I've always been baffled as to how this is seen as a multi-national issue. The US could always implement unilateral minimum VAT and profit[3] taxes on corporations forcing them to effectively pay whatever proportion the US demands to continue doing business in the world's largest consumer market. Just because you're only paying 3%[1] profit[3] tax in Bermuda doesn't mean you can necessarily skate around the remaining 12% when doing business in the US - the US could just pocket that additional 12% if nobody else wanted it. Implement a policy like that and the competitive tax advantage of havens disappears overnight and all this BS disappears.
We[2] have tax loopholes because we want to continue to have tax loopholes.
1. BS example I'm unfamiliar with the actual numbers.
2. Where "We" is lawmakers or maybe society as a whole as weighted by political power.
We[2] have tax loopholes because we want to continue to have tax loopholes.
1. BS example I'm unfamiliar with the actual numbers.
2. Where "We" is lawmakers or maybe society as a whole as weighted by political power.
3. Edited: s/revenue/profit/