Global Tax Accord Reached

      Finally, after years of discussion, after much negotiation, global accord was achieved yesterday as the world's nations, large and small, rich and poor, agreed to a global tax on large multinational corporations. Most of the world's finance ministers have signed on to a 15% tax rate on earnings of companies making $750 millions or more and sell goods and services in the host country.  This 15% is less than what Pres. Biden wanted, but it was an acceptable compromise.  The EU must sign off collectively to have it in place. Hungary, Ireland, and Estonia needed some last minute adjustments to agree, given their low corporate rates in place to attract investments.

       Janet Yellen, U.S. Secretary of Treasury, called the agreement an effort to prevent a rush to the bottom on corporate tax rates as powerful giants searched locations to maximize profits at the expense of those countries where they may have started or had major headquarters.  A few countries decided not to sin on, namely, Pakistan.  Hmmmmm.  No surprises there.  Pakistan is not our friend.  Note their duplicity over the last 20 years as the U.S. became mired in neighboring Afghanistan.

      This agreement will spread the wealth that has flowed around the globe to countries that offered essentially "tax havens" for corporations to shield profits.  Facebook financial officials said this is a long sought goal of their company.

      Now, Joe Biden must get Congress to pass the agreement.  Republicans, those somewhat Americans, do not like the agreement.   But the Dems will have the votes at least for another year.  This agreement must be passed.