The week in review
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US Treasury Secretary Janet Yellen’s global minimum company tax rate idea has poked the hornets’ nest. It is unsurprising as one of the big themes to emerge from the pandemic is the haves versus the have nots and politicians around the world are going to be fixated on closing inequality. But never forget that corporations as taxpaying entities are a fiction. Shareholders pay taxes. By definition. They have shares because they saved a portion of their after-tax income. Which means a corporate tax amounts to double taxation of individual earnings. And while the idea of a global minimum tax rate might sound appealing, it faces a number of hurdles yet. To review the week that was Michael Avery spoke to Warwick Lucas Chief Investment Officer at Galileo Asset Managers, & Raymond Parsons, professor in the School of Business and Governance at North West University
