France Won't Scrap Tax On Tech Giants, Despite Trump Threats
Source: Pittsburgh Post-Gazette
France is pushing ahead with a landmark tax on tech giants like Google and Facebook despite U.S. President Donald Trump's threats of retaliatory tariffs on French wine. After Trump slammed the "foolishness" of the tax in a tweet Friday and promised reciprocal action, French Finance Minister Bruno Le Maire said "France will implement" it anyway.
According to Le Maire's office, he added, "the universal taxation of digital activity is a challenge that concerns us all." He said the tax is meant as a temporary measure pending negotiations on an international tax deal. The 3% tax, which went into force this week, mainly concerns companies that use consumer data to sell online advertising.
It's designed to stop multinationals from avoiding taxes by setting up European headquarters in low-tax EU countries. Currently, companies such as Google, Amazon, Facebook, Apple, Airbnb and Uber pay very little tax on their significant business in countries like France.
The Trump administration says the tax is discriminatory against U.S. business. But the tax targets any digital company with yearly global sales worth more than 750 million euros ($835 million) and French revenue exceeding 25 million euros ($27 million). It should affect about 30 companies, based in the U.S, China and Europe including France. Trump derided French wines in his tweet, and said he might hit them with retaliatory tariffs to French.
Read more: https://hosted.ap.org/post-gazette/article/901c1099ba5b482a848a90834309ecda/france-wont-scrap-tax-tech-giants-despite-trump-threats
Jul. 27, 2019 7:33 AM EDT
Cryptoad
(8,254 posts)include those French Fries with the wine....!
left-of-center2012
(34,195 posts)But world leaders are listening less and less.
paleotn
(17,989 posts)Just like his whole persona. He's a paper tiger.
bucolic_frolic
(43,311 posts)is pathological. He is dangerous and needs to be removed from office. Not one of his policies has helped America, it's all been about rewarding oligarchs while plundering the country's social resources and systems.
CentralMass
(15,265 posts)paleotn
(17,989 posts)I think not. The forerunners of Weyland Yutani.
groundloop
(11,523 posts)I believe France is right in collecting a small tax (3 %) from these companies. Obviously one of the affected CEOs has complained to tRump so he thinks he can 'save the day' by bullying France.
Marie Marie
(9,999 posts)sinkingfeeling
(51,474 posts)kiri
(796 posts)The idea of a 0.001% tax on every stock transaction is excellent. It would cost the average stockholder mere pennies. And cost the hi-clever computer systems who trade every second--to nobody's benefit
If indeed Trump NEVER drinks alcohol (who knows? he lies about everything), how could he have the vaguest idea about wines, French, Californian, New Zealand, Armenian??
moondust
(20,006 posts)The more small businesses you drive into bankruptcy, dissolution, and infeasibility, the more you are going to have to compensate for their lost business and employee tax revenues. Get it?
I think it's safe to say that not only does Donny Boo Boo judge wines by their appearance but he also judges books by their cover. What was that old Stevie Wonder song -- "Very Superficial"?
left-of-center2012
(34,195 posts)why did 'Trump wine' go bankrupt?