Why Republicans don't want major corporations like Amazon to pay even a minimum tax rate of 15%

[Yo_Mama_Been_Loggin]

The Biden administration moved one significant step closer to achieving one of its key tax goals when the G7 group of major global economies announced over the weekend that it had struck a deal to levy a 15% minimum tax on multinational corporations.

It marked the start of a potentially historic measure and signaled support from key allies for a deal that would tamp down on tax havens - and work in tandem with tax-increase proposals from the Biden administration.

The agreement contains a pair of planks that, if enacted, would increase large firms' taxes. The first is an accord to tax major companies wherever they operate, not merely where they are headquartered. That would open up large tech companies like Amazon and Facebook to new taxes in European countries.

The other is a 15% minimum corporate tax rate, aimed at setting a floor so firms can't move their operations to a country with a lower tax rate and pit major economies against each other.

-snip-

But Republicans are unlikely to support the measure, arguing that it would cut the nation's economic competitiveness overseas and cede a level of tax decision-making to foreign countries. Sen. Pat Toomey slammed it as a "terrible agreement" on Monday.

https://www.msn.com/en-us/news/politics/why-republicans-dont-want-major-corporations-like-amazon-to-pay-even-a-minimum-tax-rate-of-15percent/ar-AAKNsFN

Glad Toomey's retiring.

[ShazamIam]

1. The real reason is is that our corporations don't want any government at all and taxes allow

governments to exist and governments can regulate commerce and sometimes have and do. They are pushing for a privatized global system, free of national or international controls, regulations or laws.

[Bev54]

2. When this is voted on and it will be awhile, need more countries involved,

but could it not be passed on a reconciliation vote? The gop passed the corporate tax reduction through reconciliation.