struck by the U.S., Japan, Germany, France, the U.K., Italy, and Canada still faces a long road to implementation, but Saturday’s development marks substantial progress toward a global accord that could allow governments to raise revenue from corporate giants notorious for shifting operations and profits overseas to avoid taxes. Continue reading →

Occupy World Writes

The Movement Continues – Globally

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