G7 countries move closer to tax plan for US tech giants

Britain's Prime Minister Boris Johnson gives a thumb up as US President Joe Biden looks on during their meeting, ahead of the G7 summit, at Carbis Bay, Cornwall, Britain

G7 countries that make up lucrative markets for US tech giants have moved closer to a plan to squeeze more tax money from the coffers of Amazon, Apple, Facebook and Google. The group, including Britain, Canada, France, Germany, Italy, Japan and the United States, has visions of a global tax rate of at least 15 percent on the multinational behemoths. The move comes as US President Joe Biden is pressing to raise the corporate tax rate, taking particular aim at companies reaping fortunes. ‘Pressure has been building over the years,’ said Georgetown University law professor Lilian Faulhaber.