Stay updated with breaking news from Baseline tax. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
President. we haven t heard much from him directly. walk us through all that s happened. reporter: that s right, alex. you remember the pictures we saw yesterday was about the one on one meetings. president biden sitting down with the pope and having a fence mending session with the french president. today s president biden s focus is on using these summits to make progress on issues like the economy and national security. also start there with the headline coming out of the summit. the world leaders, more than 10 countries around the world, agreeing to a new baseline tax on corporations. president biden has been pushing this for two reasons. one is to stop a race to the bottom, allowing corporations to shift their profits to countries with lower tax rates. it would allow countries to raise revenues to pay for social ....
Towards getting that within developed countries. that gives the u.s. a leg up at a time when a lot of countries are looking to china and saying, maybe this is the model that we want. so that s point number one. point number two is that the companies that are going to be most affected by this are the big tech companies, the platform companies, companies that can offshore profits very, very easily. because they re not dealing in widgets, they re dealing in data, they re dealing in intellectual property. very, very easy to move that across borders. so getting to an international agreement about baseline tax for corporations could actually put a lot more money in the coffers of governments. what does it mean practically? obviously no offshore tax havens as you say for a start. what will be the impact, how soon does this start? years down the line no doubt. well, yes. that s where the rubber meets the road. governments have to go back now and hash out all the details of ....
Point number two is that the the the companies that are going to be most affected by this are the big-tech companies, the platform companies. companies that can offshore profits very, very easily. because they re not dealing in widgets, they are dealing in data. they re dealing in intellectual property. very, very easy to move that across borders. and so, getting to an international agreement about a baseline tax for corporations could actually put a lot more money in the coffers of governments. and what does it mean, practically? obviously, no offshore tax havens as you say, for a start. what what will be the impact? and how does soon does this start in years down the line, no doubt. well, yes. i mean, that that s where the rubber meets the road. you know, governments have to go back, now, and hash out all the details of this. but in an ideal world, it would set a floor under the amount of tax that large corporations have to pay. and if you look at rising ....