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130 nations agree to support U.S. proposal for global minimum tax on corporations
Key Excerpts from Article on Website of CNBC News


CNBC News, July 1, 2021
Posted: July 26th, 2021
https://www.cnbc.com/2021/07/01/nations-agree-to-support-us-...

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. “Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said. The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies. In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered. The groundwork for adopting a GMT has already been laid by the Organization for Economic Cooperation and Development, which released a blueprint ... outlining a two-pillar approach to international taxation.

Note: The most profitable companies sometimes pay no US taxes at all. A recent ProPublica investigation revealed that American billionaires also pay almost nothing in taxes. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.


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