Momentum Grows to Make Global Businesses Pay Their Taxes 

WASHINGTON - Momentum is clearly growing within the United States and the world’s other major economies behind plans to make it more difficult for large international businesses to avoid paying taxes in countries where they are located. But experts warn there is still plenty to be done to achieve that elusive goal.   

Over the weekend, the finance ministers of the G-7, which includes the U.S., Canada, the United Kingdom, Germany, France, Italy and Japan, agreed in principle to the creation of a global minimum tax on corporations that would force companies that shift profits to subsidiaries in low- or no-tax jurisdictions to pay as much as 15% in taxes on that income to the country where they are headquartered.    At the same time, the Biden administration is pushing a change to U.S. domestic policy that would block companies from paying little or nothing in taxes by claiming large tax deductions year after year even as they report large profits to their shareholders.    Profound change