FT News Briefing EU to go after low-tax countries, California rolls back reopening plans, European summer tourism
Jul 14, 2020
Brussels plans to take action against low-tax member states, aiming to tackle corporate tax advantages. Meanwhile, California faces a setback with renewed COVID-19 concerns leading to halted reopening plans. The battle against a controversial Trump-era rule affecting foreign students heats up, and the podcast dives into the impact of the pandemic on European summer tourism. Finally, it highlights the crucial role of American tourists in Europe's economy and the struggles of the tourism sector amidst changing travel dynamics.
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EU Tax Crackdown
- The EU plans to target low-tax member states like the Netherlands and Ireland for their advantageous corporate tax regimes.
- This initiative follows pressure to crack down on sweetheart tax deals after the pandemic.
California Reversal
- California rolled back reopening plans, closing bars, restaurants, and other businesses.
- This comes amid a surge in COVID-19 cases, similar to reversals in Arizona and Texas.
Masks and the Economy
- Robert Kaplan, president of the Dallas Fed, suggests that public health measures impact economic recovery.
- He emphasizes that mask-wearing could significantly boost GDP and lower unemployment.