[abc03]

There are rules for RoW and there are rules for the USA. Astonishing that the G7 falls in this trap again and again (for example Basel III). The US was a major driver in pillar 2 but won‘t adhere to it. Probably companies will restructure their organization to have two streams and exploit it. Despite GILTI, some US companies have low ETRs.

[miohtama]

A lot of success of Magnificent 7 companies is tax optimisation, not just productivity gains.

For example you can check Amazon effective tax rate here

https://csimarket.com/stocks/singleProfitabilityRatiosy.php?...

...or "Jeff Bezos did not get rich by paying taxes"

[refurb]

Productivity measures are calculated pre-tax.