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Global Minimum Tax Rate Bad for Free Market, National Sovereignty: Economists

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From Epoch Times:
Economists are sceptical of the Biden administration’s push for a global minimum tax rate for corporations, saying not only will it “frustrate” the free market, but it will see very little support from foreign governments. “At the end of the day, any international agreement is essentially toothless due to the existence of national sovereignty,” Gigi Foster, professor of economics at the University of New South Wales (NSW) told The Epoch Times. “The incentive for individual countries to offer appealing tax treatment will remain, no matter how strong the international pressure on a country to conform to some nominated standard,” she added. Gigi said practice policies mostly originate from individual countries, not via coordinated efforts. “We have already seen in other areas, in everything from climate policy to criminal justice, how coordinated effort across multiple countries is simply not a workable approach for achieving significant change,” she said. Foster said the …
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