WEB Notes: Look at this spin. This is not about controlling “corporations”, this is about controlling you and the “citizens of the world”. That is exactly what TPP is all about. These people use buzzwords and other tactics to only make it appear their intentions are true. Let’s use some common sense here. Does anyone really believe a global corporate tax will be absorbed by the corporation? Of course not. It will be passed on to you.
In a completely opposite take on President Obama’s Trans-Pacific and Transatlantic trade agreements (TPP and TTIP), which would provide multi-national corporations new powers that put them above even the authority of sovereign governments, IMF chief Christine Lagarde on Feb. 22 proposed a new international and global taxation system that would create a level playing field against companies that move around from place to place seeking to limit their tax liabilities.
Lagarde’s comments come at a time when domestic revenues for most economies are in massive decline, and domestically headquartered corporations facilitate keeping their money offshore, and in tax-friendly safe havens to evade having to pay their fair due when it comes to reporting profits. And a prime example of this type of tax evasion comes from the Apple corporation, who although is headquartered in Cuppertino, California, keeps over $150 billion of cash outside the U.S. to limit their tax liability for sales done in foreign countries.