There are rules for RoW and there are rules for the USA. Astonishing that the G7 falls in this trap again and again (for example Basel III). The US was a major driver in pillar 2 but won‘t adhere to it. Probably companies will restructure their organization to have two streams and exploit it. Despite GILTI, some US companies have low ETRs.
We're working on building our own military to a point we won't need them anymore. This is all temporary appeasement, but they'll pay the price eventually.
> With just 13 days until the Trump-imposed deadline to conclude a EU-U.S. deal, European Commission President Ursula von der Leyen decided the time for conventional negotiating tactics was over.
> She floated the idea that the EU’s 27 countries could join forces with 12 members of the Asian-led Comprehensive and Progressive Agreement for Trans-Pacific Partnership bloc (CPTPP) — which now includes the U.K. — to form a new world trade initiative.
> The new grouping would redesign a rules-based global trading order, reforming or perhaps even replacing the now largely defunct World Trade Organization, she said.
> Crucially, the U.S. would not automatically be invited.
In EU-focused online forums, I have recently seen MAGA referred to as "Make America Go Away."
I chuckled at first, but as a beneficiary of Pax Americana, this is a really sad state of affairs. However, I am really pro-EU, and I hope that we are up to the task coming forth.
> I chuckled at first, but as a beneficiary of Pax Americana, this is a really sad state of affairs
I've felt some of the same. I believe what I'm actually attached to (both emotionally and financially) is the stability of the old system. As you say in a later comment, the value of the American hegemony has been in the fixed but flexible rules and the absence of any direct power politics. The market based economy and "American philosophy" has been secondary.
It's easy to forget that we used to have small skirmishes with neighboring countries constantly. My country (Denmark) had a war with Sweden every 40 years up into the 19th century.
We have to remember that a new system, possibly without America at the helm, cannot be one of power politics. We cannot let the paranoia of Trumps America dictate our politics.
I think this is completely reasonable, services should use the same customs / duties mechanism on "import" as any other goods. The income tax should be also paid the same way. And if the product is created in multiple countries (licenses, Software Components etc), they are part of the whole product and tarifs for parts of goods should similarly apply.
Ah ok, I understand. Sigh ... yeah, after the shit Ireland pulled, I guess this is the only choice left. (Ireland signing TWO agreements to apply minimum tax one with OECD, one with the EU, with the prime minister announcing wide and far on TV how important this tax was, while telling accountants they weren't going to do it, then not doing it)
On the plus side: this is going to suck bad for Ireland, and frankly they have it coming.
So it is effectively decided then, even if probably a lot of politicians still need to wake up to it, the next move is the EU taxing payments directly when they cross EU borders, contradicting half the reason the EU exists in the first place, and probably in a system that'll make EU VAT look simple. It's going to be a disaster, but not easy to exploit ... It'll take the power to tax further away from the EU and even further into the countries' own tax departments, but of course that's exactly what's needed to stop this.
And the years it'll take to do that will mean multinationals get a few more years of minimally taxed profits.
America is rapidly squandering its soft power in a foolish pursuit of short-term gains.
To pull this shit in times of a rapidly rising China and a remilitarizing EU is to accelerate the shift to multipolarism and giving up global superpower status.
Agreed. The challenge for all of us in the EU is to collectively wake up to this new reality, and do something to fill the void where we are concerned. IMO, that void is much larger than we are ready to admit.
A remilitarizing EU is no threat to the US due it's ageing demographics and declining birthrates, and lack of tech like the B2 bomber which is 35+ years old at this point. Hence why the EU doesn't get invited to peace negotiations of conflicts. EU can't even beat Russia next door, how would they challenge the US?
Readit News
For example you can check Amazon effective tax rate here
https://csimarket.com/stocks/singleProfitabilityRatiosy.php?...
...or "Jeff Bezos did not get rich by paying taxes"
> With just 13 days until the Trump-imposed deadline to conclude a EU-U.S. deal, European Commission President Ursula von der Leyen decided the time for conventional negotiating tactics was over.
> She floated the idea that the EU’s 27 countries could join forces with 12 members of the Asian-led Comprehensive and Progressive Agreement for Trans-Pacific Partnership bloc (CPTPP) — which now includes the U.K. — to form a new world trade initiative.
> The new grouping would redesign a rules-based global trading order, reforming or perhaps even replacing the now largely defunct World Trade Organization, she said.
> Crucially, the U.S. would not automatically be invited.
https://www.politico.eu/article/eu-leaders-donald-trump-us-t...
The US is locking itself out of world trade with their behavior. The price to pay for actions like these will far outweigh any benefits.
I chuckled at first, but as a beneficiary of Pax Americana, this is a really sad state of affairs. However, I am really pro-EU, and I hope that we are up to the task coming forth.
I've felt some of the same. I believe what I'm actually attached to (both emotionally and financially) is the stability of the old system. As you say in a later comment, the value of the American hegemony has been in the fixed but flexible rules and the absence of any direct power politics. The market based economy and "American philosophy" has been secondary.
It's easy to forget that we used to have small skirmishes with neighboring countries constantly. My country (Denmark) had a war with Sweden every 40 years up into the 19th century.
We have to remember that a new system, possibly without America at the helm, cannot be one of power politics. We cannot let the paranoia of Trumps America dictate our politics.
It seems like the choice is to allow the U.S to upend some fundamental aspects of international cooperation or to pay dues to the Don.
It turns out you can get some pretty big concessions if you're willing to give up your integrity in exchange.
On the plus side: this is going to suck bad for Ireland, and frankly they have it coming.
So it is effectively decided then, even if probably a lot of politicians still need to wake up to it, the next move is the EU taxing payments directly when they cross EU borders, contradicting half the reason the EU exists in the first place, and probably in a system that'll make EU VAT look simple. It's going to be a disaster, but not easy to exploit ... It'll take the power to tax further away from the EU and even further into the countries' own tax departments, but of course that's exactly what's needed to stop this.
And the years it'll take to do that will mean multinationals get a few more years of minimally taxed profits.
To pull this shit in times of a rapidly rising China and a remilitarizing EU is to accelerate the shift to multipolarism and giving up global superpower status.
A remilitarizing EU is no threat to the US due it's ageing demographics and declining birthrates, and lack of tech like the B2 bomber which is 35+ years old at this point. Hence why the EU doesn't get invited to peace negotiations of conflicts. EU can't even beat Russia next door, how would they challenge the US?
Dead Comment