Posted on 04/05/2021 9:55:42 AM PDT by RandFan
Janet Yellen will use her first major address as Treasury secretary to argue for a global minimum corporate tax rate, Axios has learned, as she makes the case for President Biden’s plan to raise U.S. corporate taxes to fund his $2 trillion+ infrastructure plan.
Why it matters: Convincing other countries to impose a global minimum tax would reduce the likelihood of companies relocating offshore, as Biden seeks to increase the corporate rate from 21% to 28%.
“Competitiveness is about more than how U.S.-headquartered companies fare against other companies in global merger and acquisition bids,” Yellen will say today in a speech to the Chicago Council on Global Affairs, according to an excerpt of her prepared remarks obtained by Axios.
"It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government."
"We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom."
The big picture: President Trump lowered the U.S. rate from 35% to 21%, arguing that U.S. companies were at a global disadvantage and were being incentivized to relocate offshore.
(Excerpt) Read more at axios.com ...
And you thought those who believed in conspiracies were kooks?
Of course, most of the US is in the top 1% worldwide, so buckle in for the 40% rate.
Global minimum tax on corporations, but it has to be divided among the poorest countries first. Right?
Keep it coming. Either people will tire of it, or I can enjoy watching them get hammered by oppressive government.
Corporations pay $0 dollars in taxes and never have and never will. It is called the cost of doing business and the consumer pays .... not the corporation .....
They start with corporations, then go after individuals.
As a Rand fan I presume you have a bit of libertarian streak in you. So you realize how stupid and futile this is just from a practical standpoint.
Let’s not even start looking at Panama’s Mossack Fonseca. Just look at the concept. Keep money moving, spread profits around. Nothing to find, nothing to tax.
Corporations don’t pay taxes.
They collect them.
Dammit, Janet!
Who does she think she is?
Undoubtedly China will be all in to kneecap their own corporations by leveling the playing field with US companies.
Riiiiight...
Is there another Earth-like planet we can transport to?
What? Are we going to invade countries that don’t abide by this?
Globalism at its finest. Thanks Bilderburgers, Tri-Laterals, Davos gang and all the other groups trying to tear down borders for profit and power. The world has seen slavery and has seen freedom. Which will they choose?
This has been in the works for a long time.
There is no bad idea that a clueless leftist (but I repeat myself) will not embrace.
And the cadre of clowns currently in the Biden (mis)administration would struggle to reach double digits if they summed their miserable IQs.
I trust that we will hold them responsible for the damage that is sure to come. There ARE things for which the death penalty is not too severe. Not kidding.
What are the realistic odds that she will be successful?
Only GOD is holding back the final reset...
GLOBAL GOVERNMENT
The Biden coup must be seriously addressed in a way which The Tree of Liberty would appreciate the most. The Biden Junta is hellbent on destroying not only all which is good in America, but they flat out just want to destroy America itself.
I can just see Saudi Arabia being fine with paying a tax because a geriatric Jewish female said so...
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