Nations around the world enable unelected people to decide national policy, such as debt acquisition and health policy, to cite a couple of examples.
People have become accustomed to having unelected people be the arbiters of what must be done regarding domestic affairs. It has become second nature to do whatever the IMF, UN, or WHO dictate.
Recently, the G20, a corporate creation that enables the most powerful oligarchs to dictate national policy directly from their anonymity, agreed to impose a global corporate tax of 15% on multinationals.
It is true, multinationals belong to the same people who control the planet, so why would they accept to pay taxes if it directly affects their profit margins? Taxing corporations is a Ponzi scheme. It can be used in many ways to deter competition and drive business off the marketplace.
It can also be used as a way to control global finances into even fewer hands. In general, it is used to create bottlenecks where more control can be exercised by fewer financial institutions, that, you guessed it, also belong to the same group of globalists.
Much of the money collected in taxes is and will continue to be used to bribe local politicians so they continue to accept globalist policies. That is why last week, the twenty largest economies on the planet have taken a crucial step for the big digital giants to pay taxes where they operate and not opt for countries with more lax jurisdictions.
G-20 economies approved in Venice a political agreement to establish a global corporate tax of at least 15%, supporting the pact reached last week in the Organization for Economic Cooperation and Development (OECD). An agreement, according to the final statement, “historic to achieve a more stable and fairer international tax architecture.”
“It is a historic agreement because for the first time we have rules for large companies around the world,” said Daniele Franco, Italy’s economy minister, who this year hosts the presidency of the G-20.
The German minister, Olaf Scholz, explained that when he entered the room he burst into applause, because “everyone understood that something big was happening.”
This is the largest political initiative to emerge from the two-day summit, the first meeting in-person since the one held in Riyadh in February last year. The pact aims to change how large multinationals such as Amazon or Google pay their taxes so that they do so where they have their activities regardless of their headquarters.
However, as Franco stressed at a press conference, “additional work” is still needed. For example, Scholz and the other European leaders face their internal disputes to get the agreement adopted within the community bloc as Ireland, Hungary and Estonia are still reluctant to do so, an obstacle because the joint approval of all is needed.
“What we hope is that a complete agreement can be reached in the EU,” added the Italian. “The G-20 has seen the political will to reach this agreement, and everyone has given up any wish. It is important because we live in a globalized world, our companies operate all over the world, and we cannot have different rules in each country “. In other words, these globalists seek to erode national governments.
The US Treasury Secretary, Janet Yellen, has promised that they will try to get the smallest countries with doubts to get on the boat to definitively close the agreement in the G-20 of Heads of State and Government that will take place at the beginning of October in Rome, the most important meeting of the year of the Italian presidency of the G-20.
“We will try, but I should emphasize that it is not essential that all countries are on board,” said the US representative, who tomorrow will hold a solo press conference to discuss the resolutions of the Venetian meeting. “I am absolutely convinced that there will be an agreement in October,” said the German minister, convinced of the dragging power of the G-20, which represents more than 80% of world GDP.
The agreement, led by the United States initiative, is based on two pillars for large multinationals – particularly digital ones – to pay taxes in the countries where they carry out their activities.
The first concerns all companies with a worldwide turnover of more than 20 billion euros and with a profitability of more than 10%.
Countries where these groups earn more than one million euros will be entitled to receive a portion of the tax they will have to pay.
What will be distributed among them is between 20% and 30% of the residual profit, once the country where the company is headquartered has kept the tax corresponding to 10% of the profitability, but on this, there are still some loose ends to be solved. French Finance Minister Bruno Le Maire has proposed that it be 25% of the profit.
The second pillar consists of applying a minimum corporate tax rate of at least 15% to companies that invoice at least 750 million euros.
The instrument aims to be a tool to fight tax havens or countries that have more lax legislation. France, Germany, and the United States seem to agree that it is a tax higher than 15%, but this is another point on which more discussion will be needed before October.
If there are no last-minute surprises, the plan is for the new tax rules to translate into binding global legislation before the end of 2023.