Council of Economic Advisers chair Cecilia Rouse told Fox Sunday that we need a minimum global tax rate for corporations. She insisted that it is the only way to guarantee that "corporations are paying their fair share worldwide." However, ...
...it sounds more recognizing that the Biden hike would price us out of the market so we want to change the market. The question is why other countries would agree when some are already discussing lowering their rates...
...The problem may not be economic but legal and political. Even if you get all of the G20, corporations could still shift profits to other countries with lower taxes. Corporations are rational actors who will seek the lower tax exposure...
...Past efforts like the Global Intangible Low Taxed Income (GILTI) have not been encouraging. This would replace that effort with a flat rate but many countries are likely to balk, particularly when they would have to substantially increase their own taxes...
...The point is that, before we rely on such revenues, there is ample history to question its likely success, particularly given the complex legal, political, and regulatory differences between these countries.
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