The Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on U.S. tech giants such as Amazon.com Inc. and Facebook Inc.
(Bloomberg) Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on U.S. tech giants such as Amazon Inc. and Facebook Inc. The agreement by the G-7 finance ministers in London satisfies a U.S. demand for a minimum corporate tax rate of “at.
Both Democrats and Republicans questioned the waiver…
IP is the lifeblood of American innovation,
said Rep. Stephanie Murphy (D-FL). She requested consideration of other courses of action to improve distribution while allowing manufacturers to maintain control of IP.
Handing over U.S. technology won’t help the pandemic. Development of facilities, workforce, and distribution takes years, said
Ways & Means Ranking Member Kevin Brady (R-TX).
Rep. Drew Ferguson (R-GA) agreed, questioning other countries’ resources and quality standards.
Senate Finance Ranking Member Mike Crapo (R-ID) said the waiver would undermine progress in ending the pandemic, noting that Bill Gates says it will not advance vaccine distribution, while Vladimir Putin supports the waiver.
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Republican leaders urged their House Democrat counterparts to hold a joint hearing regarding the undercounting of COVID-19 deaths in New York nursing homes. The letter was signed by Energy and Commerce Ranking Member Cathy McMorris Rodgers (R-WA), Energy and Commerce Health Subcommittee Ranking Member Brett Guthrie (R-KY), Republican Whip and Select Subcommittee on the Coronavirus Crisis Ranking Member Steve Scalise (R-LA), Ways and Means Ranking Member Kevin Brady (R-TX), Ways and Means Health Subcommittee Ranking Member Devin Nunes (R-CA), Rep. Tom Reed (R-NY), and Oversight and Reform Committee Ranking Member James Comer (R-KY).