-- Canadian Prime Minister Justin Trudeau’s government has authorized the implementation of a digital-services tax on large foreign technology companies, despite warnings of trade retaliation from the US.Biden’s Fourth of July Shrouded by Pressure to Drop 2024 BidA government notice posted online indicated the tax came into effect as of June 28. It will apply for calendar year 2024, with that first year covering taxable revenues earned since Jan. 1, 2022.
Finance Minister Chrystia Freeland had said Canada would not enact the tax if a global tax treaty through the Organization for Economic Co-operation and Development is implemented, but so far that treaty has not been ratified by the US. Canada has been engaged in bilateral conversations with the US and remains confident a “win-win” outcome can be reached, she said, without specifying exactly what such a deal would look like.The levy “will not only make life more expensive for Canadian families, businesses and workers, but it will significantly harm our relationship with the United States,” Robin Guy, vice-president of the Canadian Chamber of Commerce, said in a statement.
Canada’s parliamentary budget officer has estimated the tax would raise about C$7.2 billion over five fiscal years.Obama Privately Goes Shaky After Offering to Prop Up Biden Donald Trump delivered a brutal assessment of Joe Biden’s performance against him in last week’s presidential debate, calling the president a “broken-down pile of crap” teetering on the verge of “quitting the race” in a video provided by a source to The Daily Beast.“He just quit, you know—he’s quitting the race,” Trump says, sitting in a golf cart. “I got him out of the—and that means we have Kamala.
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