US wants to prevent its corporations place all the profits in tax havens so it can collect at least 15% of taxes.
Why is it so important that the US get China on board with this? Not many Chinese companies the US can tax since they try to prevent them from operating in the US in the first place. Are they going with the lie that China makes all the profits from outsourced products that American companies send to China? Just imagine all the iPhones sold around the world that the US will tax China for and not Apple...
I think almost all Chinese dynasties fell because they were not able to collect enough taxes.
