EU Fears 'Unfair' U.S. Tax Bill Will Incentivise Companies to Move to AmericaChris Menahan
Dec. 20, 2017
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European finance ministers are "worried" the Republican's newly passed tax bill will make the US "go from being a high-tax to a low-tax country" and "unfairly" incentivise companies to move to America from the EU and the UK.
This is truly terrifying.
From Deutsche Welle:
Last week, the finance ministers of Europe's five biggest economies — Germany, France, the UK, Spain and Italy — wrote an anxious letter to their American colleague, US Treasury Secretary Stephen Mnuchin, and copied it to all senior Republican politicians in the Congress and Senate.Their letters reportedly "didn't get much of an answer."
Clemens Fuest, the president of the Ifo Institute for Economic Research in Munich, said: "The European Commission's criticism of the US tax plans is justified. The proposed measures would disrupt international trade and lead to double taxation."They go on to lament the tax bill will unfairly put "America First, again."
The US also proposes to play unfairly by taxing profits that have already been taxed in Europe, Hentze said, concluding: "The underlying message to multinational companies is: If you produce here in the US, you will be spared the double taxation."This is the greatest endorsement of the bill to date.
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