Multinational profits should face taxation
Governments are told that public services must shrink because money is tight. Yet a new Tax Justice Network report says that countries could capture an extra $500 billion a year without raising corporate tax rates. The answer is to tax multinational profits where real economic activity happens — known as unitary taxation. No new profit is created. Revenue simply shifts from tax havens where profits are “booked” to the countries where workers produce and customers spend. Making that principle a global tax standard depends on United Nations talks opening in New York on Monday. ...