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Who is this G7? Why are they able to set minimum tax rates on global corporations?

Finally there will be taxes everywhere, Less incentive to move our jobs overseas!
But does this mean we have global rules for business now? Is this something American workers can benefit from?
Will America rush to let Amazon in tax free, anyway?
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MotherHubbard · 56-60, F
No tax. The two parties cannot let this happen,!
Jobs and a government with revenue! It will never happen.
We need the poor.
Adstar · 51-55, M
A simple google search would give you the answer to who makes up the G7

Canada
France
Germany
Japan
The United Kingdom
The United States
And representatives of the European Union..

They are able to bring very strong influence to bare on the rest of the world as far as standardizing taxes because if they boycott or impose sanctions on a nation that does not conform to their collective demands that nation will suffer negative economic outcomes from their decision to refuse to fall into alignment with the G7's collective policy..
OldBrit · 56-60, M
They aren't setting a global rate. They have agreed to have a 15% minimum (6% below current usa rate). It will go to the G20 next.

Even if they agree that's only 20 countries well plus EU but....

Only need one to offer 9% and companies will look to relocate
MotherHubbard · 56-60, F
[@464873,OldBrit] or, we need only others to raise that and keep them honest or out.
OldBrit · 56-60, M
[@1201621,MotherHubbard] but look at Ireland they did fabulously well by being inside the EU with a rate below 10% it attracted loads of companies to base there. For some countries offering a low rate will actually significantly raise their tax income by attracting invest in that they wouldn't normally get
Heartlander · 70-79, M
This has to be the the greatest sham of the month. Looking at all the dot-com companies that slipped their deceptive accounting through hundreds of audits with no red flags, and how Bernie Madof slipped through years and years of audits with no one being the wiser, what are the chances of auditing China's or Russia's businesses to verify that they are paying their taxes?

This sounds like a political trick to gift more of the US's achievements to China. Much like we are giving them the fossil fuel industry and the consumer electronic industry.
MotherHubbard · 56-60, F
[@66493,Heartlander] wow. And to these countries believe they actually can tax the corporatocracy. The EU thinks they already do!
MotherHubbard · 56-60, F
My bad! Amazon already had it's exemption from taxes worked out ahead of time.
OldBrit · 56-60, M
[@1201621,MotherHubbard] Yes they lobbied for a clause to do with profit over sales or something - anyway answer is under the new law if enacted they still won't pay anything in the UK

 
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