Tariffs War: EU ready to hit big US tech firms with 3% turnover tax

Large digital companies with significant revenues in the European Union such as Google and Facebook could face a 3% tax on their turnover under a draft proposal by the European Commission.

The proposal, expected to be adopted next week and still subject to changes, updates an earlier draft which envisaged a tax rate of between 1 and 5%.

The tax, if backed by EU states and lawmakers, would only apply to large firms with annual worldwide revenues above €750 million ($924 million) and annual “taxable” revenues above €50 million in the EU.

The threshold for EU revenues has been raised from €10 million initially foreseen to exempt smaller companies and emerging start-ups from the tax.

Large US firms such as Uber, Airbnb and Amazon could also be hit by the new levy, which would apply across the 28 EU countries.

Read more: EU ready to hit big US tech firms with 3% turnover tax – EURACTIV.com

USA: Wall Street Volatility: the US economy is not as good as we are being told

You wonder why there is so much commotion about the Wall Street drop. It should not take all these economic wizards to figure out, that with the approved Trump Republican budget, which has cut taxes on one side and greatly increased expenditures on the other side for the Military, Infrastructure, the Mexican Wall, etc., etc., the National US deficit can only increase from what it already is.

One minus one is still a big 0 not 2. Indeed, regardless of all these creative words used by Wall Street, like "versatility", "correction", "volatility", "fundamentals", the US economy is not in good shape,whatever we "the people" are being told.

EU-Digest