An intense discussion has broken out about the US proposal to hike the global corporate tax to at least 15%, with more than 130 nations currently involved in the debate.
So far, the increase has received positive comments from France, Germany, Italy and Japan, and the US is hoping to get support from all the G7 members.
RT’s Boom Bust talked to Economic Update host Professor Richard Wolff and Jeffrey Tucker, author of ‘Liberty or Lockdown’, to explore what’s next for the initiative and whether everybody is expected to be on board.
According to Professor Wolff, the very idea is to limit the use of taxes as a competitive tool that helps governments bring investment to their countries.
However, it remains an open question which states support the idea and which ones oppose it, according to Tucker.
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