[tomder55]

I referenced it here .

Yertle has to go (askmehelpdesk.com)

2021 140 nations including the US agreed to a 15% tax on big corporations .This is supposedly to reduce tax competition between nations. Rich countries like the US and Great Britain don't like the idea that smaller economies like Ireland can set tax rates favorable to corporations thus enticing them to set up shop there .

Jason Ward, principal analyst at the Centre for International Corporate Tax Accountability and Research pressure group, praised the “super smart design” of the reform. “It will reduce incentives from companies to use tax havens and incentives for countries to be tax havens,” he said, adding that it puts “a serious brake on what was a race to the bottom”.

Global minimum tax on multinationals goes live to raise up to €200bn – The Irish Times


It took a couple of years to iron out the details . But this year many of the signees are implementing it .

The first wave of jurisdictions implementing the global minimum tax from January include the EU, UK, Norway, Australia, South Korea, Japan and Canada. The rules will apply to multinational companies with an annual turnover of more than €750 million.
Several countries long seen by some as havens by multinationals will take part, including Ireland, Luxembourg, the Netherlands, Switzerland and Barbados, which previously had a corporate tax rate of 5.5 per cent.
The US has not done so yet . So the obvious question is How is Build Back Brandon being financed . And if you think China will then I have a great wall to sell you.

Ok that is rhetorical because we know lack of $$$$ has never stemmed the flow of red ink .

Meanwhile there are complaints that some loopholes adopted since the agreement means less real revenue for nations . The rich are not being fleeced enough .

Global minimum tax to fall short of expectations, researchers warn – Euractiv

[jlisenbe]

a 15% tax on big corporations

It's what this current crop of cowardly pols do in order to continue to pull the wool over the eyes of the current crop of ignorant voters. "Oh, we're not raising taxes on YOU. We're raising taxes on those greedy corporations." Taxes being raised on corporations always results in higher prices and lower capital gains. The only people who fund taxation are workers/consumers. There is no other source.

[tomder55]

and plenty of people believe that magically corporations just eat tax increases. The sad truth however is that what they lose in revenue they get back in price adjustments. AND these big corporations gain other benefits from the state with rent-seeking tactics ;again with the compliance of the "cowardly pols" who pocket line from the same corrupt system.

Southern District of New York | U.S. Senator Robert Menendez, His Wife, And Three New Jersey Businessmen Charged With Bribery Offenses | United States Department of Justice

[jlisenbe]

They have an army of tax lawyers and CPAs. So much of this is done for public consumption. What is needed is a president who is committed to whittling down the federal government to a manageable size. They could start with doing away with most of the Dept. of Ed and using what funding is left as bloc grants.