The New World Order might get their global corporate tax rate of 15%. It is moving closer to reality with 140 countries signing up. The taxes will all be passed down to the middle class.
- The breakthrough comes after some changes were made to the original text.
- Notably that the rate of 15% will not be increased at a later date, and that small business will not be hit with the new rates. [Yeah, sure]
- This helped Ireland — a longtime opponent of raising corporate tax rates — to get on board with the plan.
The only bigger waste of taxes is one that is wasted worldwide with the goal of making everyone equal in misery.
It won’t allow some countries to charge lower taxes to become attractive globally. Another aspect will allow countries to tax large companies that sell goods or services in their jurisdictions but don’t have a physical footprint.
Remember why we fought that Revolution?
It will reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits,” the OECD said in a statement Friday.
In other words, it will hurt the US.
Tax, tax, tax, tax everywhere. Now we will have a global body handling taxes of our corporations. What could go wrong?
It doesn’t mean legislatures will agree. The tax is supposed to take effect in 2023.