That the European want to tax Big Tech a great deal more is true. That international tax law has already been changed means that it’s not going to make that much difference to the tech companies. As I explain elsewhere:
Trying to entirely dodge the UK tax system no longer works. There’s also all that political pressure to be paying more. The thing is, that deductibility of foreign taxes paid is still there. As far as Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is concerned now, it’s going to have to pay taxes somewhere. Might as well pay more to the UK for that bill is then a deductible against the American one. Sure, this is all a bit long-winded, but it’s necessary to get to the point. Only when that background is understood can we consider the effects on investing in Big Tech of that movement toward higher taxation of those varied companies. Which is, that movement to gain more tax isn’t going to have much effect. We don’t really have to worry about what the rest of the world does, it’s all already taken care of in the revisions to the US tax code. Trump’s changes mean that the foreign profits of US corporations are already taxed whatever. So, a rise in European taxation of such profits leaves the companies just the same – the deductibility of foreign taxes means little or no change in the total taxation bill.
All that effort from the tax campaigners and what was actually needed was to just elect the Orange Man Bad.