Global minimum corporate tax

[IGotWorms 3,297]

Interesting idea. Theoretically I’d think the “America first” crowd would be in favor??

 

London (CNN Business)The Biden administration's ambitious plan to overhaul the global tax system is about to face a crucial test.

Treasury Secretary Janet Yellen heads to a meeting of Group of Seven finance ministers in London on Friday and Saturday looking to build support from many of the world's top economies — an important step in the administration's efforts to rewrite international tax rules and discourage American companies from booking earnings abroad. 

G7 finance ministers are expected to back the US plan during the summit, according to a Reuters report citing a US Treasury official. Washington's proposal will likely get a full endorsement when G7 leaders including President Joe Biden gather in the United Kingdom next week, the news agency reported.

Last month, the US Treasury proposed a global minimum tax of at least 15%, aiming to tackle an unwieldy international system rife with loopholes. Establishing a minimum rate could help discourage companies from shifting their profits to countries where they would pay less tax.

"With the global corporate minimum tax functionally set at zero today, there has been a race to the bottom on corporate taxes, undermining the United States' and other countries' ability to raise the revenue needed to make critical investments," the US Treasury said in a statement on May 20.

[Hardcore troubadour 12,552]

I’m good with it. Fock those woke a-holes. 

[Djgb13 2,338]

Seems ok to me  

[jerryskids 5,149]

My gut reaction is that I've always said that the government is 0 for 982734892 in attempts to tax the rich, because the rich have smarter and more motivated (higher paid) tax experts than the government to figure out how to minimize them.  I presume this is true for a corporation as well, so they'll figure out how to get around this.

That being said I don't know enough about it to say.  It's not clear to me how this all works. 

 

[titans&bucs&bearsohmy! 2,745]

I'm torn.

First of all, it won't work. It never does, and on a global level, it will be way to easy to hide earnings, bribe the right officials, etc.

Secondly... the US government spent $6.5 trillion last year, or around $21k per man woman and child in America.

And for what? What benefit did the citizenry get for that, besides a ridiculously bloated military?

We don't have a revenue problem. We have a spending problem.  Money given to the government might as well be set on fire. 

[Utilit99 4,099]

35 minutes ago, titans&bucs&bearsohmy! said:

I'm torn.

First of all, it won't work. It never does, and on a global level, it will be way to easy to hide earnings, bribe the right officials, etc.

Secondly... the US government spent $6.5 trillion last year, or around $21k per man woman and child in America.

And for what? What benefit did the citizenry get for that, besides a ridiculously bloated military?

We don't have a revenue problem. We have a spending problem.  Money given to the government might as well be set on fire. 

All I want the federal government to do for the most part is to pay for the military. 'Bloated', 'biggest', 'stongest', 'smartest'...whatever you want to call it. Maybe clean up the trash in the streets, maybe emergency relief, whatever. That's what taxes should be slated for. But overall, that's never gonna happen it seems. Especially with liberals in office.

Hell, big tech makes enough money to take care of their own shlt, I don't want my money going to them in the form of taxes. I also don't want my money going to other countries until this country is debt free. 

Close the focking borders, lower taxes to simply cover what I said before, get rid of national debt, and stop using the people as a tool for their power plays.

[5-Points 2,715]

Or, make the taxes here in the US more reasonable so there is less incentive to jump through hoops to avoid paying them. 

Another instance of the left changing the rules mid-game because they don't like how the other side is playing within the rules. 

How did President Trump get all those companies to bring their money and jobs back to America? He used the carrot whereas Biden wants to use the stick. 

[Alias Detective 1,177]

I’m sure all will follow suit. Bwahahahah
 

 

[TimmySmith 2,782]

So the Politicians want us to think they just taxed their bosses.   Maybe worms will understand now, the danger of a Senators crackhead son on the board of a major corporation.  The middle class may have just gotten eliminated.  

[fandandy 3,311]

9 hours ago, titans&bucs&bearsohmy! said:

I'm torn.

First of all, it won't work. It never does, and on a global level, it will be way to easy to hide earnings, bribe the right officials, etc.

Secondly... the US government spent $6.5 trillion last year, or around $21k per man woman and child in America.

And for what? What benefit did the citizenry get for that, besides a ridiculously bloated military?

We don't have a revenue problem. We have a spending problem.  Money given to the government might as well be set on fire. 

Agree with this.  Our government, both sides of the aisle, is so damn corrupt and incompetent it's sickening.  I also think these global corporations are getting too powerful and need to be reigned in.  In a perfect world, our government is supposed to be by the people and for the people.  Corporations are not for us at all.  Fock em.  I'm all for making them pay more.  

And if in the end, the cost all trickles down to the consumer, so be it.  Maybe we will stop buying so much throwaway Chinese garbage and stop being so damn wasteful.

[TimmySmith 2,782]

2 minutes ago, fandandy said:

Agree with this.  Our government, both sides of the aisle, is so damn corrupt and incompetent it's sickening.  I also think these global corporations are getting too powerful and need to be reigned in.  In a perfect world, our government is supposed to be by the people and for the people.  Corporations are not for us at all.  Fock em.  I'm all for making them pay more.  

And if in the end, the cost all trickles down to the consumer, so be it.  Maybe we will stop buying so much throwaway Chinese garbage and stop being so damn wasteful.

 Where do you think the existing rules for corporations came from. All agreed between them and government.  This is another agreement. And If corporations 15% doesn't keep Pelosi in private jets, it will soon be 20%. And it will still come from the same place, us.  

[RaiderHaters Revenge 3,563]

Nope America first here

im against taxation period

[Frozenbeernuts 1,652]

6 hours ago, RaiderHaters Revenge said:

Nope America first here

im against taxation period

We should have 0 taxes?

[Utilit99 4,099]

2 minutes ago, Frozenbeernuts said:

We should have 0 taxes?

Sales tax only. Higher on luxury items, less on needs. 

[RaiderHaters Revenge 3,563]

1 hour ago, Frozenbeernuts said:

We should have 0 taxes?

yep we should have income tax

if a state like texas can get by with ZERO income tax why cant every state

I would be ok with a minimal flat rate for federal taxes, to fund military and protect our borders but thats about it

 

[JustinCharge 2,397]

In reality, the liberal Western nations would hike taxes on themselves, while Russia / China / India etc would keep them low, resulting in a brain drain to the east and pushing the east towards free market capitalism while the West sinks into second and third world status as they pull away from free market capitalism.

[Frozenbeernuts 1,652]

1 hour ago, RaiderHaters Revenge said:

yep we should have income tax

if a state like texas can get by with ZERO income tax why cant every state

I would be ok with a minimal flat rate for federal taxes, to fund military and protect our borders but thats about it

 

What about roads?

[RaiderHaters Revenge 3,563]

1 hour ago, Frozenbeernuts said:

What about roads?

You can figure out something for infrastructure. Also I believe in local city taxes as well

[Dizkneelande 839]

The corporate tax is bullsheet. If they raised it to 40% it would generate enough revenue to fund the government for an additional week. It should be zero 

[Voltaire 4,550]

1 hour ago, Dizkneelande said:

The corporate tax is bullsheet. If they raised it to 40% it would generate enough revenue to fund the government for an additional week. It should be zero 

It is zero. They argue about whether it should be 38% or 21% or raise it to 25%.... it's effectively zero. They have one set of numbers they tell their investors.... "we made $22 billion last year," they have another set of numbers they tell the IRS ""we lost money last year" and both numbers are accurate. Any quality accountant knows the tricks to finagle that around and for decades (pre-Trump) the corporations owned the establishment politicians in both parties who happily provide the very loopholes needed to make that so.

Now, I support the Biden* proposal in theory, but I also recognize that it's unworkable. There are 200+ countries in the planet that all need to get on board with it to make it air tight. It's a hard lift, because these are globalist organizations with globalist managers. They are only out to make a buck, they have no local loyalties, and they don't give a fock about any individual countries or the people that live in them. If Biden* can't get every country on board, if he can't get full 100% compliance, if just one holds out, 90% of these corporations will relocate to Burkina Faso or whereever the fock they have to in order to avoid this tax plan.