Mon. Jul 4th, 2022

NEWS ABOUT RELAXATION

The Real News Network

The Week in Business: Amazon Defeats the Union

1 min read

Good morning. Here are the top stories in business and tech to know for the week ahead. — Charlotte Cowles

What’s Up? (April 4-10)

A Man With a (Tax) Plan

Large companies are often good at dodging taxes to maximize profits for their shareholders. But President Biden wants to make that harder with a new tax code that would raise tax rates and close loopholes for American corporations with annual incomes exceeding $2 billion. The plan is intended to bring in enough tax revenue to fund Mr. Biden’s $2 trillion infrastructure proposal. If it gets through Congress (and that’s a big if), what’s to stop companies from moving profits overseas to tax shelters like the Cayman Islands? The Biden administration has a plan for that, too: a global minimum tax rate that would apply to multinational corporations regardless of where they’re located.

Source: Read Full Article