Recently, President Biden proposed a global minimum 15% corporate tax rate for multinational companies, which, on the whole, are notoriously known for hiding their profits in tax shelters in foreign nations. This corporate tax strategy undermines national revenue generation efforts for the United States and other countries around the world. More than 130 countries have agreed to the measure developed by President Biden and U.S. Treasury Secretary Janet Yellen, and now the work begins on selling the proposal to their respective countries.
Today, I joined CNBC’s Squawk Box alongside Kevin O’Leary, Chairman of O’Shares ETFs and co-host of Shark Tank, to discuss this international tax plan, of which I am in favor of implementing.
The international tax plan will undoubtedly cost corporations billions. Still, these large corporations should pay their fair share and pitch in to help maintain the roads, bridges, and highways that they use worldwide to help increase profits that they return to their shareholders. This measure moves the paradigm closer to equity, promotes equal responsibility, and creates a sustainable fund for nationwide reinvestment for countries like ours, who desperately need it.
Check out my interview below and let me know your thoughts on the proposed international tax agreement.