The leaders of the world’s wealthiest developed nations on Sunday backed a new 15% global minimum tax on corporations, intended to keep the world’s largest companies from being able to dodge taxes by offshoring profits.
&#8220;Critically, the G7 leaders endorsed a global minimum tax of 15 percent. So many corporations have been engaged in what are essentially tax havens, deciding that they would pay considerably less than other — in other environs around the world,&#8221; President Joe Biden said in a press conference in England on Sunday. &#8220;And — but this is going to make sure there’s a minimum tax, and I’m going to have — I’m going to move on this at home as well — a minimum tax for corporations to pay for the profits they make anywhere in the world.&#8221;
&#8220;And this agreement is going to help arrest the race to the bottom that’s been going on among nations attracting corporate investment at the expense of priorities like protecting our workers and investing in infrastructure,&#8221; Biden said.
Under the tax, known as GMT, if a company pays a tax rate lower than the new minimum by using offshore accounts, the company would have to pay the difference to the country in which it is headquartered. &#8220;The policy would also potentially affect some major companies by requiring that they pay taxes in the countries where their good and services are sold, and not just where they are physically present,&#8221; Fox News <a href="https://www.foxbusiness.com/politics/biden-greets-g-7-with-global-minimum-tax-push-in-hand">reported</a>.
The G-7 is made up of the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan. The group is meeting in the U.K., and the plan is to bring up the GMT in a meeting of the Group of 20 leaders, scheduled for next month.
&#8220;If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere,&#8221; CNBC <a href="https://www.cnbc.com/2021/06/11/biden-and-g-7-leaders-will-endorse-a-global-minimum-corporate-tax.html">reported</a>.
Biden has offered support for a plan to increase the U.S. corporate tax rate to 28% from 21%, along with a slew of other tax increases. A study released last September said the plan would raise taxes by $3.4 trillion on Americans and corporations over the next decade.
The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, put out the study. In addition to trillions more in taxes, the study projected that Biden’s platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, Fox Business <a href="https://www.foxbusiness.com/politics/biden-platform-would-raise-taxes-by-3-4t-study-says">reported</a>.
“The spending plan, which is more than double what Hillary Clinton proposed during the 2016 campaign, would be funded by a slew of new taxes, including a corporate tax hike. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis,” Fox wrote.
The Wharton <a href="https://www.wsj.com/articles/biden-after-rejecting-progressive-spending-plans-now-hones-multi-trillion-dollar-budget-11600075802">study</a> found that nearly 80% of Biden’s tax increases would hit the top 1% of earners in the U.S. But the study also found that Biden’s platform would bring the largest federal budget increase since Democratic presidential nominee George McGovern in 1972 pledged to deliver a guaranteed minimum income for all Americans, which never happened.
The Daily Wire is one of America’s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href="https://www.dailywire.com/subscribe">member</a>.

Final Day Of G-7 Leaders Summit

G-7 Summit Ends With Leaders Backing Biden-Supported Global Minimum Tax

Joe Biden

Taxes

The leaders of the world’s wealthiest nations on Sunday backed a new 15% global minimum tax on corporations, intended to keep the world’s largest companies from being able to dodge taxes by offshoring profits.

description

noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1

robots

https://editorial.dailywire.com/news/g-7-summit-ends-with-leaders-backing-biden-supported-global-minimum-tax/

twitter:card

https://dw-wp-production.imgix.net/2021/06/g7-2.jpg

twitter:image

Former Israeli Prime Minister Benjamin Netanyahu blasted President Joe Biden in his final speech on Sunday, comparing the Biden administration&#8217;s decision to court Iran for a revived nuclear agreement to the &#8220;US neglect of European Jews during the Holocaust,&#8221; <a href="https://www.jpost.com/israel-news/politics-and-diplomacy/netanyahu-picks-fight-with-biden-in-final-speech-as-prime-minister-670929">according to The Jerusalem Post</a>.
Netanyahu was expected to deliver a 15-minute speech to the Israeli Knesset on Sunday but went on for more than half an hour, before turning over control of the government to a coalition led by Naftali Bennett.
&#8220;Netanyahu described Bennett, who was once his ally, as a political lightweight who does not have the talent to handle the job,&#8221; <a href="https://www.foxnews.com/world/netanyahu-goes-scorched-earth-in-last-speech-swipes-at-biden-administration-over-iran">Fox News reported Sunday</a>.
Netanyahu then turned his fire on the Biden administration, whom he claimed had asked him &#8220;not to discuss our disagreement on Iran publicly.&#8221;
“The administration in Washington asked me not to discuss our disagreement on Iran publicly, but with all due respect, I can’t do that,” Netanyahu said. &#8220;I told them I won’t act that way.”
He began by recalling the plight to convince then-President Franklin Delano Roosevelt that the Jewish people were being targeted and systematically exterminated by the Nazis.
“In 1944, at the height of the Holocaust, US President Franklin Delano Roosevelt refused to bomb the railway leading to the extermination camps and refused to bomb the gas chambers, which could have saved millions of our people. We hoped for others to save us, and they didn’t come. In the face of the threat of extermination, we were helpless,” Netanyahu said, drawing a comparison to the modern-day. “Our voice was not heard among the nations. We had neither a state or an army. But today we do have a voice. We do have a state, and we do have defensive power.”
“I’ve heard what Bennett said [about standing firm against Iran], and I’m concerned, because Bennett does the opposite of what he promises,” Netanyahu added, <a href="https://nypost.com/2021/06/14/israel-pm-benjamin-netanyahu-lambasts-joe-biden-in-last-address/">according to the New York Post</a>, recalling Bennett&#8217;s pledge to continue Netanyahu&#8217;s policies in regards to the Iranian threat.
&#8220;Bennett took a hard line on the Iran deal in his speech, saying it was a mistake in 2015 and remains one today,&#8221; <a href="https://www.axios.com/netanyahu-last-speech-attack-biden-bennett-iran-c189b23d-f82f-4208-a242-4b4cb37ccec8.html">according to Axios</a>. &#8220;He also thanked Biden for his support for Israel, stressed that he wants good relations with both parties in Washington, and drew a contrast with Netanyahu by promising that any disagreements with Biden will be managed with &#8216;mutual trust and respect.'&#8221;
Netanyahu used his speech, though to warn that Bennett does not have &#8220;the international stature, the knowledge, the government or the public’s trust to be taken seriously when fighting the Iranian threat,&#8221; suggesting that Bennett will not stand up to the Biden administration&#8217;s diplomatic ambitions.
&#8220;An Israeli prime minister has to be able to say no to the president of the US on matters that endanger our existence. I’ll be happy if this doesn’t come true, but from the moment the US returns to the Iran Deal, this government will not approve operations against Iran to stop their armament,&#8221; Netanyahu said.
To conclude, though, Netanyahu pledged to return to power &#8212; a pledge that could come to fruition if Bennett&#8217;s tenuous coalition government fails to hold together.
&#8220;I have just one, modest request,” Netanyahu warned. “Try to ruin the economy that we are leaving you as little as possible so that we can fix it as quickly as possible when we return to power.”
The incoming Bennett administration tried to smooth over relations with the United States following Netanyahu&#8217;s speech, according to a report from Fox, which noted that &#8220;Bennett’s office said he later spoke by phone with Biden, thanking him for his warm wishes and longstanding commitment to Israel&#8217;s security.&#8221;
<div class="ad-container desktop ad-h-50 ad-w-300 flex">
<div id="desktop_desk-art-world-lb2" class="ad gam" data-iu="lb2" data-ad-size="728x90,300x250,320x50,300x50,1x1,fluid" data-ad-lz="1" data-hot-unit="" data-ad-init="1" data-ad-slot-rendered="1" data-rendered-size="0x0" data-google-query-id="CMLfmN6xl_ECFdkIswAdMewBRg">
<div id="google_ads_iframe_/4145/fnc/desk/art/world/lb2_0__container__">The Daily Wire is one of America’s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href="https://www.dailywire.com/subscribe">member</a>.</div>
</div>
</div>

Funeral of Ariel Sharon

Netanyahu Blasts Biden Administration Over Iran Deal In Final Speech As Prime Minister

Benjamin Netanyahu

Iran

Iran Nuclear Deal

Israel

Naftali Bennett

Former Israeli Prime Minister Benjamin Netanyahu blasted President Joe Biden in his final speech on Sunday, comparing the Biden administration&#039;s decision

https://editorial.dailywire.com/news/netanyahu-blasts-biden-administration-over-iran-deal-in-final-speech-as-prime-minister/

https://dw-wp-production.imgix.net/2021/02/GettyImages-462361299.jpg

Menu

Joe Biden

G-7 Summit Ends With Leaders Backing Biden-Supported Global Minimum Tax

Netanyahu Blasts Biden Administration Over Iran Deal In Final Speech As Prime Minister

Don't miss a beat of our coverage.