Topic: Read the attached article about the corporate global minimum tax than the G-7 approved in summer of 2021 ?(htt

 Topic: Read the attached article about the corporate global minimum tax than the G-7 approved in
summer of 2021  (https://www.cnbc.com/2021/06/07/g-7-tax-deal-amazon-google-and-facebook-
respond-.html). Even given the G-7 approval, the tax will not apply unless passed by the U.S. Congress
and signed by the President.  Do you agree that this tax is needed?  Why or why not?  

Write an initial post with at least 300 words

Respond to two classmates posts. Cites all three works and titles 

1. Is the G7 proposed minimum tax rate a good thing for corporations among the collective countries?

This tax rate is proposed by the G-7 (7 of the most developed countries) is a proposed minimum tax rate of 15% that would affect all affiliated countries. I think that this proposed tax rate has many problems. Competition for one to start with. Economies are built on competition between other countries, without this it could lead to the destruction of them all. I just do not think this is a great idea because your more wealthy countries at the top of the ranking do not benefit as much as the lower rankings. This will drive companies to just put their operations in a lower ranked where things such as goods, cost of living, and cost of employees will be much lower than in your more developed of the seven. I do not think that this has a chance to pass in Congress either personally. This is due to the varying parties and how narrow the seats are at this point. What do you think? Do you think the US should adopt this new tax proposed?

2. Is fifteen percent a fair number for the international income tax rate?

The G7 which started the agreement on the fifteen percent tax rate consists of Canada, France, Germany, Italy, Japan, United Kingdom, and the United States. Now, there are nearly one-hundred and forty countries which agree to the fifteen percent minimum corporate tax rate.

A study from the Institute on Taxation and Economic Policy (ITEP) shows that in 2018 the companies paid an average of 11.3 percentage, and there were 91 companies which did not pay any income tax; only 56 of the companies paid tax rates from zero to five percent.

Increasing the required income tax will make it more challenging for large companies and tax evasion. Fifteen percent is a fair number when considering the current corporate tax rates across the globe, and it currently ranges from nineteen to thirty-two percent.