375. Biden's drive for a global corporation tax

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The Biden administration has started an effort to introduce a minimum corporation tax level globally, which they are aiming to set at 21%. The plan also contemplates ensuring tax is paid where profit is generated, precluding the escape to more benign tax climates. These are fantastic news, although we need to be wary of the many obstacles this initiative will still face, if it is ever to become a reality. As corporate profits increase and more people struggle as a result of inequality, fair corporate taxation and a degree of social redistribution of their profits is critical to maintain a precarious social balance. From my perch, the most important aspect of this development is the recognition that tax evasion and inequality are problems that can only be addressed globally, as corporations think and function globally. Once we perceive global problems in global rather than national terms, we may even have a chance to fix them! I am definitely on Team Biden on this one

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Location: Hereford, UK

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