Tax Games - the race to the bottom
European governments are leading a race to the bottom which will see average global corporate tax rates hit zero by 2052, according to new findings out today. A detailed analysis of 17 EU member states and Norway reveals 12 governments have either just cut their corporate tax rate, or are planning to do so in the near future.
As big businesses are made to pay less corporate tax, consumers have to pay more in order to fill the gap. As today's report points out, this disproportionately hits the poorest and risks exacerbating inequality rather than reducing it.