Analysis & Comment

Opinion | Why Elon Musk Has a Lower Tax Rate Than You

This article is part of the Debatable newsletter. You can sign up here to receive it on Tuesdays and Thursdays. It’s not every week that the national discourse catches fire over tax policy. The match, of course, was the investigation ProPublica published on Tuesday of anonymously leaked tax documents that revealed that the 25 richest […]

Analysis & Comment

A Voluntary Tax

It’s been a back-and-forth struggle over the course of American history: How much tax should the wealthy pay? In colonial times, parts of the North taxed the rich more than Europe did, with Massachusetts going so far as to enact a wealth tax that covered financial holdings, land, jewelry and more. Southern colonies, by contrast, […]

Business

What now for the G7 tax deal on multinationals?

PARIS (Reuters) – The G7’s weekend agreement on a global minimum corporate tax rate and arrangements for taxing multinationals paves the way for a broader deal in the coming weeks that could reshape cross-border taxation for years to come.FILE PHOTO: EU’s Economy Commissioner Paolo Gentiloni, Eurogroup President Paschal Donohoe, World Bank President David Malpass, Italy’s […]

World News

G-7 back steps to deter tax dodging by multinational firms

LONDON — The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries. G-7 finance ministers meeting in London also endorsed proposals to make the world’s biggest companies – including U.S.-based tech […]

Business

Virus Did Not Bring Financial Rout That Many States Feared

Grim forecasts held up for a few states, but many took in about as much tax revenue as before the pandemic — sometimes a lot more. Change in state tax revenue –42.5% –10.0% 0 +10.5% +2.5% The change in tax revenue during the “pandemic period,” April through December 2020, compared to the same period in […]