"We Need A Global Minimum Tax"

[Jroc]

[ame=http://www.youtube.com/watch?v=gO5B1378P54&feature=player_embedded]WH Economic Adviser: "This Is A Democratic Budget" And "We Need A Global Minimum Tax" - YouTube[/ame]

 

[Oddball]

*sigh*

As big a Marxist stooge that Sperling is, he doesn't mean "global" as in everybody in the world.

Sheesh!

 

[Mr. H.]

And for those who reap too much minimum tax...

a global minimum windfall tax!

 

[Jroc]

That idiot Obama wants to spend....spend ...spend...tax .....tax ...tax take more money out of the economy and give to his crony buddies, he doesn't want real tax reform he's a joke.

 

[KissMy]

We are printing more US dollars which is the world's reserve currency & petro dollar. This is a global tax on everyone on the planet.

 

[PoliticalChic]

WH Economic Adviser: "This Is A Democratic Budget" And "We Need A Global Minimum Tax" - YouTube

I've got the music for this song....


[ame=http://www.youtube.com/watch?v=J0uuT00epc0&feature=related]Special version of Soviet anthem - YouTube[/ame]

 

[Jroc]

Well let the U.N. administer the money.

[ame="http://www.youtube.com/watch?v=UCzXKcelrjg"]http://www.youtube.com/watch?v=UCzXKcelrjg[/ame]

 

[Oddball]

Did someone open a jumbo can of stupid today?

 

[TakeAStepBack]

36 oz can and downed it. Shamefully ignorant.

 

[imbalance]

This is a good example of when I think you'd get further advancing an agenda if you just told the genuine truth about the specific issue being discussed. If Sperling would simply say "Look if we don't collect some taxes and contract the money supply, we simply won't have enough time to finish preempting and preventing hyperinflation." This administration needs to understand that an individual (who already contributes more than the vast majority of individual Americans) tends to take it personally every time you insist to him that he isn't a very good person.

I do believe wealthy Americans are generally adverse to paying increased taxes not so much because of personal financial concerns, but moreso because they oppose on principle the idea of contributing to counterproductive bureaucratic ineptitude bordering corruption. If you can articulate a reasonable purpose for the taxes, people can be rational.

 

[LordBrownTrout]

I can't think of anyone that I know who works and yearns to pay more taxes.

 

[Jroc]

Republicans want companies that make money overseas to bring cash back to the U.S. without paying the high 35 percent U.S. corporate tax rate. These companies reason that the money was made overseas and already taxed overseas, and if Uncle Sam insists on taxing it again, this money will remain overseas. U.S. companies have parked some $1.4 trillion overseas but they would bring much of it back home were it not for the additional high tax rate. In 2005, Congress created a tax holiday which resulted in an estimated $300 billion returning to the US taxed at 5.25 percent.

One Simple Way to Get Americans Back to Work - Yahoo! News

 

[Jroc]

More of Obama's stupid class warfare schemes is not going to solve our finacial crises we need real tax reform

Obama's "Millionaire Tax" Collected Over Next Ten Years Will Plug 4 Months Worth Of Deficit

In order to keep the ongoing class warfare waged by the administration in perspective, today the CBO was kind enough to score the revenue impact of the proposed and much debated Buffett Tax, now appearing in non-populist literature as "Surtax on Millionaires." According to the Budget Office, said tax which is the source of substantial consternation among the population, would generate, over the next decade, a grand total of... drum roll... $453 billion. Why the drum roll? Because as we pointed out a few days ago, the US closed the 2011 fiscal year having added $1.23 trillion in debt (a number which would have been $1.4 trillion absent some year end settlement gimmickry). In other words, last year the US government had on average a $100+ billion deficit each month. In yet more other words, the great populist gimmick that is the Buffett Tax will have the great benefit of generating, between 2011 and 2021 enough money to plug a debt hole, at the rate America currently spends money, of 4 months.

Obama's "Millionaire Tax" Collected Over Next Ten Years Will Plug 4 Months Worth Of Deficit | ZeroHedge

 

[Jroc]

Millionairs tax?

[ame=http://www.youtube.com/watch?v=j7g91z9ToMQ&feature=player_embedded]Veronique de Rugy: The Facts about the Alternative Minimum Tax - YouTube[/ame]

 

[Toro]

Like I said in the other thread, he's talking about tax reform. He's talking about lowering tax rates and eliminating loopholes, including eliminating shifting revenues offshore through intercompany transfers. That's what he means by a "global" tax. Companies and people are already taxed on their global income but you can avoid taxes by shifting income through offshore shell companies.

This isn't hard, people.

 

[Jroc]

Like I said in the other thread, he's talking about tax reform. He's talking about lowering tax rates and eliminating loopholes, including eliminating shifting revenues offshore through intercompany transfers. That's what he means by a "global" tax. Companies and people are already taxed on their global income but you can avoid taxes by shifting income through offshore shell companies.

This isn't hard, people.

You don't help the economy by taking more money out of it. Like I posted we need to cut taxes on American companies making overseas profits not tax them twice. all this tax the rich stuff is just stupid class warfare. Romney has investments overseas? Most retirement funds have overseas investments, we can't tax capital gains more that’s like taxing twice which would discourage people from investing. More cronyism and special deals are Obama’s tax reform eliminate the loopwholes with tax reform not "Global taxes" Obama and his cronys play with words and people fall for it

 

[Toro]

Like I said in the other thread, he's talking about tax reform. He's talking about lowering tax rates and eliminating loopholes, including eliminating shifting revenues offshore through intercompany transfers. That's what he means by a "global" tax. Companies and people are already taxed on their global income but you can avoid taxes by shifting income through offshore shell companies.

This isn't hard, people.

You don't help the economy by taking more money out of it. Like I posted we need to cut taxes on American companies making overseas profits not tax them twice. all this tax the rich stuff is just stupid class warfare. Romney has investments overseas? Most retirement funds have overseas investments, we can't tax capital gains more that’s like taxing twice which would discourage people from investing. More cronyism and special deals are Obama’s tax reform

You realize he is talking about taking money completely out of the United States, right? Every single dime has already been moved outside of the American economy.

He is talking about tax reform. He is talking about lowering tax rates for companies, closing loopholes and raising taxes on those who use offshore tax shelters. There is some with which I disagree, but this is the concept proposed by Simpson-Bowles and passed by Reagan.

We are already taxed globally. You and companies are taxed on worldwide income. What he is talking about is closing tax loopholes that companies and individuals use to shelter income. Some of those loopholes are egregious and should be closed. For example, he should be proposing to lower corporate tax rates and closing loopholes that allow for inter-company transfer pricing of intellectual property between offshore shell subsidiaries in tax havens in economic transactions that would never exist in the free market.

 

[Jroc]

Like I said in the other thread, he's talking about tax reform. He's talking about lowering tax rates and eliminating loopholes, including eliminating shifting revenues offshore through intercompany transfers. That's what he means by a "global" tax. Companies and people are already taxed on their global income but you can avoid taxes by shifting income through offshore shell companies.

This isn't hard, people.

You don't help the economy by taking more money out of it. Like I posted we need to cut taxes on American companies making overseas profits not tax them twice. all this tax the rich stuff is just stupid class warfare. Romney has investments overseas? Most retirement funds have overseas investments, we can't tax capital gains more that’s like taxing twice which would discourage people from investing. More cronyism and special deals are Obama’s tax reform

You realize he is talking about taking money completely out of the United States, right? Every single dime has already been moved outside of the American economy.

He is talking about tax reform. He is talking about lowering tax rates for companies, closing loopholes and raising taxes on those who use offshore tax shelters. There is some with which I disagree, but this is the concept proposed by Simpson-Bowles and passed by Reagan.

We are already taxed globally. You and companies are taxed on worldwide income. What he is talking about is closing tax loopholes that companies and individuals use to shelter income. Some of those loopholes are egregious and should be closed. For example, he should be proposing to lower corporate tax rates and closing loopholes that allow for inter-company transfer pricing of intellectual property between offshore shell subsidiaries in tax havens in economic transactions that would never exist in the free market.

Not "global taxes" and Obama has never pushed any tax reform, look at Paul Ryan's plan. Obama plays his stupid games and people fall for it "global Tax" I think not

 

[Jroc]

Obama will kill our already struggling economy with crap like this

Obama Aims $1.4 Trillion Tax Increase at Highest Earners

Feb. 14 (Bloomberg) -- President Barack Obama called for $1.4 trillion in fresh revenue from Americans at the top of the income scale, proposing higher taxes on wages and investments and limiting breaks for retirement savings and health insurance.

The tax proposals in the administration’s fiscal 2013 budget plan, released yesterday, were immediately rejected by business groups and congressional Republicans, who said the ideas are part of Obama’s re-election strategy and gave them little chance of advancing into law in 2012.

“Whether this occurs in Congress this year or this is the tax platform for this year’s election, it’s disconcerting for businesses,” said Caroline Harris, chief tax counsel at the U.S. Chamber of Commerce, the nation’s largest business group.

In what he billed a bid for tax fairness and deficit reduction, Obama reversed his previous policy of taxing dividends more lightly than wage income. The budget plan would raise $206.4 billion over 10 years by treating dividends as ordinary income for married couples making more than $250,000 a year and individuals making more than $200,000.

“We simply can’t afford to devote $206 billion for lower tax rates for the highest-income Americans,” Gene Sperling, White House director of the National Economic Council, told reporters. “Our system for taxing investment income for the most well-off Americans is clearly broken.”

Higher Rates

Obama is proposing a top individual income tax rate of 39.6 percent in 2013, up from 35 percent. His budget would tax long- term capital gains at a top rate of 20 percent, up from 15 percent. The top dividend tax rate is now 15 percent.

An additional 3.8 percent tax on the unearned income of couples earning $250,000 and individuals making at least $200,000 will take effect next year as part of the 2010 health- care law. As a result, under Obama’s plan some taxpayers would pay 43.4 percent in federal taxes on their dividends next year. That’s almost triple what they now pay and comes on top of corporate taxes.

A coalition of companies, including AT&T Inc. and United Parcel Service Inc., has been lobbying to maintain the current rates on capital gains and dividends. Democratic leaders in Congress may take their cues from Obama and propose a higher tax rate on dividends than on capital gains, said Jim McCrery, a lobbyist for the coalition.

“There was some comfort in knowing that the president was supporting a top rate for both of 20 percent, and now that’s been taken away,” said McCrery, a former Republican member of Congress from Louisiana who sat on the House Ways and Means Committee.

Policy Difference

Clint Stretch, managing principal of tax policy at Deloitte Tax LLP in Washington, said the administration’s proposal to tax dividends at higher rates than capital gains is surprising, because such gains tend to go to those with the highest incomes.

“What is the policy difference that the administration has suddenly found between qualified dividends and capital gains?” he said. “Why do they get different rates now?”

The administration also wants to impose a 30 percent minimum tax for individuals with annual incomes of at least $1 million, known as the Buffett rule after billionaire investor Warren Buffett, who originated the idea last year.

That would replace the alternative minimum tax, “which now burdens middle-class Americans rather than stopping the richest Americans from paying too little as was originally intended,” the administration said.

Tax Code Rewrite

Sperling said the AMT would be eliminated as part of a broader rewrite of the U.S. tax code. The administration hasn’t made such a proposal, and the budget released yesterday didn’t include repealing the AMT or imposing the Buffett rule.

Obama’s budget doesn’t say how much revenue the Buffett rule would generate and it doesn’t provide details on how the proposal would affect individuals’ tax calculations. The U.S. collected $39.1 billion from the alternative minimum tax in 2011, according to projections from the Tax Policy Center, a nonpartisan research organization in Washington.

The budget plan revives calls to allow the 2001 and 2003 tax cuts for income and capital gains to expire at the end of 2012 for families earning more than $250,000 a year. Obama wants to raise the top estate tax rate to 45 percent from 35 percent and lower the exemption amount to less than $4 million from more than $5 million. Obama proposes capping at 28 percent itemized deductions and other tax benefits for high-earning families

Obama Aims $1.4 Trillion Tax Increase at Highest Earners - Businessweek