Posted on 06/05/2021 8:12:53 AM PDT by BenLurkin
Biden's plan to pay for at least $1.4 billion [Trillion?] in new infrastructure spending hinges in large part on garnering backing for a global minimum tax on corporations that increases payments to the Treasury. Establishing a minimum rate could help discourage companies from shifting their profits to countries where they would pay less tax.
Saturday's agreement could help accelerate parallel tax negotiations among roughly 140 countries that are being led by the Organization for Economic Cooperation and Development.
Ireland, which has successfully recruited global companies -- including big US tech firms -- by offering a corporate tax rate of just 12.5%, is one country that has expressed significant reservations over the Biden proposal.
(Excerpt) Read more at cnn.com ...
Corporations are slowly getting the message that to be profitable, they must move off Earth.
This is unconstitutional because it’s essentially a treaty.
I’m going to take a wild guess and say that the in the G7 already have a corporate tax rate over the minimum China O’Biden was asking for. The fact that they support it is meaningless.
Better be some huge court cases NOW
Yes, They are all about control, power and money.
Joe doesn’t have any ideas. This proposal is straight from the Socialist Advisers who are running the country telling Joe what to do and think.
Well, duh. That would be good for governments and bad for their masters, the people, and G7 is goobermint reprehensibles, er, representatives, so yeah, I'm sure they do.
Just like how insurance companies like being told they no longer have to compete, and that the government will fine people for not buying the product. What's not to like (from an evil tyrant perspective)?
Or car companies, who originally argued against goobermint MAN-dated safety features, till they realized it actually represented more business for them to build that stuff in, and customers would henceforth not have the option of voting with their wallets.
Ain't crony/phony capitalism great (so long as you're not the customer)?
Old Joementia must spend his evenings listening to John Lennon sing Imagine on a continuous loop.
Yes, They are all about control, power and money.
***************
Those with power want to stay in power. And they want more of it. Its all about control.
Hmm. Wasn’t “Sealand” (an abandoned oil rig in the north sea off the UK) deemed a sovereign country?
What’s to keep someone from buying it, setting up a 1% corporate tax rate, and welcoming ALL corps who want to do business there, from doing it?
Obama’s Redistribution of Wealth is next
We are a sovereign nation beholden to noone else. This is highly unconstitutional. Our constitution was written to prevent us from ever being beholden to other nations for governance.
No, it’s not fascism. Next question?
I worked at Nike and they moved money all over the globe to take advantage of taxes. Seemed to me Trump was trying to make the USA a tax haven but this would eliminate that competition and incentive of governments to lower taxes. Greedy bureaucrats must get more...always more...more power...more money from those who actually earn it. A fight between the parasite and the host.
BiteMe’s plan?!
ROTF!!!
This is step one of a process of about 75 steps. This is the easiest of those steps.
Getting a bunch of countries whose tax base is being undermined by a few tax haven countries to agree on this is the easy part.
How do you get Ireland to raise their tax rate though?
How do you agree on what is taxable income? Every country has their favored industry that gets a lot of tax breaks. In this country it’s the oil, gas and coal industries, for example that we have decided are more equal than the others, but every country has their special favorites.
Congress has to write actual legislation and pass it, and all the other countries have to do the same. Congress you may have noticed can’t do anything.
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