The EU could make Big Tech pay tax on its turnover

The European Commission has outlined a new plan that it thinks could make Silicon Valley pay its fair share.

The news:  Reuters reports that a new tax proposal would force any firm with global revenue over $920 million to pay 3 percent tax on EU revenues above $60 million.

But: The rules must be approved by EU lawmakers. It’s unclear if that will happen.

The idea: Many European nations think Big Tech pays too little tax. This is a measure to try to fix the problem, and would hit most of the biggest culprits—from Google and Apple to Uber and Airbnb.

Why it matters: International tech tensions are running high, and and the EU is bracing for a possible trade war with the US. This could further complicate matters.