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   DealBook: The end of tax havens?
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   Ireland and others are pushing back on a global agreement to make companies pay more tax.
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             July 8, 2021
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             Ireland against the world
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             Friday kicks off a two-day summit in Venice of ministers from the Group of 20 major economies. The main agenda item: negotiating a global minimum corporate income tax. The proposed rate is 15 percent.
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              A global minimum tax is a major threat to havens like Ireland
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             ,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Times’s Liz Alderman reports
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             . Ireland levies a 12.5 percent corporate rate, among other breaks for multinational companies. Over 800 U.S. companies have put their European base in Ireland, which helps many avoid paying taxes in countries where they make profits. Ireland was among the holdouts, along with Barbados, Hungary and a smattering of others, to a sweeping framework agreement that recently set the stage for a global accord.
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             The momentum has been building:
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               This month,
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                130 countries
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               signed a statement in support of making multinationals pay their fair share of taxes, after a push from leaders in the
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                Group of 7
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               .
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               The pandemic is a prime driver of the overhaul, as a number of countries took big fiscal hits.
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               Buy-in from the G20, which includes countries like China that are seen as skeptical, is not assured, and even if there is an agreement this weekend it could be difficult to ensure compliance when the details are worked out.
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              Ireland stands to lose up to a quarter of its corporate tax haul,
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             and at the G20 meeting it will push for terms that would allow it and other small countries to make up for the loss. Accounting and law firms, which are major beneficiaries of the global tax shifting game, are lobbying Ireland behind the scenes to hold its ground.
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             Even inside Ireland, the will to remain a tax haven may be fading:
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               Recent studies have identified tax havens as a major source of global inequality.
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               In Ireland, critics say most of the gains from investment by multinationals have flowed only to those companies and their employees, not the economy as a whole.
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               Widely reported examples of tax evasion have made being a tax haven increasingly uncomfortable. “You could legalize gun running, and that would help your economy, but that’s not really a good way forward for any nation,” said Dean Baker of the Center for Economic and Policy Research.
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              A G20 deal would not mean the end of
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              all
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              tax havens.
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             Ireland and others could still offer targeted tax cuts and income exemptions under the deal. Economists estimate that tax havens cost governments up to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $600 billion a year
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             ; a global 15 percent minimum tax would bring in $150 billion.
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             And given Ireland’s long history as a base for multinationals — with a broad tech industry, extensive pharma research facilities and an English-speaking work force — it could raise its tax rate and collect more income without scaring away many companies. Havens where lower taxes are the only draw may find it harder to maintain their status.
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             HERE’S WHAT’S HAPPENING
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              Bill Gates can remove Melinda French Gates from their foundation in two years.
             </span>
             News that the $50 billion nonprofit had raised an additional $15 billion was overshadowed by the revelation that Mr. Gates
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              could assume sole control
             </a>
             if the divorcing couple can’t find a way to work together. Should Ms. French Gates resign, she would receive new money for her own philanthropy.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Dozens of states sue Google over its Android app store.
             </span>
             Thirty-six states and the District of Columbia
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              accused the tech giant
             </a>
             of abusing its control over apps on phones with its operating system and imposing onerous terms on developers. The suit raises the possibility of similar action against Apple.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              A persistent divide at the Fed over inflation.
             </span>
             Minutes from the central bank’s top policymaking committee last month showed that while officials agreed that economic growth looked strong, they disagreed on whether
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the risk of overheating was “transitory.”
             </a>
             Also worried about inflation is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the I.M.F.
             </a>
             ; less concerned is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the European Commission
             </a>
             .
            </p>
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             Continue reading the main story
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The Olympics may go ahead without fans.
             </span>
             A spike in coronavirus cases in Tokyo led the government to declare a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              state of emergency
             </a>
             , which could spell the end for organizers’ plans to
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              allow domestic spectators
             </a>
             to attend the events.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Donald Trump sues social media platforms, and raises money off it.
             </span>
             The former president accused Facebook, Google and Twitter of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              “unconstitutional” censorship
             </a>
             , an argument legal experts say has no merit. In a sign of what may be another reason for the move, a Trump political action committee immediately reached out to donors.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Can Amazon block Lina Khan?
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Last week, Amazon
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fired a pre-emptive shot
             </a>
             at the new F.T.C. chair, Lina Khan, using a common line of attack on policymakers with an opinionated past: trying to disqualify them for alleged bias.
            </p>
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             Continue reading the main story
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Khan made her name with a forceful view on Amazon and antitrust, arguing that the sprawling tech giant showed how competition law was
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              “unequipped” for the digital age
             </a>
             . This, among other things, disqualifies Khan from participating in F.T.C. actions against Amazon, the company said. Amazon is a subject of the F.T.C.’s inquiry into Big Tech’s acquisitions of smaller rivals, and the agency is separately reviewing its proposed purchase of MGM.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             So, does Amazon have a chance?
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Disqualifying a commissioner isn’t easy
             </span>
             . At her Senate confirmation hearing, Khan
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              rejected the idea of a blanket disqualification
             </a>
             from Big Tech investigations, saying she would consider such requests on a case-by-case basis and consult with F.T.C. counsel. Simply voicing opinions critical of companies is rarely cause for recusal, and most disqualification attempts
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fail
             </a>
             .
            </p>
           </td>
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       </div>
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         <tbody>
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           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Impartial “does not mean uninformed, unthinking, or inarticulate,” explained
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                a federal appeals court
               </a>
               in 1980, reversing the disqualification of an F.T.C. commissioner.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               In 2010, Intel’s
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                attempt to disqualify a commissioner
               </a>
               who had previously been its antitrust counsel failed because the F.T.C. said his previous work bore no “substantial relationship” to the review at issue.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               In 2012, a prospective commissioner who had worked for Google promised senators that he’d recuse himself from Google-related cases for two years to avoid
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                the appearance of impropriety
               </a>
               . That is a point Amazon stressed in its motion — that the appearance of fairness matters, too.
              </span>
             </li>
            </ul>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Amazon’s filing may be “a warning shot,”
             </span>
             said Bruce Hoffman, a partner at Cleary Gottlieb and the former director of the F.T.C.’s competition bureau. Because it isn’t attached to a case and aims to recuse Khan broadly, it essentially serves as a notice to the agency. It could be Amazon’s way of saying, “if you participate, this could haunt you,” he said.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Commissioners are chosen for their policy views, as well as their expertise, so many would be disqualified if having opinions was disqualifying, said Khan’s former colleague at Columbia, the antitrust law scholar Eleanor Fox. Asked whether Amazon’s motion would succeed in blocking Khan, she replied: “Oh, I don’t think so.”
            </p>
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           </td>
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       </div>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “The crypto bros around the world have read the writing on the wall and realize Singapore Inc. is embracing the asset class.”
            </h2>
           </td>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — The founder of a cryptocurrency start-up on why the island nation has become
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               the industry’s new hub
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
           </td>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The sidelining of Sheryl Sandberg
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The partnership between Mark Zuckerberg and Sheryl Sandberg is one of the most storied in Silicon Valley. When the executives met in 2007, Sandberg was a vice president at Google with many qualities that the 23-year-old Zuckerberg lacked: polish, experience, and an interest in running aspects of a growing business that Zuckerberg found boring.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             In Valley-speak, Sandberg was the “adult supervision” to Zuckerberg’s founder vision, and she quickly became the archetype for this role. “Every company we work with wants ‘a Sheryl,’”
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              said
             </a>
             Marc Andreessen, the venture capitalist who sits on Facebook’s board.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Now, more than a decade into Sandberg’s tenure as Facebook’s C.O.O., there are signs that her influence has waned
             </span>
             , according to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a forthcoming book
             </a>
             , “An Ugly Truth: Inside Facebook’s Battle for Domination,” by Sheera Frenkel and Cecilia Kang, both reporters for The Times.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              In an excerpt published today
             </a>
             , Frenkel and Kang write that Zuckerberg and Sandberg’s working relationship weakened during the Trump presidency, a period in which the company faced controversies over its role in the spread of misinformation, Russian election interference, and the Capitol riots. Zuckerberg has elevated other key executives, while Sandberg’s influence in Washington, a key part of her role at Facebook, has faded.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Facebook is no longer led by a No. 1 and No. 2, but a No. 1 and many,
             </span>
             insiders told the authors.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Sandberg was disappointed with the 2016 election result, and her Democratic connections were less useful with Republicans in the White House. Zuckerberg, meanwhile, formed a friendly relationship with President Trump and began representing Facebook in Washington. Zuckerberg also took the lead on important content decisions. In 2019, after he made a speech defending Facebook’s stance against policing political speech, including a policy
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