France unveils plan to tax internet giants

[sandensea]

Source: AP

The French government on Wednesday unveiled plans to slap a 3 percent tax on the French revenues of internet giants like Google, Amazon and Facebook.


The bill is an attempt to get around tax avoidance measures by multinationals, which pay most of their taxes in the EU country they are based in — often at very low rates. That effectively means the companies pay next to no tax in countries where they have large operations.

About 30 companies, mostly based from the U.S, but also from China and Europe, will be affected.

France is set to be the first European country to implement such a tax as the bill presented Wednesday in a cabinet meeting is likely to pass in the coming months in parliament, where French President Emmanuel Macron's party has a majority.

Le Maire estimated the tax will raise about 500 million euros ($566 million) a year this year but that should increase "quickly."

Read more: https://www.msn.com/en-us/money/markets/france-unveils-plan-to-tax-internet-giants/ar-BBUqKDw

[zentrum]

1. Vive La France!

Help the mom and pop's local shops that do pay sale's tax have a more even playing field.

Sick of Amazon putting every storefront store in NYC slowly out of business.

[sandensea]

2. Well said. It would take a small miracle for us to see anything like that here.

That's what they bribe congresscritters for.

[zentrum]

3. Yes. We essentially have

.....economic fascism---where the government and corporation are one single entity and have cut out the citizen. We call it capitalism but it really isn't. It's economic fascism. Created by the non-progressive tax code, privatization of what should be public (education, health) so that we regular people have life-long debt servitude---altogether creating massive income inequality aided by Citizen's united and as you say---general critter corruption.

[sandensea]

4. +1

When Hitler said "we lost the war, but shall win the peace" - the Bush family, Cheeto, and much of the GOP, were exactly what he was referring to.