Fiscal policy
Use of government revenue collection and expenditure to influence a country's economy
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| January 2025 |
Global minimum corporate tax rate
President Donald Trump, during his second term, issued an Executive Order effectively withdrawing the United States from the global tax deal.
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| January 1 2025 |
Global minimum corporate tax rate
Malaysia, Singapore, and Thailand implemented global minimum corporate tax rate.
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| 2024 | U.S. gross general government debt reached $34 trillion. |
| April 1 2024 |
Global minimum corporate tax rate
Japan implemented global minimum corporate tax rate.
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| January 1 2024 |
Global minimum corporate tax rate
Several countries implemented global minimum corporate tax rate, including Australia, Austria, Bulgaria, Hungary, Liechtenstein, South Korea.
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| 2023 |
Global minimum corporate tax rate
The UN economic and finance committee voted to draft a UN Framework Convention on International Tax Cooperation in response to criticisms from African countries and the G77 bloc about the OECD-led minimum corporate tax rate.
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| December 31 2023 |
Global minimum corporate tax rate
Multiple countries implemented global minimum corporate tax rate, including Belgium, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Romania, Slovakia (partial), Slovenia, Sweden, Switzerland (partial), and United Kingdom.
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| December 22 2023 |
Global minimum corporate tax rate
Swiss Federal Council decided to apply the Global minimum tax from 1 January 2024.
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| October 2023 |
Global minimum corporate tax rate
Subject-to-Tax Rule (STTR) documentation was set to be open for signature.
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| July 2023 |
Global minimum corporate tax rate
138 countries agreed to move forward with the tax reform and committed to signing the multilateral convention in the same year, with the convention expected to enter into force in 2025.
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| June 2023 |
Global minimum corporate tax rate
Reuters analysis suggested the global tax deal was at risk due to US domestic political disputes.
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| June 18 2023 |
Global minimum corporate tax rate
Switzerland approved a constitutional amendment through popular vote, giving the Federal Council authority to implement minimum taxation by ordinance.
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| February 2 2023 |
Global minimum corporate tax rate
OECD released technical guidelines for global minimum tax implementation, providing guidance on Global Anti-Base Erosion (GloBE) Rules, including recognition of US minimum tax and design of Qualified Domestic Minimum Top-up Taxes.
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| July 2022 |
Carbon fee and dividend
Austria implemented a carbon tax and dividend system, with a carbon tax rate of €35 per ton of CO2 equivalent, providing an annual €100 to €200 climate bonus to residents based on location and public transport access.
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| April 2022 |
Carbon fee and dividend
Canada changed Climate Action Incentive payments to be distributed quarterly in cash (by cheque or direct deposit) to households in participating provinces and territories.
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| 2021 |
Carbon fee and dividend
A comprehensive study examined carbon dividend implementations in Canada and Switzerland, revealing that announcing fund returns to the public did not significantly improve the policy's popularity, and potentially increased opposition among Canadian conservatives.
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| October 8 2021 |
Global minimum corporate tax rate
EU members Republic of Ireland, Hungary, and Estonia agreed to the OECD plan, with the condition that the 15% tax rate will not be raised. The Statement on a Two-Pillar Solution was approved by 137 countries total, pending parliamentary approvals.
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| July 1 2021 |
Global minimum corporate tax rate
130 countries backed the OECD plan to set a global minimum corporate tax rate of 15 percent.
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| June 2021 |
Global minimum corporate tax rate
Group of Seven finance ministers endorsed a global minimum corporate tax rate of at least 15% on the 100 largest multinational companies, with French Finance Minister Bruno Le Maire describing the 15% as a potential starting point.
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| June 13 2021 |
Carbon fee and dividend
A public referendum in Switzerland rejected proposed laws to expand the carbon tax to the transport sector and increase the tax rate from CHF 120 to CHF 210 per ton by 2030, with 51.6% voting against the proposal.
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| April 2021 |
Global minimum corporate tax rate
Janet Yellen, US Treasury Secretary, agreed with the Franco-German proposal for a global minimum corporate tax rate.
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| January 2021 |
Carbon fee and dividend
Henry Jacoby, an Emeritus professor from MIT, published an article in the Guardian reviewing common concerns about carbon fee and dividend, addressing taxation stigma and public perception.
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| 2020 |
Global minimum corporate tax rate
The OECD/G20 Inclusive Framework group, with 137 member states, called the Pillar Two blueprint a 'solid basis for a systemic solution' to address base erosion and profit shifting challenges. The United States joined the tax talks during this year.
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| 2020 | Global government debt reached $87.4 trillion, accounting for almost 40% of total debt - the highest share since the 1960s, further influenced by COVID-19 recession stimulus measures. |
| 2020 | COVID-19 recession contributes to further increase in global government debt. |
| 2020 | Global government debt reaches $87.4 trillion, accounting for 99% of gross domestic product and almost 40% of total debt, the highest share since the 1960s. |
| 2019 |
Carbon fee and dividend
A survey of 1,050 Swiss residents revealed low awareness of the carbon tax dividend, with only 11.8% aware that most funds are redistributed to residents and businesses, and 14.7% aware of receiving the dividend via health insurance bill discount.
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| 2019 |
American Recovery and Reinvestment Act of 2009
A study published in the American Economic Journal concluded that the American Recovery and Reinvestment Act had a positive impact on the US economy, though the impact would have been more significant if the stimulus had been implemented more quickly and frontloaded.
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| July 25 2019 |
Carbon fee and dividend
The Climate Action Rebate Act was introduced in the Senate by Democrats Chris Coons and Dianne Feinstein, and in the House of Representatives by Democrat Jimmy Panetta, proposing a carbon fee with revenue split between dividends, infrastructure, research, and transition assistance.
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| May 2019 |
Global minimum corporate tax rate
Germany and France published a joint proposal for a global minimum effective tax rate named Pillar Two, aimed at stopping the race to the bottom in corporate taxation. Olaf Scholz, then-German Federal Minister of Finance, emphasized fair taxation of companies as a key priority.
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| May 6 2019 |
Carbon fee and dividend
A European Citizens' Initiative petition was launched requesting the introduction of Climate Income in the European Union, aiming to collect 1 million signatures to prompt potential legislative consideration by the European Commission.
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| April 2019 |
Carbon fee and dividend
Canada introduced the Federal Fuel Charge, starting at CAD $20 per ton of CO2 equivalent, with Climate Action Incentive payments initially made annually via federal income tax credits.
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| January 24 2019 |
Carbon fee and dividend
The Energy Innovation and Carbon Dividend Act was reintroduced in the House of Representatives during the first session of the 116th Congress, with Democrat Ted Deutch as lead sponsor and Republican Francis Rooney as cosponsor.
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| 2018 |
Carbon fee and dividend
Swiss carbon tax reached its rate of CHF 96 per ton of CO2 equivalent after periodic increases since its introduction.
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| 2018 | Annual reports from U.S. Social Security and Medicare trust funds revealed Medicare faces $37 trillion unfunded liability over the next 75 years, and Social Security faces $13 trillion unfunded liability. |
| 2018 | Global government debt reached $66 trillion, equivalent to about 80% of global GDP. |
| 2016 | U.S. state and local government debt reached $3 trillion, with an additional $5 trillion in unfunded liabilities. |
| September 1 2016 |
Carbon fee and dividend
California Assembly Joint Resolution 43 was filed, urging the United States Congress to enact a revenue-neutral carbon tax with proceeds going to American households.
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| July 16 2015 |
Carbon fee and dividend
Democratic Congressman John B. Larson introduced H.R. 3104, the 'America's Energy Security Trust Fund Act of 2015', a bill partly inspired by the Fee and Dividend structure that includes a steadily rising carbon price.
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| February 2015 |
American Recovery and Reinvestment Act of 2009
CBO releases final six-year analysis of the American Recovery and Reinvestment Act, finding significant economic impacts including GDP boost ranging from 1.7% to 9.2% and unemployment rate reduction between 1.1 and 4.8 percentage points.
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| 2014 | International Monetary Fund published the Government Finance Statistics Manual (GFSM), which established recommended methodologies for compiling international debt statistics to ensure comparability. |
| 2011 | A follow-up survey of 568 AEA members showed that the previous consensus about leaving business cycle management to the Federal Reserve had dissolved, with opinions becoming more evenly divided. |
| 2010 |
American Recovery and Reinvestment Act of 2009
Republicans won the House of Representatives in the midterm elections, a political shift potentially influenced by the contentious response to the stimulus package and the emergence of the Tea Party movement.
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| 2010 | European Commission mandated EU Member Countries to publish debt information using a standardized methodology, requiring disclosure of previously hidden debts to meet local and European Stability and Growth Pact requirements. |
This contents of the box above is based on material from the Wikipedia articles Global minimum corporate tax rate, Carbon fee and dividend, Government debt, Fiscal policy & American Recovery and Reinvestment Act of 2009, which are released under the Creative Commons Attribution-ShareAlike 4.0 International License.