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TAX DEAL AT G7
You may have heard: the G7 group of wealthy democracies (it used to be the G8 thanks to Russia’s “remarkable economic and democratic transformation” under Vladimir Putin, but we don’t talk about that anymore) has agreed to new rules for taxing multinational companies. The agreement is “seismic”, “truly historic” and “ambitious,” according to the UK government, which is chairing the talks.
- “That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world,” said Treasury Secretary Janet Yellen.
This is indisputably great. The global tax system is flawed, and concerted efforts to improve it are thoroughly welcome.
However.