Posted on 04/07/2021 5:08:29 AM PDT by MtnClimber
It is now blatantly obvious that Janet Yellen, former Federal Reserve chair and now the U. S. Treasury Secretary, is a globalist who wants to impose financial rules upon all the nations of the world when it comes to corporate income taxes.
In a nutshell, she is proposing that there be a fixed corporate income tax worldwide. The real question is: does she have the financial clout to force all nations to agree and go along?
The reality is that Amazon pays no corporate income tax in the United States, due to tax loopholes. If forced to pay the Biden 28% corporate income tax, Amazon would quickly switch its home base to Ireland like Apple did to pay minimum taxes or it would pick another stable country to operate out of with an even smaller corporate income tax rate. It may still keep its loopholes as the rest of us pay the 28%, given that this is Joe Biden. But if it doesn't, it will have plenty of countries to choose from.
According to the Tax Foundation:
The worldwide average statutory corporate income tax rate, measured across 177 jurisdictions, is 23.85 percent. When weighted by GDP, the average statutory rate is 25.85 percent.
Europe has the lowest regional average rate, at 19.99 percent (24.61 percent when weighted by GDP). Conversely, Africa has the highest regional average statutory rate, at 28.50 percent (28.16 percent weighted by GDP).
The average top corporate rate among EU27 countries is 21.47 percent, 23.51 percent in OECD countries, and 24 percent in the G7.
Money has no allegiance to any country and roams international borders at will. And Europe, too, has tax loopholes.
(Excerpt) Read more at americanthinker.com ...
If there is a “Great Reset” then Yellen and her ilk may find themselves expendable.
What Janet Yellen’s global corporate income tax proposal means
It really means that she’s out of her eFFing mind. Just like the rest of the losers in the regime. 🐂💩
It means One World Government which would take all that the USA has ever produced and give it to basket-case unproductive countries.
Dumber than dirt and not as useful.
Europe has the lowest corporate tax rate?? That will come as a big surprise to my European colleagues. I’ve seen no evidence that it’s lower.
Must be some very small countries that are bringing down the average. It’s very high in Germany and France.
“The reality is that Amazon pays no corporate income tax in the United States, due to tax loopholes.”
Stopped reading at the stupid line above. Any writer of a financial article who can’t understand there is no such thing as a “tax loophole” certainly should not be published by a site claiming the name “Thinker” in its masthead. Tax loopholes no more exist than do “gun-show loopholes” claimed by control freaks who would remove liberty in the name of safety.
Look at the authors name....
Looks like the scientific name for a fungus.
From Forbes:
First, a quick look at Amazon’s financial statements shows it does pay taxes. In 2017, Amazon paid close to $1 billion in income tax. In 2018, the amount jumped to $1.18 billion, accounting for local, state, and international taxes.
In the last few years Amazon has invested in new headquarters facilities, expanding warehouses and improving delivery. They may not pay corporate income taxes after these expansion expenses, but they generated massive economic activity which paid wages and resulted in income taxes. And why is everything just viewed as sheep to be sheared for the benefit of crooked and inefficient government?
“And why is everything just viewed as sheep to be sheared for the benefit of crooked and inefficient government?”
You certainly know how to get right down to the nut-cutting, don’t you?? :-) Two thumbs up and dittoes all around!
LOL!!
Amazon, also, has not paid a shareholder dividend for 22 years.
They reinvest 100% of their free cash flow, year after year.
That is not a loophole.
It is often a good business plan, but, since the P/E ratio of Amazon stock is 78, reasonable minds may disagree.
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