European finance ministers are worried. They say the United States' big tax reform bill contains measures that would unfairly disadvantage European business and contravene global fair-taxation rules. Are they right?
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.
The letter's thrust: The draft US tax bill, if passed as written a week ago, would represent a break with global fair-taxation rules as applied to corporations, and represent a thinly disguised form of trade war.
"The United States is Europe's single most important trade and investment partner," the finance ministers wrote. "It is important that the U.S. government's rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up. The inclusion of certain less conventional international tax provisions could contravene the US's double taxation treaties and may risk having a major distortive impact on international trade."
The EU leaders are just pissed off because America is open for business again and all the jobs we lost overseas for the last 40 years are going to be rushing back into the States again. The EU and China are going to have to compete with us again for jobs and workers in France might actually need to work 40 hrs a week instead of 35. Swedish workers might only be allowed to take one month off a year instead of two and China might actually have to pay their workers a decent wage to compete with American quality goods.
All this would not be happening under Hillary Clinton I can guarantee that. The EU can shove those global fair taxes rule that are designed to benefit everyone else beside the United States straight up their fat asses.
Source: http://www.dw.com/en/us-tax-reform-breaks-global-rules-eu-says/a-41862318
