Business

$1 trillion in unpaid corporate taxes sparks UN tussle on November 1, 2023 at 10:00 am Business News | The Hill

Published

2 years ago

November 1, 2023

The IRS is cracking down on domestic tax evasion by going after wealthy individuals and complex private partnerships, but some of the biggest tax evaders — U.S. multinational corporations — are still exploiting legal gray areas to stash money overseas and keep it out of the government’s reach.

Fed up with a stalled international effort at the Organization for Economic Cooperation and Development (OECD) to rein in the use of tax havens and put a global corporate minimum tax into force, African countries at the United Nations are now leading a charge for greater transparency and fairness in international tax.

$1 trillion a year lost to tax havens

In 2022, profits stowed in tax havens by giant companies totaled $1 trillion, amounting to about 35 percent of foreign profits, according to the EU Tax Observatory’s 2024 global tax evasion report, published this week.

“Foreign profits are the profits made by multinational companies outside of their headquarter country – they include, for instance, the profits booked by Apple outside of the United States, by BMW outside of Germany, and by Toyota outside of Japan. In 2022, according to the best available estimates, profits shifted to tax havens totaled $1 trillion globally,” the report’s researchers found.

“The corporate tax revenue losses caused by this shifting are significant, the equivalent of nearly 10 percent of corporate tax revenues collected globally,” they noted.

The findings back up a 2021 study by the U.K.-based International Centre for Tax and Development (ICTD) that found multinationals moved about $1 trillion to tax havens in 2016.

U.S. companies do more of this profit shifting compared to their international peers, both groups of researchers found, with about half of all U.S. foreign profits being slid into tax havens, as opposed to 30 percent for non-U.S. multinationals.

“[Multinational corporations] headquartered in the United States and Bermuda are the most aggressive at shifting profits towards tax havens, while [those] headquartered in India, China, Mexico and South Africa the least,” ICTD researchers found, calling out the Cayman Islands, Luxembourg, Bermuda, Hong Kong and the Netherlands as among “the most important tax havens.”

New push to track down tax dodges

Earlier this month, Nigeria filed a draft resolution at the General Assembly on behalf of the U.N.’s group of African states to set up an intergovernmental committee on global tax rules that could effectively supplant the rich countries in the OECD as the global coordinating tax authority.

The resolution stresses “the need for all countries to work together to eliminate tax evasion, tax base erosion and profit shifting, and to ensure that all taxpayers, including multinational companies, pay taxes to the governments of countries where economic activity occurs and value is created.”

Experts say the resolution could go to a vote in mid-November, building on the momentum of a similar resolution that passed by surprise consensus in the General Assembly at the end of last year.

That resolution resulted in a report from the secretary-general that recommended that the U.N. offered the most “viable path” for actually getting a global tax agreement signed, sealed and delivered.

“Enhancing the UN role in tax-norm shaping and rule setting, fully taking into account existing multilateral and international arrangements, appears the most viable path for making international tax cooperation fully inclusive and more effective,” the report found.

The EU bemoaned the U.N. push in September, warning of a duplication of efforts and wasted time.

“It could imply reopening negotiations, potentially on issues for which promising outcomes already exist,” the European Council said. “This would be time consuming for all jurisdictions.”

Pillar One sputters in Luxembourg

Moving money around to skimp on taxes takes a significant bite out of the domestic governmental revenues of countries where multinationals operate but pay minimal tax.

That is why experts say it’s no surprise that less well-off countries should be pushing for an alternative to the OECD’s hollowed out framework, known as Pillar One.

“Pillar One, which was supposed to deal with profit shifting, has now become very, very narrow, only addressing a small part of the profits of less than 100 multinationals. Everything else is left on the old rules, which we know don’t work,” Alex Cobham, economist and chief executive of the Tax Justice Network, an international tax advocacy organization, told The Hill.

“The instruments the OECD has put forward can’t come into effect unless the United States ratifies it, and we know that the United States doesn’t have political agreement to be able to ratify,” he said. “Pillar One is pretty much dead in the water.”

Treasury Secretary Janet Yellen said during a meeting of finance ministers in Luxembourg last week that the process of agreeing on Pillar One could drag on into next year.

“Much of the treaty has been agreed to. … There are some matters that are important to the United States and other countries that remain unresolved,” she told reporters, as reported by Politico.

The matters “need to be resolved before the treaty can be signed, so these processes will take into next year,” she said.

No market for ‘intangibles’

The entities actually doing the work of shifting profits internationally include the “big four” accounting firms, which are statistically correlated with the use of tax havens, according to research carried out in part by Cobham.

He and his fellow researchers found a “strong correlation and causal link between the size of an [multinational enterprise’s] tax haven network and their use of the Big 4,” comprising KPMG; Deloitte; Ernst and Young; and Price Waterhouse Coopers.

The growth rate of tax haven subsidiaries is 2.9 percent higher for multinationals that employ one of the big four to file accounts compared to those firms that do not, they found.

KPMG declined to comment on the findings. Ernst and Young, Price Waterhouse Coopers and Deloitte did not respond to request for comment for this story.

The current techniques of international tax avoidance really exploded in the early 1990s, Cobham said, when the big accounting firms started playing with transactions among company subsidiaries, which happen entirely inside a given legal structure and are not subject to market forces such as price discovery.

These techniques got more advanced when applied to “intangible assets,” such as brands and intellectual property, the true value of which is known only to its owner.

“They discovered intangibles. It’s very difficult for anybody to put a price on the Google brand being sold by Alphabet to a Google subsidiary. There is no open market for this. The transaction only happens within the multinational,” he said.

The United States Mission to the United Nations, the Nigerian Mission, and the White House declined to comment.

Business, Energy & Environment, International, News, Technology, african union, corporations, international tax, Nigeria, OECD, pillar one, tax evasion, United Nations, United Nations General Assembly The IRS is cracking down on domestic tax evasion by going after wealthy individuals and complex private partnerships, but some of the biggest tax evaders — U.S. multinational corporations — are still exploiting legal gray areas to stash money overseas and keep it out of the government’s reach. Fed up with a stalled international effort…

Business

Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

Published

1 month ago

October 23, 2025

Bolanle Media Staff

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.

Tech’s Iron Grip: ATS and AI Gatekeepers

Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.

AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.

The Experience Trap: Entry-Level Jobs Require Years

It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.

One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.

Burnout Before Day One

The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.

Cultural Collapse: From Relationships to Algorithms

What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.

AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.

The Ghost Job Phenomenon

Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.

Not Lazy—Just Locked Out

Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

What’s Next? Back to Human Connection

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.

Key Facts:

25% of Harvard MBAs unemployed, highest on record
Only 30% of 2025 grads nationwide have jobs in their field
Nearly half of grads feel unprepared for real work
Up to 50% of entry-level listings are “ghost jobs”
AI and ATS have replaced human judgment at most companies

If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.

This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

Business

Why 9 Million Americans Have Left

Published

2 months ago

October 8, 2025

Bolanle Media Staff

The Growing American Exodus

Nearly 9 million Americans now live outside the United States—a number that rivals the population of several states and signals a profound shift in how people view the American dream. This mass migration isn’t confined to retirees or the wealthy. Thanks to remote work, digital nomad visas, and mounting pressures at home, young professionals, families, and business owners are increasingly joining the ranks of expats.

Rising Costs and Shrinking Wallets

Living in the US has become increasingly expensive. Weekly grocery bills topping $300 are not uncommon, and everyday items like coffee and beef have surged in price over the last year. Rent, utilities, and other essentials also continue to climb, leaving many Americans to cut meals or put off purchases just to make ends meet. In contrast, life in countries like Mexico or Costa Rica often costs just 50–60% of what it does in the US—without sacrificing comfort or quality.

Health Care Concerns Drive Migration

America’s health care system is a major trigger for relocation. Despite the fact that the US spends more per person on health care than any other country, millions struggle to access affordable treatment. Over half of Americans admit to delaying medical care due to cost, with households earning below $40,000 seeing this rate jump to 63%. Many expats point to countries such as Spain or Thailand, where health care is both affordable and accessible, as a major draw.

Seeking Safety Abroad

Public safety issues—especially violent crime and gun-related incidents—have made many Americans feel unsafe, even in their own communities. The 2024 Global Peace Index documents a decline in North America’s safety ratings, while families in major cities often prioritize teaching their children to avoid gun violence over simple street safety. In many overseas destinations, newly arrived American families report a significant improvement in their sense of security and peace of mind.

Tax Burdens and Bureaucracy

US tax laws extend abroad, requiring expats to file annual returns and comply with complicated rules through acts such as FATCA. For some, the burden of global tax compliance is so great that thousands relinquish their US citizenship each year simply to escape the paperwork and scrutiny.

The Digital Nomad Revolution

Remote work has unlocked new pathways for Americans. Over a quarter of all paid workdays in the US are now fully remote, and more than 40 countries offer digital nomad visas for foreign professionals. Many Americans are leveraging this opportunity to maintain their US incomes while cutting costs and upgrading their quality of life abroad.

Conclusion: Redefining the Dream

The mass departure of nearly 9 million Americans reveals deep cracks in what was once considered the land of opportunity. Escalating costs, inaccessible healthcare, safety concerns, and relentless bureaucracy have spurred a global search for better options. For millions, the modern American dream is no longer tied to a white-picket fence, but found in newfound freedom beyond America’s borders.

Business

Will Theaters Crush Streaming in Hollywood’s Next Act?

Published

2 months ago

October 8, 2025

Bolanle Media Staff

Hollywood is bracing for a pivotal comeback, and for movie lovers, it’s the kind of shake-up that could redefine the very culture of cinema. With the freshly merged Paramount-Skydance shaking up its strategy, CEO David Ellison’s announcement doesn’t just signal a change—it reignites the passion for moviegoing that built the magic of Hollywood in the first place.

Theatrical Experience Roars Back

Fans and insiders alike have felt the itch for more event movies. For years, streaming promised endless options, but fragmented attention left many longing for communal spectacle. Now, with Paramount-Skydance tripling its film output for the big screen, it’s clear: studio leaders believe there’s no substitute for the lights, the hush before the opening credits, and the collective thrill of reacting to Hollywood’s latest blockbusters. Ellison’s pivot away from streaming exclusives taps deep into what unites cinephiles—the lived experience of cinema as art and event, not just content.

Industry Pulse: From Crisis to Renaissance

On the financial front, the numbers are as electrifying as any plot twist. After years of doubt, the box office is roaring. AMC, the world’s largest theater chain, reports a staggering 26% spike in moviegoer attendance and 36% revenue growth in Q2 2025. That kind of momentum hasn’t been seen since the heyday of summer tentpoles—and it’s not just about more tickets sold. AMC’s strategy—premium screens, with IMAX and Dolby Cinema, curated concessions, and branded collectibles—has turned every new release into an event, driving per-customer profits up nearly 50% compared to pre-pandemic norms.

Blockbusters Lead the Culture

Forget the gloom of endless streaming drops; when films like Top Gun: Maverick, Mission: Impossible, Minecraft, and surprise hits like Weapons and Freakier Friday draw crowds, the industry—and movie fans—sit up and take notice. Movie-themed collectibles and concession innovations, from Barbie’s iconic pink car popcorn holders to anniversary tie-ins, have made each screening a moment worth remembering, blending nostalgia and discovery. The focus: high-impact, shared audience experiences that streaming can’t replicate.

Streaming’s Limits and Studio Strategy

Yes, streaming is still surging, but the tide may be turning. The biggest franchises, and the biggest cultural events, happen when audiences come together for a theatrical release. Paramount-Skydance’s shift signals to rivals that premium storytelling and box office spectacle are again at the center of Hollywood value creation. The result is not just higher profits for exhibitors like AMC, but a rebirth of movie-going as the ultimate destination for fans hungry for connection and cinematic adventure.

Future Forecast: Culture, Community, and Blockbuster Dreams

As PwC and others warn that box office totals may take years to fully catch up, movie lovers and industry leaders alike are betting that exclusive theatrical runs, enhanced viewing experiences, and fan-driven engagement are the ingredients for long-term recovery—and a new golden age. The Paramount-Skydance play is more than a business move; it’s a rallying cry for the art of the theatrical event. Expect more big bets, more surprises, and—finally—a long-overdue renaissance for the silver screen.

For those who believe in the power of cinema, it’s a thrilling second act—and the best seat in the house might be front and center once again.