Posted on 12/21/2017 10:56:56 AM PST by ding_dong_daddy_from_dumas
Last week, the finance ministers of Europe's five biggest economies — Germany, France, the UK, Spain and Italy — wrote an anxious letter to their American colleague, US Treasury Secretary Stephen Mnuchin, and copied it to all senior Republican politicians in the Congress and Senate.
The letter's thrust: The draft US tax bill, if passed as written a week ago, would represent a break with global fair-taxation rules as applied to corporations, and represent a thinly disguised form of trade war.
"The United States is Europe's single most important trade and investment partner," the finance ministers wrote. "It is important that the U.S. government's rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed-up. The inclusion of certain less conventional international tax provisions could contravene the US's double taxation treaties and may risk having a major distortive impact on international trade."
(Excerpt) Read more at dw.com ...
One of the things Obama wanted to do was surrender US sovereignty over trade and tax policy by signing the US up to treaties limiting what the president and government could “legally” do. This is why I didn’t want him the US to sign up to that huge Trans Pacific partnership deal. Anytime the US made a domestic move that some foreign company didn’t like, and that would be every move, the US would get taken to a foreign court and lose. Some of these trade deals are literal suicide pacts. Bush II put a tariff on steal. The US got taken to court and lost. When Bush didn’t immediately remove the tariff, our trading partners were incredibly sophisticated in retaliating against companies in districts and states that Bush desperately needed to win. The hugh and cry was so great Bush gave in. As much as I didn’t like the tariff, which cost me personally, I was embarrassed by the loss of sovereignty.
Democrats in the Congress and Senate voted against this tax bill because they are ignorant, or bought and paid for by foreign corporation lobbyists, or all of the above. Which is it?
Isn’t this a foreign entity trying to influence votes in the House and Senate? Did they COLLUDE with the Dems to influence these votes?
“Global rules?” I’ve got your ‘rule’ right here, EU. Millions of us own and carry a firearm, and you people don’t. How dare you think you can control our tax policy!
Rules?
What rules?
WE don’t need no steenking rules!................
The complaint is about the 20% excise tax, levied on payments made when an American company buys goods or services from a foreign subsidiary or “affiliate” — unless the subsidiary elects to treat the payments as income in the US. They claim “unfair” and “double taxation.”
If the reforms go through, Hentze said, the US will go from being a high-tax to a low-tax country.
I agree with this.
The Euros are just drumming up an excuse to justify imposing fines, so they can maintain their trade advantage.
They fear the giant sucking sound of jobs heading across the Atlantic, and are scrambling to rig trade back in their favor.
Damn. It is worse than we thought. But maybe this is an eye-opener for some.
I also wonder if the “high tax states” will start feeling the heat from their taxpayers now.
Good analysis.
Yeah U.S. growth would be 4% in 2018 and probably will be.
The Fed however is political as we’ve seen most institutions are and they are democrat/leftist/socialist. The Fed kept interest rates near zero for all of Obama’s term. and now as soon as Trump wins the Feds starts raising rates and will keep on doing it so they say which is ridiculous because the economy is just barely 3% and just barely starting to get out of the Obama disaster. Look I could see maybe justification for raising rates if growth was 5% for several years AND inflation was a threat but none of that is true now so why raise rates ? To hurt Trump and send the economy into depression
FU EU. When the EUweenies get their panties in a twist, the more I bow down to the Donald.
If the kraut was right, then taxes would be the same in every nation. I notice they didn’t have any problem when the USA had the highest rates.
Correct. Mueller will be right on it.
>>Where do we sign up to join the EU?<<
We joined 1/20/2009 and exited 1/21/2017.
Yet there are many on this site who side with the EU and believe this will be a bad tax deal.
Up yours EU!
And Trump wanted a reduction from 35% to 15% but was able to get only down to 21% corporate tax rate in negotiations with the Soros owned congress. But even this is enough to get the U.S. economy growing again as the announcements by Comcast (50 billion investment), AT&T and others are signaling.
Also Trump wanted much lower rates in all brackets and for the businesses and corporations but what he got was what the Ryan House and Mconnel senate were able to give which is still good but could have been much better.
Too bad soooo sad
You don’t own US
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.