“The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax of at least 15%... The [agreement would also let] countries tax a share of the profits earned by companies that have no physical presence but have substantial sales, for instance through selling digital advertising.” AP News
The left supports the agreement, arguing that global cooperation is necessary to prevent tax evasion by multinational corporations.
A libertarian's take
“Ireland dragged itself from poverty by making itself a relatively welcoming place in which to do business. No wonder Paschal Donohoe, the country's finance minister, told global minimum tax fans to pound sand. He says that Ireland will keep its 12.5 percent rate for the foreseeable future. Other countries saw Ireland's success and emulated it with low tax rates of their own. That's especially true in Eastern European countries that had to hustle to catch up with market-oriented economies after the collapse of Soviet bloc socialism. They, too, are unimpressed by tax cartel schemes…
“If the U.S. and other Group of Seven governments set a minimum tax without buy-in from the likes of Hungary and Ireland, they risk making those low-tax countries more competitive than ever. And those countries have little incentive to join the rush to a tax cartel since they built their prosperity with environments including low rates. So, White House National Security Advisor Jake Sullivan may be a little premature when he boasts that ‘[t]he world is closer than ever before to a global minimum tax.’ That's true only if you define the world as developed economies that don't feel a need to offer attractive environments but would rather sit back and milk the herd.”
J.D. Tuccille, Reason