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President Joe Biden wants to raise taxes on corporations. Part of his success could hinge on getting the rest of the world to go along, or, at least, trying.
It’s no secret that companies would rather not pay taxes and that they employ a litany of tricks and schemes, both domestic and international, to keep their tax bills low. Over the past 35 years, the average corporate tax rate worldwide has been more than halved, falling from 49 percent in 1985 to 23 percent now. Despite efforts to improve the international tax regime, including with the 2017 tax law put in place under President Donald Trump, companies still find a plethora of workarounds. That includes profit-shifting, where companies book profits from higher-tax jurisdictions in lower-tax jurisdictions to lower their tax bills. Profit-shifting