2/18/2023 0 Comments Fineprint 11The new tax agreement aims to make it harder for companies to escape tax, and it also aims to reduce the global race to the bottom on corporate tax rates. ![]() To combat these trends, and to secure funding for its “Build Back Better” plan, the Biden administration enlisted international cooperation. corporate tax rates and that loopholes in the international tax system have allowed companies to avoid taxes by shifting their profits abroad. For example, the Biden administration knows that global competitive pressures have driven down U.S. The global tax deal endorsed by world leaders at the recent G-20 meeting in Rome reflects the adage “To retain tax sovereignty, a state must relinquish it.” This seeming paradox refers to states’ increasing inability to collect tax revenue needed to fund domestic policies unless they work together.
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