Mr Bessent said the G7 had agreed not to impose what is known as OECD Pillar 2 on US companies. That refers to a 15pc minimum corporate tax rate, which was agreed in principle by 140 countries to be imposed on companies with global revenues of more than €750m (£639m).
Doesn’t that just piss on the tax campaigners’ chips.
Decades of Spud insisting that business must be taxed where the money is made. Which he insisted is where the sales/people are.
But that’s not where value is added. Apple, for example. Some chunk of the value is the brand. Some other chunk is the software, the design etc. All of which are created in Cupertino. So, Cupertino is where theose should be taxed – by Spud’s own valuation. Which is, of course, the old tax system and now again the new one.
But Spud will bitch all the same.
I’m old enough to remember when Trump’s Tariffs were going to destroy the United States.
Instead, he just keeps on winning.
How is this possible?