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France Considers Raising Taxes on Internet Giants (reuters.com)
France's Finance Minister has drafted a new law to tax internet giants, reports Reuters:
A three percent tax on the French revenue of large internet companies could yield 500 million euros [$568 million U.S. dollars or £429 million] per year, French Finance Minister Bruno Le Maire said on Sunday. Le Maire told Le Parisien newspaper the tax is aimed at companies with worldwide digital revenue of at least 750 million and French revenue of more than 25 million euros.
He said the tax would target some 30 companies, mostly American, but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies. The paper listed Google, Amazon, Facebook and Apple (the four so-called "GAFA" companies) but also Uber, Airbnb, Booking and French online advertising specialist Criteo as targets. "A taxation system for the 21st century has to built on what has value today, and that is data," Le Maire said. He added it is also a matter of fiscal justice, as the digital giants pay some 14 percentage points less tax than European small-and-medium sized companies.
The draft law will be presented to the cabinet on Wednesday, and then presented to France's parliament, Reuters reports.
"The tax would also target the sales of personal data for advertising purposes."
He said the tax would target some 30 companies, mostly American, but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies. The paper listed Google, Amazon, Facebook and Apple (the four so-called "GAFA" companies) but also Uber, Airbnb, Booking and French online advertising specialist Criteo as targets. "A taxation system for the 21st century has to built on what has value today, and that is data," Le Maire said. He added it is also a matter of fiscal justice, as the digital giants pay some 14 percentage points less tax than European small-and-medium sized companies.
The draft law will be presented to the cabinet on Wednesday, and then presented to France's parliament, Reuters reports.
"The tax would also target the sales of personal data for advertising purposes."
The French have fast trains. The US does not.
The French have access to health insurance regardless of means -- if you lose your job and get sick, you won't end up deep in medical debt.
French universities are covered by the government, no need to save $200,000 in school funds starting when your kid is born.
What does the US have? Endless war, mass incarceration -- the money is used to do violence instead of helping fellow Americans.
France defaults to extra big taxation. Invest in France and enjoy that extra big tax. Who in France is getting all the new tax spending?
People who need healthcare, people who enjoy decent public transportation and high-speed trains, people who work to live and not live to work?
The key word is not "3%" nor is it "Internet giants" - the key word is revenue.
This is what should've happened a decade ago. Taxing revenue instead of profits puts a clean shot right between the eyes of the majority of tax evasion schemes. It's a step long overdue.
And before the typical neo-conservative trolls shout it down: Remember that everyone BUT corporations is taxed by revenue, not profits. My income tax is based on my income, not on what's left at the end of the month. And so is yours. If we can survive that type of taxation, so can multinational corporations.
Assorted stuff I do sometimes: Lemuria.org