Posted on 05/03/2021 1:18:53 AM PDT by knighthawk
Joe Biden's economic adviser pushed Sunday for a 'global minimum tax' for corporations in order to close loopholes in companies relocating overseas to circumvent rate hikes in the U.S.
'The idea is to make sure that corporations are paying their fair share,' Council of Economic Advisers chair Cecilia Rouse told 'Fox News Sunday.'
'To button up some of the loopholes, which have meant more corporations were actually putting more money offshore – off of U.S. soil,' she continued. 'And having a global minimum tax so that we're working with the rest of our trading partners, so that we're working with the rest of the world so that corporations are paying their fair share worldwide,'
(Excerpt) Read more at dailymail.co.uk ...
Democrats idea of competitiveness involves taxing more. Every single time.
Funding some government is rarely a good solution to anything except to help grow government.
Companies are artificial persons and pay no taxes; they just pass them on to the stockholders, workers and consumers. In reality, corporate taxes are just invisible taxes levied on the above in the form of smaller dividends, smaller wages and higher prices.
Rouse is basically a Socialist. Maybe not even “basically”. Good luck getting this across the line within OECD countries apart from the usual useful idiots like Germany and France.
BTW when this fails all the other countries will start charging special “digital service taxes” to US Fascist Tech giants like Google and Facebook, who these days are responsible for 99% of the so-called tax “avoidance” outside of the US. This will be an amazing outcome.
Democrats, since the Clintons, have used the never-defined term ‘fair share’ to keep people on their hook.
I’m sure some pinhead in the Biden admin has an explanation where this sort of thing “makes sense”. But you can bet that, in practice, this involves taxing US entities up the wazoo while other countries ride for free. And the vast sums of money yanked out of the US will be to “keep us competitive”.
Clownworld.
In a sane world, the news source would be laughed at and ridiculed for printing such a statement that characterizes the subject as an "economic adviser", and the piece of human excrement so characterized would be ridden out of town with hot tar and feathers, and the senile, corrupt, and incompetent person who selected him would be impeached and removed from office.
In a sane world.
...and by a weird coincidence, most of the most profitable companies in the world are in the US. The problem for them is, they don't bribe Joe like the Chinese bribe Joe.
Companies should pay zero income tax.
Let them invest profits as they see fit.
Individuals should not pay income tax. A simple sales tax on consumption above the poverty level should be used. This would free up billions of hours wasted on calculating income taxes.
No need to fund military that has budget bigger than all other militaries in the world combined.
Fixed it.
President Trump exposed the Democrat tax machine for what it is and how U.S. citizens are carrying the burden of the Communist agenda.
make the US pay the VAT tax
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