Seems like that new 1% stock buyback tax is too low
wsj.com/finance/stocks…

Tax has been a blind spot for ESG, and mandatory tax transparency is a part of the fix, according to new academic paper published in Vanderbilt Law Review
h/t John Keenan

Top Biden economic official Lael Brainard speaking at The Brookings Institution The Hamilton Project on #TaxPolicy emphasizes the need to avoid an international race to the bottom by aligning US with globally agreed standards and says this should be done by building on the 2017 minimum tax (GILTI)

Price tag of Paris climate goals:
$9tn/year

Price tag of direct and indirect fossil fuel subsidies:
$7tn/year

We can't solve the climate crisis without tax reform.

Court must find the #CorporateTransparencyAct constitutional & allow this long overdue financial reform to continue to be fully implemented. If not, Court will give a free pass to fentanyl traffickers, tax evaders, & US adversaries to abuse the opacity of the US financial system.

US multinationals booked $78 billion in profit in Gibraltar in 2021, twice as much as in Germany + France + Italy + Spain combined

That's $202 million per employee, a new record

Data available on the EU Tax Observatory country-by-country statistics explorer

👇👇👇

US tech lobby group Computer & Communications Industry Association just put out a whole report critiquing Canada's digital service tax, without once mentioning the global solution to this problem #Pillar1 , opposed by some in Congress.

Hard to take these complaints seriously if the industry won't lobby for the fix.

2021 country-by-country data are out:

US multinationals booked more profits in Ireland and Singapore than in the UK + Canada + Germany + Mexico + China + India combined

Congratulations to the highly productive Irish & Singapore workers*!

* and also to the tax accountants

Words of wisdom from Howard Gleckman Tax Policy Center about that Biden tax tweet:

Great analysis and🧵from American Progress on the 2017 tax reform.
Far from bringing back trillions in offshore profits, the law only had a relatively small impact on profit shifting. To finish the job, Congress should pass No Tax Breaks for Outsourcing Act Rep. Lloyd Doggett Sheldon Whitehouse

Happening now: Treasury Department's Secretary Janet Yellen highlights ongoing work to implement the #GlobalMinimumTax .

She notes that U.S. companies 'did just fine' when current minimum tax rules were implemented in 2017, and proposes applying the existing tax on a per-country basis above 15%.

Offshore tax evasion is just as much of a problem in the Global South, but exchange of bank account info might not be enough to help, and should be complemented with a withholding tax.
Interesting and insightful new paper from Niels Johannesen Oxford University Centre for Business Taxation
oxfordtax.web.ox.ac.uk/article/harnes…

As the joke goes, 'we have free speech. We just do not have freedom after speech.'

As Baltimore continues to grapple with the tragic bridge crash, a great article by vanessa ogle:
'Especially since their ownership structures often involve shell companies in tax havens, flags of convenience make it easier for shipowners to evade liability for such disasters.'

'As scandals in recent years have shown, though some behaviors may be legal under the letter of the law in certain jurisdictions, the 'grey area' of tax is not always the ethical way forward.' Gabriela Figueiredo Dias, IESBA chair on the new standards
via Eve Sampson

Thank you Sheldon Whitehouse Ron Wyden Elizabeth Warren Senator Jack Reed Maxine Waters for your strong stand for Congress' powers to protect our financial system from tax cheats and other financial criminals.

And thanks to Democracy Forward legal eagles for this excellent amicus brief.