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G7 tax reform: is neoliberalism drawing to a close?
The announcement by the G7 countries that they would introduce a global minimum tax for corporations is a clear shift in the economic order, writes JAMES MEADWAY
From left, EU's Economy Commissioner Paolo Gentiloni, Eurogroup President Paschal Donohoe, World Bank President David Malpass, Italy's Finance Minister Daniele Franco, French Finance Minister Bruno Le Maire, Canada's Finance Minister Chrystia Freeland, Britain's Chancellor of the Exchequer Chancellor Rishi Sunak, Managing Director of the IMF Kristalina Georgieva, Germany's Finance Minister Olaf Scholz, U.S. Treasury Secretary Janet Yellen, Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, Japan's Finance Minister Taro Aso pose for a family photo as finance ministers from across the G7 nations meet at Lancaster House in London
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FOR 40 years or more, governments holding fast to neoliberal principles have set in train what US Treasury Secretary Janet Yellen rightly called a “race to the bottom” on global taxation, as countries deluded themselves that lower corporation taxes would mean more investment and more growth.
This deal is the clearest sign yet that the days of neoliberalism — the belief in privatisation, low taxes for the rich and subservience to the market — are finally drawing to a close.
Giant corporations were able to exploit the rules on international taxes, originally drawn up for a very different world in the 1930s, to almost pick and choose where and how much tax they paid.
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