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You do realize that Biden wanted 28% as the minimum but they went back and forth and settled on 15%.
But it cannot be forced on countries. If Ireland does not want to up their tax to 15% then that's that.
You do realize that Biden wanted 28% as the minimum but they went back and forth and settled on 15%.
But it cannot be forced on countries. If Ireland does not want to up their tax to 15% then that's that.
Even if he didn’t get the rate he wanted, the main point was that a global agreement was needed to stop multinational companies from avoiding fair taxation. There are other parts to the agreement besides the rate also.
Last edited by atltechdude; 07-01-2021 at 11:00 AM..
You do realize that Biden wanted 28% as the minimum but they went back and forth and settled on 15%.
But it cannot be forced on countries. If Ireland does not want to up their tax to 15% then that's that.
Also, these are the leaders of the counties, unless they are dictators, will the rest of the politicians in the country go for it?
Even if he didn’t get the rate he wanted, the main point was that a global agreement was needed to stop multinational companies from avoiding fair taxation. There are other parts to the agreement besides the rate also.
Did the politicians of these countries vote on it? Is it law now in these countries? What will happen when their parliaments etc. vote? What will happen in their next elections?
Last edited by Enough_Already; 07-01-2021 at 11:36 AM..
Did the politicians of these countries vote on it? Is it law now in these countries? What will happen when their parliaments etc. vote? What will happen in their next elections?
Obviously those are the next step details and we don’t know yet. What we have now is a diplomatic commitment from these countries that they will pursue this policy in domestic legislation.
You do realize that Biden wanted 28% as the minimum but they went back and forth and settled on 15%.
But it cannot be forced on countries. If Ireland does not want to up their tax to 15% then that's that.
The Irish people are already taxed at a huge rate from 40-60% depending on their income level.
If this Biden backed 15% will make world companies pony up their "fair share" then so be it and it is a good step but what is to prevent these companies from pulling up stakes and going to a country that did not sign the agreement? Will that company then face tariffs to have their products brought into America SO American can compete? Isn't that what Trump was trying to do with China and others? Didn't the Democrats thrash him over this?
Oh well Biden's "plan" sounds good on the surface but is it yet another step towards globalization.
what is to prevent these companies from pulling up stakes and going to a country that did not sign the agreement?
Ultimately if the country gets too backwater it makes it hard to find qualified talent who wants to go there, but you are correct these 130 countries are just the ones that agreed initially and Biden should work to expand that list.
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