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Leaders | A new architecture A LESS LOOPHOLE-RIDDLED SYSTEM FOR TAXING COMPANIES IS WITHIN REACH BUT GOVERNMENTS SHOULD NOT EXPECT A GUSHER OF EXTRA REVENUE WHEN PEOPLE come to look back on
Joe Biden’s presidency, they may, depending on events in the coming months, conclude that one of his most consequential economic achievements was to reverse a decades-long global boom in
corporate tax-dodging. His administration’s call for an end to the “race to the bottom” has reinvigorated multilateral talks on rewriting international rules that encourage multinationals to
funnel vast profits to tax havens. Two months after that call, America and other rich countries have agreed on a road map for reform. The deal paves the way for the biggest corporate-tax
overhaul in a century. This article appeared in the Leaders section of the print edition under the headline “A new architecture” ------------------------- LEADERS June 12th 2021 * →How green
bottlenecks threaten the clean energy business * →The West is passing up the opportunity of the century * →A failure to reform Peru is poised to produce a lurch to the far left * →A less
loophole-riddled system for taxing companies is within reach * →America’s approval of an Alzheimer’s drug is premature FROM THE JUNE 12TH 2021 EDITION Discover stories from this section and
more in the list of contents ⇒Explore the edition
