Sumary of G7 Club of Rich Nations Can’t Solve Global Problems, Furthers Own Vested Interests, Activist Says:
- The G7 summit is specifically focused on finding ways “to forge a more fair, sustainable, and inclusive global economy that meets the unique challenges of our time”, according to the White House fact sheet..
- Joe Biden is seeking to rally support for a strong global minimum corporate tax of at least 15 percent on large multinational conglomerations in a bid to “protect”.
- The concept of a global minimum corporate tax was announced by Treasure Secretary Janet Yellen on 5 April in order to stop multinational corporations from seeking tax havens..
- The announcement came as Biden sought to increase taxes on US companies’ foreign income as well as the corporate tax rate to fund his multi-trillion dollar infrastructure plan..
- At the time, Axios suggested that Yellen’s push for imposing a global minimum tax meant that the Biden administration sees “the risks to the American economy if it acts alone in raising corporate rates”..
- While conservative American observers express concerns that increased taxes would backfire upon the US middle and working class, their British counterparts remain sceptical over Washington’s attempt to solve its financial dilemma at the expense of the rest of the world..
- Resist G7 activists argue that while low-income countries in the Global South are the least responsible for causing the climate crisis, they “are already paying the highest price”.
- “I know that there’s a lot of focus and they want the media focus issue to be on looking at what the G7 is doing for the climate”, Parsons says….