A unilateral global regime is the only complete solution to prevent capital from fleeing to lower-tax locales (e.g. Cayman Islands). That said, the same incentives for smaller countries to offer lower tax rates will make them unwilling to agree to a global regime. And a global taxation regime would require a degree of international cooperation that has never been seen. Janet is laying the groundwork for a potential p…
It won't be cooperation. Either it will requiring buying off those countries or using coercion which could include anything from tariffs, fees, and penalties, or to even locking them out from access to global banking and assistance.
a global tax lets the countries with irresponsible spending to offload their costs to other countries. pure and simple. it will be packaged as something else entirely but it is no different that what happens internally in many countries between different levels of governments (states,cities, territories,etc)