Big Tax Hike for Big Tech, Soon?
Global tech giants including Alphabet, Apple, and Facebook may soon pay higher taxes worldwide. After a deadlock between the Trump Administration and the EU prevented progress, momentum is growing thanks to a more cooperative Biden administration. The Organization for Economic Cooperation and Development (OECD) is brokering discussions among 140 countries, so they may form a united front in demanding higher taxes from Big Tech. “I’m very confident we will be able to do it,” says German Finance Minister Olaf Scholz after a call with Biden’s Treasury secretary pick, Janet Yellen, last week.