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too many things will not get past moderate democrats but if i am wrong and the biden tax plan comes to pass how much worse could those numbers get? wealth those with his feet, maybe private jets. the reality is this. when you have constraints, higher taxes and more regulation money doesn t respect borders but much easier for them to move around, based on residency or citizenship, not residency. i m not so sure about this. maybe i will be a resident of the bahamas. smaller scale happening when people move out of very expensive cities to less expensive areas. it happens for middle-class folks. money goes where it is treated best. will that continue?
yeah, i don t think, neil the democrats don t have the votes in the house certainly. i think more and more the moderate democrats that run as pro business back home, they can t defend these tax increases on main street businesses, on local investors that invest in the community. they certainly don t want a tax rate so high around the world that we ll drive u.s. jobs, companies, research overseas again, which the biden tax plan will do. so and ironically while progressives are searching for more tax revenue, many are them are blocking the salt cap, which is predominantly goes to households making a million dollars and more and the tax policy is a tax shelter. there s a lot of cross winds going on in congress. these tax increases are not a done deal. neil: let me ask you, you mentioned the salt thing.
Top finance officials in the Group of Seven (G-7) on Saturday announced their commitment to push for a global minimum tax of at least 15 percent in international tax negotiations, a rate advocated by the Biden administration.
G-7 finance ministers and central bank governors said in a statement following a meeting in London that they strongly support the multilateral negotiations to address the tax challenges arising from globalisation and the digitalisation of the economy and to adopt a global minimum tax.
The G-7 consists of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom.
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The announcement is in line with the priorities of the Biden administration, which proposed a global minimum tax rate of at least 15 percent last month. The G-7 finance officials said in their statement that they would push for the rate to apply on a country-by-country basis.