Finance ministers from the Group of 7 nations on Saturday backed President Joe Biden’s plan to overhaul the global tax system with a minimum tax on corporate earnings.
“G7 finance ministers today after years of discussion have reached a historic agreement to 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 taxes in the right places and that’s a huge prize for British taxpayers,” British Finance Minister Rishi Sunak said in a video posted to Twitter.
“This is a very proud moment, and I want to thank my G7 finance minister colleagues for their collective leadership and for their willingness to work together to seize this moment to strike a deal of historic significance that finally brings our global tax system into the 21st century,” Sunak continued.
The agreement was made at a G7 meeting in London, according to the post.
U.S. Treasury Secretary Janet Yellen, who was in attendance at the meeting, sought backing for the Biden administration’s efforts to overhaul the global tax system, CNN Business reported.
“The G7 Finance Ministers have made a significant, unprecedented commitment today that provides tremendous momentum toward achieving a robust global minimum tax rate of at least 15%,” Yellen said in a statement. “The 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. The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our work forces and investing in research and development and infrastructure.”
The move was also announced in G7 Finance Ministers and Central Bank Governors Communique on Saturday, where G7 ministers said they strongly support the adoption of a global minimum tax and “commit to a global minimum tax of at least 15% on a country by country basis.”
The Biden administration proposed last month that the global minimum tax rate should be at least 15% to level the playing field so companies pay their fair share of taxes in their home country instead of shifting profits to other countries to pay less tax.
“With the global corporate minimum tax functionally set at zero today, there has been a race to the bottom on corporate taxes, undermining the United States’ and other countries’ ability to raise the revenue needed to make critical investments,” the U.S. Department of Treasury said in a May 20 statement.
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Come on. Man—he is making a royal mess of this country—you now want to advance him to a global level?
The only global tax system Biden needs to concern himself with is a global tax on two-bit countries that get protected under the American defense umbrella which they currently get for free. Had they the urgency to pay for their own defense, they would not have enough loose change to fund failed socail experiments that lead to the redistribution of American wealth, now on an international basis. Since High tech has spread to every country aroudn the world, it would seem fit to tax THEM equally instead of funding them and their socialist mischief.
SINCE each nation should have the RIGHT TO SET THEIR own bloody tax rate, there shouldn’t even BE A GLOBAL tax of any sort..
The global minimum tax, so our own American companies are taxed with the global minimum tax and higher prices will be passed onto the consumer.
And there were accusions that the Bushes were pushing for the one world government,Guess what, Mr’s Biden isn’t pushing he’s working hard to make it a reality along with the radical unAmerican wing of the Democrat Party and their Marxist agenda!
OF course, he hates AMERICA first.. AND WANTS US to be as weak and poor as everyone else.
Global schmobal baloney.
G7 is US, UK, Canada, France, Germany, Italy & Japan.
Key words are “at least” 15% & USA is at 21% so unless all 7 countries go down to 15% what’s the point?
Also China, India & Mexico are not included & this is where many Corps do business in order to profit off cheap labor & tax incentives.
Pretty sure if workers in China, India, Mexico & Central America were paid the $15 hour that they & the govt wants as US minimum wage then Corps would stay here & we wouldn’t be trying to decipher foreign accents when we call phone / tech companies for service / support.