Biden’s corporate tax plan is simple, yet revolutionary. Will the UK sign up? | Arun Advani and Lucie Gadenne
Crises often force radical economic change – and a global minimum tax rate would help fund the world’s Covid recovery
The end of the high street has been declared many times. The Covid crisis has certainly hit hard, but even before the pandemic local shops were struggling as they tried to compete with the likes of Amazon and Starbucks, who pay minimal tax despite large sales. In that context, the US proposal to set a global minimum tax rate and allow some of its companies to be taxed based on where they make their sales is a step in the right direction.
Crises create economic hardship and the impetus for change. At the height of the second world war, the Beveridge report laid the foundations for the UK’s welfare state. As we battle against a new foe, the call on both sides of the Atlantic has been to “build back better” when the crisis is over.
