America’s billionaires pay an average income tax rate of just 8.2%, Biden administration says

The wealthiest 400 families in the United States are paying an average income tax rate of just 8.2%, according to a new analysis from the Biden administration. President Joe Biden and Democrats are pushing to raise taxes on the richest Americans as they look for ways to pay for their ambitious agenda, making its way through Congress

Mitch McConnell says the GOP will vote for the US to default on its debt

Pelosi and Schumer said they would attach a debt-ceiling suspension to the government-funding bill. McConnell quickly struck down the idea, saying the GOP would not vote for the legislation. They effectively dared him to vote for the US to default on its debt, and he met their dare. As the White House stressed the urgency

UK pushes for financial services to be exempt from G7 global tax plan

British finance minister Rishi Sunak is pushing for financial services firms to be exempt from a new global tax system which was agreed last week by the Group of Seven (G7) economies, sources familiar with the negotiations said. One of the officials said Britain – home of Europe’s biggest financial hub – had put a

Amazon had sales income of €44bn in Europe in 2020 but paid no corporation tax

Despite lockdown surge the firm’s Luxembourg unit made a €1.2bn loss and therefore paid zero corporation tax Fresh questions have been raised over Amazon’s tax planning after its latest corporate filings in Luxembourg revealed that the company collected record sales income of €44bn (£38bn) in Europe last year but did not have to pay any corporation tax