Posted on 04/12/2021 6:21:41 AM PDT by BlackAdderess
BRUSSELS (Reuters) - The European Commission backed on Tuesday a call from U.S. Treasury Secretary Janet Yellen for a global minimum corporate tax, but said its rate should be decided in talks in the Organisation for Economic Cooperation and Development (OECD).
Yellen said on Monday she was working with G20 countries to agree on a global corporate minimum tax rate to end a "thirty-year race to the bottom on corporate tax rates".
(Excerpt) Read more at reuters.com ...
Time to set up your own tax haven country. You will be richer than the dreams of avarice!
Like Military power? As in, locate here or else?
i suspect this would become a windfall for those nations willing to buck the trend, like say China for instance.
Probably not. If this happens the party is about to end for places like Ireland.
I’m for operating sole proprietorships and have all contracts specify by mutual agreement any legal interaction must occur under English Common Law but only as it existed among the colonies at the time they became free states.
They are 25% officially, but I’ve heard there is some sort of kickbacks going on. It sounds like there could be pushback on that sort of thing too. What do you want to bet it ends in tariffs, and Trump is proven right?!
Excuse me, but the US did not call for global corporate tax!
U.S. Treasury Secretary Janet Yellen is a mindless twit, put in charge by an even bigger mindless twit. She does not speak for the USA internationally. This is a stupid idea, pushed by a twit, and amplified by the MSM to a bunch of Marxist who are already planning to cheat.
No, it sounds like she is calling for the G20 to coordinate on their own internal taxation with the ability to sanction other countries that cheat on the agreement.
Right, we’ll be the only suckers to actually live up to this.
1) it's not a US call, it's Janet Yellen; 2) China, Russia, and other nations hungry for foreign investment (and process and patent hijacking) will decline to participate; and 3) moving all industry into the area of control of our enemies is the intent of this BS.
If there's something that "needs funding", identify gubmint BS that doesn't need funding, and cut it to zero. That's how you find the money.
FUEU
Many Freepers have long recognized the true nature of corporate taxes. We know that corporate taxes, and business taxes in general, are not paid by businesses. They are paid by consumers. The taxes are built into price of goods and services. This affects all consumers, whether rich or poor, through higher prices. It affects employment. It affects business profitability. It makes American businesses less competitive when other nations have lower business tax rates.
Apparently Yellen thinks the solution is that all corporations in all nations must have punishing corporate tax rates. That is the method to create an equal playing field for American business.
Yellen is a globalist bitch. Please excuse my language, but it is necessary. Literally, she is the CCP's bitch. That's exactly what the CCP thinks of her. If she gave a damn about American businesses, she would want to create a competitive advantage by eliminating all business taxes in the US.
Fact: consumers will pay taxes one way or another. Stop hiding taxes from Americans. If there were no business taxes, then all the useless overhead involved in tax accounting, tax consultants, tax attorneys and lobbyists would be eliminated. Yes, lobbyists too. They lobby for changes in tax code that create competitive advantage for their clients. This puts small businesses at a disadvantage because globalist corporations are the ones that benefit.
America could be the beacon for businesses from all around the world by having no business taxes. There would be full employment, rising wages for workers because there would be competition for the best workers.
We need to stop these globalist CCP bitches like Yellen. Ridicule, abuse, drive them out of America. They are the problem with America.
You said:
“We need to stop these globalist CCP bitches like Yellen. Ridicule, abuse, drive them out of America. They are the problem with America.”
I Totally Agree.
Well I think this is what the whole Biden plan is based on. If the GOP argues that pushing the corporate tax rate up (without mentioning this) they are going to look disingenuous because in theory, this could work. In practice, where China holds a veto in the G20, and where domestic spending includes Infrastructure bills that are full of proggy wish list items, there are more than a few flies in the economic medicinal ointment. I think we have questions and the current debate doesn’t answer those questions because the current debate is false and stupid.
Just another step towards the “Global Reset”
It could be that or it could stop the slide into the fourth reich with Xitler. Its hard to see how they can thread the needle on this, and if China vetos I think they would have to default to something similar to the Trump plan, which would be interesting.
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