Some good news

[A G7 pact on corporate tax could be sealed as early as Friday after progress was made among top officials in recent days ©Bloomberg]

There is a ray of sunshine in a welter of generally bad news. The FT reports this morning that the G7 group is close to agreement on the reform of the taxation of large international companies, a reform based on two pillars: one about minimum corporation tax and the location of corporation tax; the other about taxing international companies according to where they make their money. Agreement which ought to carry through to OECD and execution.

Ironic that this should be happening in some large part because of pushing from President Biden, the inventor of the State of Delaware as one of the largest tax havens in the world - although I cannot pretend to understand the financial arcana which made it so. Those that do so pretend can try reference 1. Up there with Past President Juncker who did a similar job for Luxembourg - another life-long politician who never did a regular day's work!

Reference 1a: https://www.thenation.com/article/economy/tax-haven-delaware-south-dakota/.

Reference 1b: How tax haven states enable billionaires to hide trillions: The US has now become the global center for money hiding and illicit wealth storage - Chuck Collins/The Nation - 2021.