Safe-haven flows dominate financial markets at the beginning of the week as investors react to the latest news surrounding the Israel-Iran conflict. S&P will release revisions to July PMI data for the Euro area, Germany and the UK on Monday, while later in the day, the ISM Services PMI report for July will be featured in … Read more
Loading…Loading…President Biden is pushing for significant changes to make big corporations pay more taxes and quadruple the tax on stock buybacks, which benefit wealthy investors and CEOs with low-tax payouts. He wants to raise the corporate tax rate to 28% and the corporate minimum tax to 21%.Don’t Miss:Biden’s plan aims to fix the problem of … Read more
Unhedged podcast episode: ‘The billionaires’ tax’[MUSIC PLAYING]Robert ArmstrongThe G20 group, which represents the world’s largest economies, is discussing a billionaires’ tax for the first time. Today on the show, why are the very, very rich so very, very rich? Is it a problem and what should we do about it? This is Unhedged, the finance … Read more
US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to US interests. The negotiations for Pillar 1 of the OECD corporate tax deal involve reallocating the taxing right on US-based digital giants, allowing about 0 billion of corporate profits to be taxed in the countries where the companies do business. The US has two “red line” issues in the talks related to transfer pricing and the “Amount B” system for simplifying the calculation of transfer pricing. If the negotiations fail, it could prompt the return of digital services taxes in some countries and reignite potential trade tensions. Italy wants to negotiate an agreement with Washington to stop tariffs on imports from countries that agreed to suspend their digital taxes while details of the tax deal were worked out.
The G7 is considering using future income from frozen Russian assets to support Ukraine, with the potential of providing Kyiv with a loan of up to billion. The group is also addressing concerns about China’s industrial practices and aims to sign off on a global minimum tax rate for multinationals. Additionally, the G7 is urging Israel to maintain banking links between Israeli and Palestinian banks to ensure vital transactions can continue.