The G20 has backed an OECD report that would overhaul international corporate taxes and end the...

The G20 has backed an OECD report that would overhaul international corporate taxes and end the loopholes that enable major multinational corporations such as Starbucks (SBUX), Google (GOOG) and Apple (AAPL) to avoid paying large amounts of tax. A major target of the change is the practice of transferring profits where they are generated into low or no-tax jurisdictions via internal company transactions.

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Comments (13)
  • magyarson
    , contributor
    Comments (6) | Send Message
    19 Jul 2013, 06:52 AM Reply Like
  • doc47
    , contributor
    Comments (1712) | Send Message
    It should have been done long ago, but the taxes should have been lowered long ago, too!
    19 Jul 2013, 07:05 AM Reply Like
  • bgold1955
    , contributor
    Comments (2350) | Send Message
    The decline in corp tax revenue as a percentage vs. GDP from the 1950's to current is absolutely stunning. A balance is necessary for a stronger U.S.
    19 Jul 2013, 07:49 AM Reply Like
  • ralph sekulski
    , contributor
    Comments (16) | Send Message
    amen to that.....finally they shot down the loophole
    19 Jul 2013, 08:24 AM Reply Like
  • MikieTrader
    , contributor
    Comments (30) | Send Message
    Sounds like they have not done anything yet, just made a report and G20 backed it. Big deal!
    19 Jul 2013, 08:33 AM Reply Like
  • Jhalgren
    , contributor
    Comments (253) | Send Message
    Indeed, talk is 'cheap'! These G20 folks, remember, are the .1% who run the global show.
    19 Jul 2013, 09:09 AM Reply Like
  • emperor2
    , contributor
    Comments (81) | Send Message
    Considering how much information Google has, or can acquire, on almost every person in the entire world (including lawmakers), I have to wonder if Google would ever use this information to "influence" lawmakers from enacting such a law? Just wondering.
    19 Jul 2013, 09:33 AM Reply Like
  • hlodell
    , contributor
    Comments (4) | Send Message
    Corporations don't pay taxes. They collect taxes for the bureaucracy.
    People pay all the taxes. It's the spending on a world military and the cost of defending ourselves against the enemies we are making and making everybody comfortable, working or not that is driving our country into weakness.....
    19 Jul 2013, 09:48 AM Reply Like
  • gmmpa
    , contributor
    Comments (672) | Send Message
    I don't like the tone of this News bite. Firms are not transferring profits to where they are earned. They are leaving them in the countries where the profits are earned and the taxes are lowest. This is NOT a loop hole. This is common sense for smart people that provide products and services that make the world what it is. What is the G20 going to do to fix their problem? Raise taxes to the levels in the USA in the name of fairness? I think not. Government interference through bad policies for markets and business is the reason the problem exists. It will not go away until the root cause is addressed. The greedy socialist countries of the G20 will not fix this problem. They all are running out of other people's money and it is only a matter of time before the S--- hits the fan. This will not end well for anyone.
    19 Jul 2013, 09:54 AM Reply Like
  • citypound
    , contributor
    Comments (182) | Send Message
    Nontheless, something needs to be done. If the G20 can persuaded the US to lower tax rates here, fine. No easy solution exists for an economy that's increasingly more global and greed, believe me, is not for the socialists only. Countries are free to have representative governments of all sorts. We muddle through. Ideally I think there should be no tax on businesses, but we should assume a world balanced perspectives. Some tax needed but not too much. Ideological paths that go too far in any direction will be doomed to failure. Patience and moderation will eventually succeed.
    19 Jul 2013, 10:49 AM Reply Like
  • gmmpa
    , contributor
    Comments (672) | Send Message
    I totally disagree! Patience and moderation does not exist. The world is governed by greed, extravagance and excess. Why would the countries of G19 want the US to lower rates??? This would hurt their economies not help them. Apple alone has $150 billion in cash 70% of it is in the foreign banks of the G19. What will it do to their economies if the capital left their banks and came to the US? The US is too stupid to fix the problem and the G19 are happy about it! Only by removing the fool in the white house and the corrupt politicians in both sides of the isle in congress taking favors from special interests on "K" street can this be fixed. Patience and moderation will not "getter done"!
    23 Jul 2013, 10:33 PM Reply Like
  • financeminister
    , contributor
    Comments (1212) | Send Message
    It's a choice between handing over profits to the lesser of two evils. IMHO, the money is better used by corporations than by all these governments that have absolutely no sense of fiscal discipline or *real* concern for the average person. All these governments are broke or going broke and they are desperatly trying to clutch every straw they can get. What will they do with any extra taxes? if history is anything to go by, they will overspend and waste it on appeasing the loudest and most violent crowd, ofcourse. I'm pretty sure that this wouldn't fix even a miniscule part of the bigger issues.
    19 Jul 2013, 03:31 PM Reply Like
  • Morrison Marketing
    , contributor
    Comments (107) | Send Message
    It wont happen
    22 Jul 2013, 10:48 PM Reply Like
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