Canada's Finance Minister Chrystia Freeland arrives for a G20 meeting of Economy and Finance ministers and Central bank governors, in Venice, Italy, Friday, July 9.Top finance officials representing most of the world’s economy have backed a sweeping revision of international taxation that includes a 15 per centglobal minimum corporate levy to deter big companies from resorting to low-rate tax havens.
Italy hosted the finance minister’s meeting in Venice because it holds the rotating chair of the G-20, which makes up more than 80 per cent of the world economy. The event also attracted around 1,000 protesters under the banner “We Are The Tide,” an umbrella group of environmental and social justice activists, including opponents of large cruise ships and the hordes of tourists they bring to the lagoon city.
Republicans in the Congress have expressed opposition to the measure. Rep. Kevin Brady of Texas, the top Republican on the tax-writing Ways and Means Committee, has blasted the OECD deal, saying, “This is an economic surrender to China, Europe and the world that Congress will reject.”
Increase the tax on MPs salaries by 15% …do NOT. increase their wages or their benefits.. then create increases in taxes likewise whenever they increase taxes on anything…they NEED t know what it means to feel the effect of their actions.. no more MPs free lunch
How will they enforce it?