Shattering the mirror doesn’t change what is reflected.

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Cake day: June 16th, 2024

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  • The amended version excludes large U.S.-based multinational corporations from the 15% global minimum tax after negotiations between President Donald Trump’s administration and other members of the Group of Seven wealthy nations… The Trump administration in June re-negotiated the deal when congressional Republicans rolled back a so-called revenge tax provision from Trump’s big tax and spending bill that would have allowed the federal government to impose taxes on companies with foreign owners, as well as on investors from countries judged as charging “unfair foreign taxes” on U.S. companies… “This deal risks nearly a decade of global progress on corporate taxation only to allow the largest, most profitable American companies to keep parking profits in tax havens,” said Zorka Milin, policy director at the FACT Coalition, a tax transparency nonprofit. Tax watchdogs argue the minimum tax is supposed to halt an international race to the bottom for corporate taxation that has led multinational businesses to book their profits in countries with low tax rates.