Sep 21, 2017

EU cracks down on Silicon Valley with new tax proposals

Kirsty Wigglesworth / AP

The European Union wants to raise taxes for some of the biggest U.S. tech companies, like Amazon, Google and Facebook, in an effort to open up competition to other businesses that service over 500 million EU customers. In a proposal laid out Thursday, EU regulators said international tax laws are outdated and suggested they would put forward new mandates if a rewrite of the international tax code didn't happen by next spring.

Why it matters: The absence of regulation to curb the dominance of tech giants has enabled them to grow so big that just a few companies own the majority of digital advertising and e-commerce revenue globally. European regulators have been far more aggressive in policing technology companies than the U.S. government and has issued several antitrust penalties, including a $2.7 billion fine against Google earlier this year.

Recommendations: EU regulators recommended several options, including an "equalization" tax, on digital revenue and a "withholding" tax on digital transactions of goods and services to companies outside of the EU.

In response, the technology industry trade group ITI released a statement urging the EU to ensure its policymaking "is consistent with the larger multilateral cooperation" and urging US lawmakers to modernize the U.S. tax code by passing pro-growth tax reform.

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World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Japan is preparing a second coronavirus stimulus package worth $1.1 trillion, or about 40% of the country's gross domestic product, Reuters first reported Tuesday night.

Zoom in: The new measure will be funded by government bonds and will include "a raft of loan guarantees and private sector contributions," per Bloomberg.

Coronavirus dashboard

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  1. Global: Total confirmed cases as of 1:00 a.m. ET: 5,591,067 — Total deaths: 350,458 — Total recoveries — 2,287,152Map.
  2. U.S.: Total confirmed cases as of 1:00 a.m. ET: 1,681,212 — Total deaths: 98,916 — Total recoveries: 384,902 — Total tested: 14,907,041Map.
  3. Federal response: DOJ investigates meatpacking industry over soaring beef pricesMike Pence's press secretary returns to work.
  4. Congress: House Republicans to sue Nancy Pelosi in effort to block proxy voting.
  5. Business: How the new workplace could leave parents behind.
  6. Tech: Twitter fact-checks Trump's tweets about mail-in voting for first timeGoogle to open offices July 6 for 10% of workers.
  7. Public health: Coronavirus antibodies could give "short-term immunity," CDC says, but more data is neededCDC releases guidance on when you can be around others after contracting the virus.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 23 mins ago - Politics & Policy

Minneapolis unrest as hundreds protest death of George Floyd

Tear gas is fired as police clash with protesters demonstrating against the death of George Floyd outside the 3rd Precinct Police Precinct in Minneapolis, Minnesota, on Tuesday. Photo: Stephen Maturen/Getty Images

Minneapolis police used tear gas during clashes with protesters demanding justice Tuesday night for George Floyd, an African American who died in police custody, according to multiple news reports.

Driving the news: The FBI is investigating Floyd's death after video emerged of a Minneapolis police officer kneeling on his neck for several minutes, ignoring protests that he couldn't breathe. Hundreds of protesters attended the demonstration at the intersection where Floyd died, per the Guardian.