Tech billionaires benefit from Trump's tax tactics

The world's richest are about to get a whole lot richer. Donald Trump has just engineered a lucrative arrangement for his big technology backers, known as the 'broligarchs,' who supported his White House run. While most attention has been on tariffs, Trump's focus has been on tax.

For nearly 20 years, the OECD has worked on making multinational firms pay fair taxes in the countries they operate. Recently, an agreement was reached for a minimum 15% tax. However, the US has now scrapped its planned 'retaliatory tax' on nations deemed unfriendly to American corporations.

Shortly after his inauguration, Trump withdrew from the OECD initiative to standardize global corporate tax rates. This move benefits tech giants like Elon Musk, Jeff Bezos, Mark Zuckerberg, and Sundar Pichai.

Companies like Chevron have a history of tax avoidance. The big tech firms have also exploited tax loopholes, shifting profits offshore. Trump's recent agreement with G7 nations further favors American companies.

This deal poses risks and benefits for various stakeholders, impacting global economies and investments.

According to the source: Australian Broadcasting Corporation.