re: G7 backs Biden's sweeping overhaul of global tax system

Of course they do. They are all benefitting from us Americans getting hosed by our president and legislators.

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Part 2: Generally anti-treaty

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Then you're generally not "OK with tax havens."

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You are confused.

I am saying I am OK with a government with lower tax rates being used by business as a tax haven. That can be done without a single treaty, assuming nations have the right to set their own tax rates.

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You are confused.

I am saying I am OK with a government with lower tax rates being used by business as a tax haven. That can be done without a single treaty, assuming nations have the right to set their own tax rates.

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I'm not confused at all. I think I clearly acknowledged that what you are OK with is low tax rates.

But you can't simultaneously be anti-treaty and ok with tax havens considering that treaties is one of the tools that tax havens use to shelter income from taxation in any jurisdiction.

Ireland and Hungary both have low CIT rates. Only one of those is regularly labeled a tax haven. Ireland's 12.5% rate isn't what gets them that label. It's the fun and games they play with treaties with jurisdictions like Malta to give a bunch of profits no tax home. Someone that is anti-treaty shouldn't be OK with the Irish Single Malt structure.

So I think what you mean to say is you are OK with countries setting their rates low. That in itself would be a feat, but unless you go to nil, you're still going to have to contend with countries like Ireland that like to ride the line which means you're going to need anti-BEPS provisions in your tax code.

In short, what you champion is improbable and impractical.

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No they're not. Most are unstable and can't be relied upon for business.

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I often see China and Russia referenced as two jurisdictions that won't comply. My response to that is "And?" Neither have particularly attractive CIT rates and for obvious reasons they aren't attractive places to park your IP or lending subsidiaries.

Now, countries like Ireland eat but here is no "Finna" about it. Ireland already eats, and it isn't the rate. It's taking advantage of hybrid entities or their treaty network. Then when the EU makes them cave and give up those plays they come up with intangible property plays. Even if Ireland agreed to go to 15%, it wouldn't matter.

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Uh huh. And why aren't they currently "eating" considering our rate is 21%?

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Ireland is already eating. Ireland is a tax haven that accounts for 3.7% of lost global corporate income taxes. Being based in Ireland allowed Apple to avoid paying the 13,000,000,000 EUR in corporate taxes to the EU recently.

Hungary is becoming a tax haven, but it still lacks the high skilled labor pool to be attractive to countries. Plus like other central and eastern european countries it is still dealing with a corruption problem.

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Ireland is already eating

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That's exactly my point, so what is this "finna" nonsense?

no one is "finna" do anything.

this is a handful of finance ministers saying that they agree on policy. They have zero power to enact this in their own nations much less globally. its meaningless talk.

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Group of Seven finance ministers gathering in London agreed Saturday to back a global minimum tax of at least 15% on multinational companies. The G7 group also agreed that the biggest companies should pay tax where they generate sales, and not just where they have a physical presence.

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frick THESE PEOPLE.

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Wouldn't even be possible without Republicans putting us in a territorial tax system like the rest of the world. But "leveling the playing field" was the carrion call.

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We don't have territorial. We have a participation exemption regime. And we needed to get off worldwide.