Global Tax Overhaul Gains Steam as G20 Backs New Levies
The New York Times
The approach marks a reversal of years of economic policies that embraced low taxes as a way for countries to attract investment and fuel growth.
VENICE — Global leaders on Saturday agreed to move ahead with what would be the most significant overhaul of the international tax system in decades, with finance ministers from the world’s 20 largest economies backing a proposal that would crack down on tax havens and impose new levies on large, profitable multinational companies. If enacted, the plan could reshape the global economy, altering where corporations choose to operate, who gets to tax them and the incentives that nations offer to lure investment. But major details remain to be worked out ahead of an October deadline to finalize the agreement and resistance is mounting from businesses, which could soon face higher tax bills, as well as from small, but pivotal, low-tax countries such as Ireland, which would see their economic models turned upside down. After spending the weekend huddled in the halls of an ancient Venetian naval shipyard, the top economic officials from the Group of 20 nations agreed to forge ahead. They formally threw their support behind a proposal for a global minimum tax of at least 15 percent that each country would adopt and new rules that would require large global businesses, including technology giants like Amazon and Facebook, to pay taxes in countries where their goods or services are sold, even if they have no physical presence there.
The disgraced New York politician is considering a run for City Council. But even in an era of political comebacks, this might be pushing it.
Conservatives in Florida have moved from explosive politics to subtler tactics to uproot liberal “indoctrination” in higher education by removing classes like Sociology from core requirements.
A document prepared by federal investigators bolsters claims by women who say they were hired for sex by Matt Gaetz, President-elect Donald J. Trump’s choice for attorney general, who denies wrongdoing.
Joanna Smith-Griffin was charged with lying to investors about revenue and her customer base, which she claimed included some of the nation’s largest school districts, including New York City’s.
Ms. Tisch, a member of a prominent New York family who has held several positions in city government, will take over the nation’s largest police department.
The verdict followed a four-day bench trial in which prosecutors detailed a violent attack that became a flashpoint in the bitter national debate over immigration policy.
Now that New York City and surrounding counties are under a drought warning, officials are asking residents to save water and help prevent more wildfires.
The return to power of President-elect Donald J. Trump, who has vowed to confront China on tariffs, has created deep uncertainty about the U.S. role in avoiding global conflicts.
G.O.P. lawmakers whose leaders have pressed to roll back transgender rights around the country moved to bar Sarah McBride, the first transgender member of Congress, from women’s rooms on Capitol Hill.
The billionaire has rapidly transformed parts of the state, shocking even development-friendly officials: “It was like, ‘Voilà, Elon is here.’”
School districts serving more than two million elementary-school children would be able to adopt a curriculum that draws on the Bible.