The leaders of the Group of Seven, or G7, have reached an agreement to set a minimum corporate tax rate of 15%. This was a major wish for the Biden Administration, namely, to stop the “race-to-the-bottom.”
The U.S. and U.K. have been losing businesses to countries with the lowest corporate tax rate. They had been asking other nations to agree to a minimum rate to level the playing field. The rate would apply to businesses in Canada, France, Germany, Italy, Japan, the U.S. and the UK.
G7 leaders will meet later this week. When a formal tax agreement is reached, it will set the stage for the 135 other countries that will meet for the G20 in July to follow suit.
Even though a global agreement was what President Biden and Treasury Secretary Janet Yellen wanted, 15% was not their ideal number. The U.S. was hoping for a minimum rate of 21% but that was never going to fly.
Gold Becomes a Tier 1 Asset
On June 28th gold and silver will officially become tier 1 assets. That means that the world's central banks now recognize gold as a risk-free asset and it will become more expensive to buy and sell unallocated gold.
You've heard us warn you about the US Dollar. Inflation is here and rising. That's why smart investors are making sure their money is preserved with Gold. It's worked for 4,000 years!
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El Salvador may be the first country to adopt bitcoin as the legal tender due to a new bill. This means that it will be accepted for payment of debt. The U.S. dollar is also accepted in El Salvador.
Why would a country where 70% of the population does not have a bank account adopt a cryptocurrency? Because digital wallets are easier for the underbanked to use than normal banking products.
Consider how the United Nations used crypto to give Syrian refugees money to spend in camps starting in 2017. They could not use credit cards that could be stolen. They could use fee-based bank accounts. They gave refugees cryptocurrency connected to iris scanners and it worked beautifully.
World banking does not serve underprivileged people like digital currency can and 20% of El Salvador’s gross domestic product is from money sent home from migrant workers in other countries. Sending that money back can be expensive and timely. Cryptocurrency would allow these transfers to be faster and safer.
President Nayib Bukele also announced the country’s partnership with Strike, a digital wallet.
Pilotproject Grundeinkommen. That is German for “Basic Income Pilot Project.” This will be tested in Germany starting tomorrow.
A group of 122 people will receive €1,200 per month for three years. This money will not be taxed.
This is not a program just for people in poverty. Participants can work as much as they want and earn far more than this amount for themselves. They did not have to prove hardship to enter. They were randomly chosen from 1.5 million applicants.
This is a social experiment from a group that believes that unconditional income would solve many societal problems. They assume that people will be more “creative and become freer and happier if they don’t constantly face the pressure to earn enough money to get by.”
The money for this project comes from private donors, not the German government.
50%. That is the approximate percentage of Americans that think that dinosaurs are still alive somewhere on Earth.
54. That is how many lambs have been killed by bald eagles in Idaho. The farmer originally thought the lambs were being killed by pellet guns until he witnessed an attack. The man did not kill the eagles given the $100,000 fine for doing so. He wisely moved his flock in for now.
12. That is how many stingrays died all at once at a zoo in Tampa and experts have no idea why. Zoo staff said that conditions in the tank were optimal and no tests have shown a cause of death.
450. That is how many counts of animal cruelty a Pennsylvania man was charged with after a rescue organization seized over 400 animals from his farm. Many more animals were found dead or beyond saving.
Today's Live Show
MORNING INVEST LIVE
Join us on today's live morning show. It was a wild weekend for investors we'll look at the week ahead. The G7 nations agree to a global minimum tax. Apple holds its biggest event of the year. Will we see new hardware? Click here to RSVP and I'll see you at 9 AM Eastern.
Two ladies redesigned the Porta Potty because they were tired of waiting so long to go at music festivals.
The Peequal is a women's urinal that is an adaptation of the good old hole in the ground. It is semi-private with open pathways so you don’t have to touch anything. They claim that it is six times faster to use than the typical outdoor loo.
“It's designed like a boat to minimise splash back and also to have a little place for your clothing in front,” one of the founders told the BBC.
When the ladies' graduate school asked them to solve a real-world problem, this is what came to mind. They interviewed 2,000 women in pubs around the UK, who all agreed that waiting for long bathroom lines was a soul-sucking real-world problem.
Police forces in the U.S. are starting to use an electric lasso device called the BolaWrap.
This is a handheld device that uses gunpowder to shoot a Kevlar cord at a person from a distance and wrap them up like a steer. It can catch people at a distance of 10-25 feet.
The manufacturers say that this is a way for police to apprehend suspects without the “use of force.” They call it a “de-escalation tool.” It is not intended “to inflict pain” on suspects and the company says that it will not hurt suspects’ bare skin if they are not wearing clothing where they are caught.
The company says that over 500 police agencies are experimenting or training with the device. They feature real-world bodyguard videos on their site here.
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