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Dunno, there aren’t any details of the enforcement mechanisms that have been made available yet. If I had to guess, the enforcement mechanisms will center around tariffs.To be enforced by whom?Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
Where is the problem with “sovereignty” here? This is something that nations are free to agree to or not agree to, not to mention each nation still retains direct authority over its own tax code. It’s no more a violation of sovereignty than an international arms limitation treaty.Does national sovereignty mean anything at all to you?
Dunno, there aren’t any details of the enforcement mechanisms that have been made available yet. If I had to guess, the enforcement mechanisms will center around tariffs.To be enforced by whom?Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
Where is the problem with “sovereignty” here? This is something that nations are free to agree to or not agree to, not to mention each nation still retains direct authority over its own tax code. It’s no more a violation of sovereignty than an international arms limitation treaty.Does national sovereignty mean anything at all to you?
Uh-Huh, and your solution to the problem of multinationals exploiting differential tax rates to their own advantage and to the disadvantage of individual tax payers and domestic only businesses is what exactly?If anyone who doesn't understand the basic premise of what's being floated here, it's you.Umm.. no, they aren’t “making up some tax”, they’re working to agree on a MINIMUM rate.WTF ?LOL, You apparently equate the theft of your income by multinationals gaming international tax rate differentials to “freedom”, I’ll grant you, that’s a pretty unique definition however I suspect it’s not one shared by any rational individual.Only a asshole , non freedom lover would support this, it's plain rape what's next states preventing people from leaving so they can enforce out ragious taxes on them?Who exactly is “them”? And how do you define “rape”?So you want to rape themCorporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?And no, that won't be the US of A.
Sounds like the democrats will put a dagger in the economic heart of the US once and for all.
Are you suggesting being in favor of inhibiting multinational corporations from “raping” YOU by externalizing their costs is somehow tantamount to “raping” them? Do you want to continue to subsidize the market infrastructure of foreign tax havens?
Perhaps you’re just one of those individuals that likes being exploited by corporations privatizing profits and socializing costs? Are you a fan of corporate subsidies and government sponsored bailouts too?
So 130 nations got together to make up some tax?
It's pure rape and you know it.
You don’t even appear to understand the basic premise of what you’re arguing against, wow, talk about REACTIONARY.
A tax needs a regulatory and enforcement apparatus to administer and enforce it....What you're pimping here is a worldwide communist wet dream.
Only a asshole , non freedom lover would support this, it's plain rape what's next states preventing people from leaving so they can enforce out ragious taxes on them?
My solution doesn't involve creating an entirely new taxing authority and attendant unaccountable enforcement apparatus with global reach, comrade Leon.Uh-Huh, and your solution to the problem of multinationals exploiting differential tax rates to their own advantage and to the disadvantage of individual tax payers and domestic only businesses is what exactly?If anyone who doesn't understand the basic premise of what's being floated here, it's you.Umm.. no, they aren’t “making up some tax”, they’re working to agree on a MINIMUM rate.WTF ?LOL, You apparently equate the theft of your income by multinationals gaming international tax rate differentials to “freedom”, I’ll grant you, that’s a pretty unique definition however I suspect it’s not one shared by any rational individual.Only a asshole , non freedom lover would support this, it's plain rape what's next states preventing people from leaving so they can enforce out ragious taxes on them?Who exactly is “them”? And how do you define “rape”?So you want to rape themCorporations already do that and have been doing it for decades, however differential labor costs are not what this proposal is attempting to address.If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
How does this proposal hurt the U.S. ? Why wouldn’t we want to keep corporate taxes for domestic business in the U.S. rather than seeing them expatriated overseas? Why wouldn’t we want to protect U.S. business from digital services taxes imposed by foreign governments?And no, that won't be the US of A.
Sounds like the democrats will put a dagger in the economic heart of the US once and for all.
Are you suggesting being in favor of inhibiting multinational corporations from “raping” YOU by externalizing their costs is somehow tantamount to “raping” them? Do you want to continue to subsidize the market infrastructure of foreign tax havens?
Perhaps you’re just one of those individuals that likes being exploited by corporations privatizing profits and socializing costs? Are you a fan of corporate subsidies and government sponsored bailouts too?
So 130 nations got together to make up some tax?
It's pure rape and you know it.
You don’t even appear to understand the basic premise of what you’re arguing against, wow, talk about REACTIONARY.
A tax needs a regulatory and enforcement apparatus to administer and enforce it....What you're pimping here is a worldwide communist wet dream.
Dropping our corporate rates to ZERO? If that’s the case I’m all for it, however it would require completely upending the current system of income taxation in this country, do you see that happening any time in the foreseeable future? I don’t. In the meantime I’ll accept a concept that has the possibility to inhibit multinational corporations from shifting the costs of the market infrastructure that they benefit from onto ME.
Dunno, there aren’t any details of the enforcement mechanisms that have been made available yet. If I had to guess, the enforcement mechanisms will center around tariffs.To be enforced by whom?Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
Where is the problem with “sovereignty” here? This is something that nations are free to agree to or not agree to, not to mention each nation still retains direct authority over its own tax code. It’s no more a violation of sovereignty than an international arms limitation treaty.Does national sovereignty mean anything at all to you?
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
Dunno, there aren’t any details of the enforcement mechanisms that have been made available yet. If I had to guess, the enforcement mechanisms will center around tariffs.To be enforced by whom?Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
Where is the problem with “sovereignty” here? This is something that nations are free to agree to or not agree to, not to mention each nation still retains direct authority over its own tax code. It’s no more a violation of sovereignty than an international arms limitation treaty.Does national sovereignty mean anything at all to you?
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
Not really.
It is taxation that can provide the things you or your corporation need or want, that can greatly increase your profit.
So taxation can improve your freedom, if done correctly.
For example, do we want public roads, schools, police, fire departments, defense, etc.,? Of course we do.
We would have less freedom without them.
US corporations have already headed to countries with a lower minimum wage. That's how capitalism works!If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
And no, that won't be the US of A.
Sounds like the democrats will put a dagger in the economic heart of the US once and for all.
dailyhive.com
Just pointing out why the tax proposal will do nothing to remedy the purported problem, much like how the Left offers gun laws after a mass shooting that, had it been law before the tragedy, would not have prevented the tragedy.US corporations have already headed to countries with a lower minimum wage. That's how capitalism works!If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
And no, that won't be the US of A.
Sounds like the democrats will put a dagger in the economic heart of the US once and for all.
This is an attempt to put restraints on capitalism.
So far, America is refusing to consider the many possible homegrown restraints that are needed. The world's leading democracies have and thier success is measured by their quality of life standing.
Canada ranked #1 country in the world for Quality of Life | News
For the fifth year in a row, Canada is ranked the #1 country in the world in 2020 for Quality of Life, according to a global ranking from US News.
I don't think people realize how this proposal is entirely slanted to the benefit of the US.I don't think people realize how this proposal is entirely slanted to the benefit of the US.
Almost every other country in the world has public healthy care, so health care is not an employer cost.
Which means the taxable corporate income of companies in the whole rest of the world is much higher than the US.
Because of US tax laws allowing employers to consider employee benefits like health care to be tax exempt, US corporations have very little taxable income.
…and yet you’re the one ducking all of my questions challenging your argument and attempting to substitute invective for answers, disappointing to say the least.Dunno, there aren’t any details of the enforcement mechanisms that have been made available yet. If I had to guess, the enforcement mechanisms will center around tariffs.To be enforced by whom?Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
Where is the problem with “sovereignty” here? This is something that nations are free to agree to or not agree to, not to mention each nation still retains direct authority over its own tax code. It’s no more a violation of sovereignty than an international arms limitation treaty.Does national sovereignty mean anything at all to you?
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
View attachment 508131
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
Not really.
It is taxation that can provide the things you or your corporation need or want, that can greatly increase your profit.
So taxation can improve your freedom, if done correctly.
For example, do we want public roads, schools, police, fire departments, defense, etc.,? Of course we do.
We would have less freedom without them.
I don't think people realize how this proposal is entirely slanted to the benefit of the US.I don't think people realize how this proposal is entirely slanted to the benefit of the US.
Almost every other country in the world has public healthy care, so health care is not an employer cost.
Which means the taxable corporate income of companies in the whole rest of the world is much higher than the US.
Because of US tax laws allowing employers to consider employee benefits like health care to be tax exempt, US corporations have very little taxable income.
If you believe it is that way, or will remain so if it really is, you're beyond naive...You're dumber than a bag of hammers.
I asked you a question and you admitted that you have no details....If anyone is ducking, it's you.…and yet you’re the one ducking all of my questions challenging your argument and attempting to substitute invective for answers, disappointing to say the least.Dunno, there aren’t any details of the enforcement mechanisms that have been made available yet. If I had to guess, the enforcement mechanisms will center around tariffs.To be enforced by whom?Source: CNBC.COM
Link to story: 130 nations agree to support U.S. proposal for global minimum tax on corporations
“WASHINGTON - Treasury Secretary Janet Yellen announced Thursday that a group of 130 nations has agreed to a global minimum tax on corporations, part of a broader agreement to overhaul international tax rules.
If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere.
“For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response. The result was a global race to the bottom: Who could lower their corporate rate further and faster? No nation has won this race,” said Yellen in a statement on the accord.
“Today’s agreement by 130 countries representing more than 90 percent of global GDP is a clear sign: the race to the bottom is one step closer to coming to an end,” Yellen said.
The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies.
In their place, officials agreed to a new tax plan that would be linked to the places where multinationals are actually doing business, rather than where they are headquartered”
Interesting, I’m surprised the GMT proposal is moving this quickly after it was endorsed by the G-7 just a short time ago, looks like that now 90% of the worlds GDP has agreed to it in principle. Frankly I didn’t really believe it would get this far given all the hurdles. The agreement on digital service taxes is also an important plus for the American Tech Sector, surprised the EU is going along with it.
This will be a big foreign policy win for the Biden Administration if it does actually come to fruition, of course there is still a long way to go.
Where is the problem with “sovereignty” here? This is something that nations are free to agree to or not agree to, not to mention each nation still retains direct authority over its own tax code. It’s no more a violation of sovereignty than an international arms limitation treaty.Does national sovereignty mean anything at all to you?
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
I guess critical thinking is harder than demagoguing for some.
Stay cool oddball.
America's corporations would yield to force Tommy. It's always going to be up to the American people to change their attitudes to allowing corporations unfettered rights.Taxes used to be raised in order to fight wars. Now they pay for our roads, water,health and education. Corporations benefit from all of that and they should pay their way.
dailyhive.com
You are wrong, bureaucrat breath.View attachment 508131
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
Not really.
It is taxation that can provide the things you or your corporation need or want, that can greatly increase your profit.
So taxation can improve your freedom, if done correctly.
For example, do we want public roads, schools, police, fire departments, defense, etc.,? Of course we do.
We would have less freedom without them.
There is no other means of providing reasonable transportation, education, police, fire departments, defense, etc. with out government taxation.
Without government taxation, not only would we not have gone to the Moon, but we would not have any Internet.
There is government waste and abuse, but that is a different matter.
View attachment 508131
"The concepts of "freedom" and "taxation" are mutually exclusive....Especially so on a global level.
You have no details, no notion for national sovereignty, yet are pimping for the most anti-liberty and sovereignty killing thing imaginable.
I was right....You're a useful idiot.
Not really.
It is taxation that can provide the things you or your corporation need or want, that can greatly increase your profit.
So taxation can improve your freedom, if done correctly.
For example, do we want public roads, schools, police, fire departments, defense, etc.,? Of course we do.
We would have less freedom without them.
There is no other means of providing reasonable transportation, education, police, fire departments, defense, etc. with out government taxation.
Without government taxation, not only would we not have gone to the Moon, but we would not have any Internet.
There is government waste and abuse, but that is a different matter.
Restraining capitalism is extremely important and why we create government in the first place.US corporations have already headed to countries with a lower minimum wage. That's how capitalism works!If the corporate tax is baseline across the globe, corporations will then head to countries with a lower minimum wage.
And no, that won't be the US of A.
Sounds like the democrats will put a dagger in the economic heart of the US once and for all.
This is an attempt to put restraints on capitalism.
So far, America is refusing to consider the many possible homegrown restraints that are needed. The world's leading democracies have and thier success is measured by their quality of life standing.
Canada ranked #1 country in the world for Quality of Life | News
For the fifth year in a row, Canada is ranked the #1 country in the world in 2020 for Quality of Life, according to a global ranking from US News.
