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Anyone got a list of the countries? I tried googling around a bit to try to find it. At least other articles[1] mention all G20 countries are on board. That would include India, Russia and most importantly China. [1] https://www.bbc.com/news/business-57573380
For some context, corporate tax makes up around 7% of the US's federal revenue. While this legislation is important, it's a fraction of the overall revenue pie.
When the benefits of creating a new country outweigh the costs (to shareholders), does it fall within the fiduciary duty of corporate leaders to form a new country?
Imposing taxes on a legal entity always seemed fishy to me. Politically, it sounds great to say, "Make the corporations pay their share!", but who exactly are we targeting with these taxes? Is it the rich executives? Why not just raise taxes on the rich directly? I suspect in most cases the tax burden is just shifted onto the lower-income workers or the customers somehow.
> who exactly are we targeting with these taxes? Is it the rich executives? Lot of times the money were not handed to the employee, executives included. They just stay at the company or paid to the financial company that owned the companies.
a) When things go south, they can always ask the government for bail-out. Too big to fail & all that.
b) Anything affecting the company, in terms of regulations, can be shown to directly affect the employees and their job.
This may be a cynical take, but this is what I see.
Anyone got a list of the countries? I tried googling around a bit to try to find it. At least other articles[1] mention all G20 countries are on board. That would include India, Russia and most importantly China. [1] https://www.bbc.com/news/business-57573380
You know that someone will do that. If not Russia, someone else. There's too much money for it not to happen.
This proposal seems like a global group of government affiliated people colluding to fleece each others' citizens instead of serving them. This is literally what conspiracy theorists have been predicting for decades, it's a terrible shame to make them right.
Earlier quoted context omitted.
Restaurants and other low margin businesses would cease to exist under this plan.
Why? If it were applied across the board, then every business would just treat it like any other business expense and price accordingly. On a theoretical zero-margin business it would translate dollar-for-dollar right to the customer, yes?
When the benefits of creating a new country outweigh the costs (to shareholders), does it fall within the fiduciary duty of corporate leaders to form a new country?
If you don’t control the planet you’re just waiting for your competitors to crush you.
How are developing countries going to catch up with developed ones if they agree on the same tax policies?
It is effectively a new mechanism for the G7 to encroach on the sovereignty of other countries.
And if you tell me, taxing international corporations is a good thing, I agree, but it is just a pretense. Just a setup. The G7 can also just tell those international corporations to fess up the money. They have enough influence to do just that. There is no reason to include Poland, Sri Lanka or Botwana or Bolivia in this agreement. The reason those countries are included is so that later on, the same agreement can be used to blackmail those countries.