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G7 targets multinationals tax avoidance

Michael McLaren

Michael is joined by Terry McCrann, Business Commentator with The Australian, regarding Australia throwing its bipartisan support behind the seven biggest countries in the developed world – the US, the UK, Germany, Japan, Italy, France and Canada – for the G7’s ‘Seismic’ tax avoidance deal to squeeze money out of multinational companies in the countries in which they operate and limit the use of offshore havens.

 

Mr McCrann writes, ‘The great and powerful have spoken. Their – undeserved – excessive wealth is now under direct threat. So presumably, the share prices of Facebook, Google, Microsoft and Apple will plunge when Wall St opens trading for the week Monday night.’

 

‘Hmm; I don’t think so – when last I looked Wall St futures were trading serenely on. Big – sorry, seismic – deal to rip tens of billions of dollars a year from Big Tech?  I don’t think so. Seismic deal, schmeismic deal.’

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Michael McLaren
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