Experts: Biden’s 15% Tax Rate May Harm Small Biz

Sharing is Caring!

Experts are concerned that President Joe Biden’s new global minimum tax rate of 15 percent on large multinational corporations will harm the small businesses that support them.

Treasury Secretary Janet Yellen confirmed on Oct. 30 that leaders of the world’s 20 biggest economies (G-20) have endorsed the “historic agreement” on new international tax rules, including a global minimum corporate tax rate of 15 percent.

The new rule would also make it harder for multinational firms, including tech giants such as Google, Amazon, and Facebook, to avoid taxation by establishing offices in low-tax jurisdictions.

See also  Unlike Trump’s, Biden’s Classified Document Scandal Is Real -Power to Declassify -Multiple Unsecured Locations

It’s estimated that the measure will generate around $150 billion in additional global tax revenues annually, while stabilizing the international tax system and increasing tax certainty for taxpayers and tax administrations, according to the Organization for Economic Cooperation and Development (OECD).

www.theepochtimes.com/experts-fear-bidens-global-minimum-15-percent-tax-rate-on-big-corporations-could-harm-small-businesses_4079269.html?utm_source=partner&utm_campaign=BonginoReport

Trending:
See also  Biden’s big government is getting bigger and reaching further into Americans’ lives

Views: 3

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.