G-20 backs plan to curb tax avoidance by large corporations

The Boston Globe has the story G-20 backs plan to curb tax avoidance by large corporations.

The world’s richest economies for the first time endorsed a blueprint Friday to curb widely used tax avoidance strategies that allow some multinational corporations to pay only a pittance in income taxes.

I have been realizing for quite some time that the solution to the race to the bottom of international companies meeting their tax obligations must come at an international level.  No single country, even one with the large economy of the United States, can solve this problem.  We might have come to this solution many years ago had not George Bush put a stop to the efforts by our country to work with other countries to solve these problems.  What a difference a President makes.

If you cannot get to The Boston Globe article through their pay wall, there is a hint to what is in this article on The Boston Globe free site, in the article G20 finance ministers aim for more growth.

Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes.


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