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ICRIT press conference - Coggle Diagram
ICRIT press conference
Joseph Stiglitz
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Even before the pandemic the system of taxation was not fair - multinationals were paying lower taxes than small local busiensses were
Largest distortions Internet companies - Apple and Google paying a fraction of their taxes in Ireland ; when Ireland was exposed they moved to the Channel Islands
Ironically the Internet companies are the big beneficiaries of the pandemic so the proportion of GDP going to these companies has been exacerbated - Part of their advantage is they are not paying their fair share of taxes
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Need for global co-operation - 25% is the average tax paid by small businesses who cannot participate in this
Right thing is for US and Europe to go ahead with this tax rate and then the rest of the world will follow
The US has sided with the companies - the corruption of money in US politics - the direction of politics is that it is unacceptable for these compaies which can get away with paying
Want to encourage development of digital sector in other countries but to hit the major digital companies
Retailiation from the US is a difficult problem but probably November there is a new Administration that will believe in a Rules Based system 52:28
Jose Antonio Ocampo
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Corporations that are making extra profit as a result of the Crisis should pay over extra taxes as a result
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Should be done by the UN, not by the OECD
Thomas Piketty
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Germany and Japan used Wealth Taxes after WW2 - to over 50% in Germany and 70% in Japan - in space of 5 - 10 years they were able to get rid of the high Govt debt (200%) - 23min
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Brazil was never a reduction of inequality - this never really happened, levels of inequality remained high. Top 10% remained at an extremely high level in Brazil
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Yayati Ghosh
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Sales and employment two criteria to be used - you would tax the total global profits of the companies according to your shares. If enough countries do this then there is no longer an incentive to move to a tax havem 26m
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Developing countries which are implementing fiscal austerity - Austerity is the worst possible decision to be chosen at this time; impossible to think of a more stupid approach. Mexico is one of the worst management of the crisis