Super wealthy turn to borrowing to cut tax bills telegraph.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraph.co.uk Daily Mail and Mail on Sunday newspapers.
Last modified on Sat 12 Jun 2021 12.05 EDT
The revelation last week that the 25 richest US billionaires have paid very little tax even as their fortunes have soared has reignited demands for wealth taxes on both sides of the Atlantic. An unprecedented leak of âa vast troveâ of 15 years of Internal Revenue Service (IRS) data to the investigative news site ProPublica has provided a staggering insight into the legal strategies the very rich deploy to avoid tax.
It discovered that Jeff Bezos â founder of Amazon and worldâs richest person, with a $193bn (£136bn) fortune â paid no federal taxes in 2011 and even claimed $4,000 in tax credit for his children.
Tom Spencer is a Young Voices UK contributor and the chief organiser of the London Neoliberals.
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G7 finance ministers met last week at Lancaster House in London, England. (Photo by Henry Nicholls - WPA Pool/Getty Images)
Chancellor Rishi Sunak has agreed to back a deal with G7 nations to create a global minimum corporate tax rate of at least 15 per cent. The agreement has been hailed a world-first to crack down on multinationals shifting profits to low-tax countries in order to skirt tax rules.
The proposal, however, has also been branded inadequate by critics. Many doubt whether it will create real change in how multinationals and tech giants pay tax across the world. So is the G7 deal worth its while?