|Obama Asks OECD to Raise Taxes on Global Firms|
|by Tom McGregor||Wed, Sep 17, 2014, 12:48 AM|
President Barry Obama has called for global tax officials to implement new regulations that require companies to pay taxes in the countries that generate income. Accordingly, firms could not base their operations elsewhere to enjoy lower tax rates.
According to the BBC News, "Moves to tackle corporate tax avoidance on a global scale have been unveiled by the Organisation for Economic Co-operation and Development (OECD). is aimed at multinational companies that shrink their tax bills by shifting their profits from one country to another."
Many large corporations based in the USA are major donors to the Democrat Party in order to obtain special tax exemptions and subsidies.
As reported by the BBC, "Firms including Starbucks, Amazon and Google have been accused of pursuing such strategies. They have all said they operate within the law."
The new global regulations could mean that American corporations would pay much more money in taxes.
To read the entire article from the BBC News, link here:
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