<br><br>**The Power of Taxes How Trump's Reforms Undermine Global Efforts to Target Billionaires and Tech Giants**<br><br>As the global community struggles with the far-reaching consequences of tax evasion and avoidance by the super rich, a crucial international agreement on taxing multinationals has hit a significant roadblock. President Donald Trump's administration has withdrawn from the deal, threatening tariffs on countries that target US tech giants like Amazon, Google, and Facebook.<br><br>**The State of Play**<br><br>The issue at hand is the widespread practice of big tech companies avoiding local taxes, generating billions in revenue while paying little to no taxes. For instance, France's digital services tax has generated 780 million euros ($887 million) since its inception in 2019.<br><br>Global efforts to address this issue have stalled due to Trump's administration withdrawing from an Organization for Economic Co-operation and Development (OECD) agreement aimed at limiting corporate tax evasion by multinational companies. The two-pillar approach proposes taxing companies where they make their profits and sets a minimum global rate of 15 percent. However, negotiations on implementation have been stagnant.<br><br>In addition, efforts to tax the world's ultra-wealthy are also faltering. A proposal to impose a two percent minimum tax on individuals with more than $1 billion in assets has failed to gain traction under Trump's presidency, and even the Biden administration has expressed concerns over its feasibility.<br><br>**The Resurgence of Tax Reform**<br><br>As governments continue to grapple with the consequences of inaction, experts argue that individual countries must take action to address these issues. French economist Thomas Piketty suggests that once a few powerful countries adopt reforms, others will follow suit, creating a new standard for global tax policies.<br><br>**Conclusion**<br><br>The Trump administration's withdrawal from the international agreement on taxing multinationals has sent shockwaves through the global financial community. As governments and experts continue to navigate these complex issues, it is clear that meaningful reform requires cooperation and a willingness to address the power imbalance between the super rich and the rest of society.<br><br>**Key Takeaways**<br><br>* The Trump administration's withdrawal from the international agreement on taxing multinationals has stalled efforts to limit tax evasion by multinational companies.<br>* Efforts to tax the world's ultra-wealthy are also stalling, with proposals for a minimum tax on individuals with more than $1 billion in assets failing to gain traction.<br>* Individual countries must take action to address these issues, as international cooperation is crucial for meaningful reform.<br><br>**Keywords** Global tax reforms, multinational companies, tax evasion, super rich, tech giants, Donald Trump.
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