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The Global Tax Grab and Your Privacy

I am re-posting this story because so far it has not gotten nearly the attention it deserves.

Would you like the Chinese government to have access to your personal tax records? If not, please keep reading. From the Center for Freedom and Prosperity:

The Organization for Economic Cooperation and Development (OECD) is directing considerable resources toward development of a new framework for taxation of multinational enterprises. According to tax bureaucrats at the OECD, the G20, and finance ministers from large welfare states, base erosion and profit shifting (BEPS) is a serious problem that requires drastic action. Without input from the United States Congress and other elected national bodies, they are rushing to rewrite the rules of global commerce. Available data does not support the contention that BEPS is a serious concern. Nevertheless, the OECD’s sweeping proposals to combat BEPS would create a privacy nightmare and stifle economic growth. Even if there were a problem, better policy responses are available. The simplest and most powerful being adoption of pro-growth tax rates. To make sense of the sudden push for a massive, multinational undertaking where costs are likely to be significant and benefits small at best, if they exist at all, the OECD’s project on BEPS must be viewed in the context of the organization’s long-standing war on tax competition.

The consequences of this global power grab are considerable and very serious. For the full story, read Brian Garst's paper or Dan Mitchell's excellent summary 

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Thursday, 19 October 2017
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