Finally. After years of discussion; after years of avoiding the topic; after years of hands-off policies; after years of lobbying by international corporations; after years of watching potential revenue dissolve into the ozone of offshore havens, the 7 major world economies have decided: enough is enough. It will now become their policy that a minimum corporate tax will be imposed world wide. Somewhere around 15% of profits will go to the government of countries where the corporation does any business. This policy must be approved by the wider world community where commerce lives day to day. It could be a tough sell. What about Ireland? What about Bermuda? What about Delaware? Switzerland? etc. Taxpayers around the world have been getting screwed by these mega-corporations for over a century. It will now stop, somewhat.
Perhaps this opens a new chapter in globalization. Perhaps it will shift the traditional role of corporations back where it belongs: providing tax revenue to those countries that offer the rule of law, the stable economy, the educational base for growth and innovation; the labor force; and the good government that oversees the financial regulation of business. For far too long, the corporate world has managed to become a government to itself, separate and distinct from democratic governance. It will now face a reckoning. It's about time.
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