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On April 08 2021 17:21 Biff The Understudy wrote: Biden tax plan is huge. If it passes it might have worldwide repercussion and seriously undermine the strategies of big companies to avoid paying taxes. The G20 immediately started working on a minimum tax rate for multinational companies.
It’s a complete game changer, globally. For France for example it would mean 500 billions a year in additional tax revenue.
I have to say that I didn’t quite expext Biden to be that energic and I’m pleasantly surprised by him governing that clearly from the left of the Democratic party.
Janet Yellen announced that the US now support an concerted minimal corporate taxation. The EU never managed to get there because you would need an unanimous decision, which of course, with 27 nations is very unlikely.
I really hope they manage. The fiscal dumping of multinational corporations is one of the main economic challenges of our era.
On a side note, meanwhile, Macron is lowering corporate taxes and I swear, this time it won’t just end up straight in the pocket of the shareholders because [insert logic].
The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
I'm also quite pleased to see Biden pushing the world forward on clamping down on tax loopholes and tax havens. One economist who studies offshore wealth says about Biden and Yellen's tax plan, "If enacted, the development model of tax havens collapses". Raising the corporate tax rate won't matter when they've shifted over their profits to some small island nation or the likes of Ireland for their low corporate tax anyways. Global cooperation on this could be substantial if they manage to wrangle in everyone to commit and enforce to a certain corporate tax rate, but I wonder how they'll convince the big offenders when they rely on the low tax rates to supplant their economies.
There's also the problem of Manchin expressing resistance to passing the infrastructure bill through reconciliation without bipartisanship in that recent op-ed (where he also said he wouldn't vote to weaken or eliminate the filibuster), and that's where they'd pass the new tax rules. He also wanted a 25% corporate tax rate instead of 28%. We'll see how much of this is Manchin bluster in the Manchin Cycle, or if he's seriously going to kneecap an agenda because he's that conservative.
On April 09 2021 00:14 Godwrath wrote: The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
On April 09 2021 00:35 PhoenixVoid wrote: I'm also quite pleased to see Biden pushing the world forward on clamping down on tax loopholes and tax havens. One economist who studies offshore wealth says about Biden and Yellen's tax plan, "If enacted, the development model of tax havens collapses". Raising the corporate tax rate won't matter when they've shifted over their profits to some small island nation or the likes of Ireland for their low corporate tax anyways. Global cooperation on this could be substantial if they manage to wrangle in everyone to commit and enforce to a certain corporate tax rate, but I wonder how they'll convince the big offenders when they rely on the low tax rates to supplant their economies.
There's also the problem of Manchin expressing resistance to passing the infrastructure bill through reconciliation without bipartisanship in that recent op-ed (where he also said he wouldn't vote to weaken or eliminate the filibuster), and that's where they'd pass the new tax rules. He also wanted a 25% corporate tax rate instead of 28%. We'll see how much of this is Manchin bluster in the Manchin Cycle, or if he's seriously going to kneecap an agenda because he's that conservative.
On April 09 2021 00:14 Godwrath wrote: The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
On April 09 2021 00:35 PhoenixVoid wrote: I'm also quite pleased to see Biden pushing the world forward on clamping down on tax loopholes and tax havens. One economist who studies offshore wealth says about Biden and Yellen's tax plan, "If enacted, the development model of tax havens collapses". Raising the corporate tax rate won't matter when they've shifted over their profits to some small island nation or the likes of Ireland for their low corporate tax anyways. Global cooperation on this could be substantial if they manage to wrangle in everyone to commit and enforce to a certain corporate tax rate, but I wonder how they'll convince the big offenders when they rely on the low tax rates to supplant their economies.
There's also the problem of Manchin expressing resistance to passing the infrastructure bill through reconciliation without bipartisanship in that recent op-ed (where he also said he wouldn't vote to weaken or eliminate the filibuster), and that's where they'd pass the new tax rules. He also wanted a 25% corporate tax rate instead of 28%. We'll see how much of this is Manchin bluster in the Manchin Cycle, or if he's seriously going to kneecap an agenda because he's that conservative.
On April 09 2021 00:14 Godwrath wrote: The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
I think what people miss with Manchin is that he is from a super conservative state, and that it’s a miracle the dems have a senator at all in WV. Biden did 29% in West Virginia. 29%.
So weirdly enough, he might be the most precious democratic senator. The dems should not have the senate; they only have a majority because that one guy somewhat convinced extremely conservative people to vote Dem.
I don’t like him, I think he is super right wing but thank effing god he is here.
On April 09 2021 00:14 Godwrath wrote: The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
Consider me skeptical.
Getting them to actually pay their taxes at whatever the rate is would still be a game changer though. Amazon pays no taxes, whether it's at the 35% that used to exist or the 21% we have now. Going up to 28% and making them actually pay that would be fucking enormous.
Who would've thought anyone would raise taxes after 'binge borrow better'.
Still, it's a nice approach by Yellen. No one would dare raising taxes on a specific countrys corporations without beating into the same anvil Trump did, leading to retaliatiory tariffs. If several countries agree to tax across the board, the biggest earners would give back something to the borrowing governments. Looking at certain monopolies here, but they probably have demands of their own in return.
So long as they actually hold Republicans accountable, I'm all for it. However, I find it more likely that they halfass the actual accountability part and instead engage in little more than reputation laundering.
On April 09 2021 00:14 Godwrath wrote: The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
Consider me skeptical.
Getting them to actually pay their taxes at whatever the rate is would still be a game changer though. Amazon pays no taxes, whether it's at the 35% that used to exist or the 21% we have now. Going up to 28% and making them actually pay that would be fucking enormous.
That's the part i am more skeptical about. I should had clarified it.
On April 09 2021 00:14 Godwrath wrote: The tax was 35%, Trump got it down to 21%, and the proposal is probably around 28%.
I don't find that game changing, i just see that the balance moved, but it's still in red numbers. Same for IRS's funding withouth the numbers from where it was pre - Trump, and where it is going to be afterwards. And a global agreement would be good, but i don't know how many countries would follow suit in that regard.
Consider me skeptical.
Getting them to actually pay their taxes at whatever the rate is would still be a game changer though. Amazon pays no taxes, whether it's at the 35% that used to exist or the 21% we have now. Going up to 28% and making them actually pay that would be fucking enormous.
That's the part i am more skeptical about. I should had clarified it.
I think Republicans had a better chance of repealing the ACA.
All true, but I know I'd rather see them trying one than the other. I'm reminded of Igne's sig, and the very not-lofty goal of asking corporations to pay their corporate taxes. It's a long shot, but I want to see the attempts made anyway.
On April 09 2021 08:00 NewSunshine wrote: All true, but I know I'd rather see them trying one than the other. I'm reminded of Igne's sig, and the very not-lofty goal of asking corporations to pay their corporate taxes. It's a long shot, but I want to see the attempts made anyway.
I can't feign the suspension of disbelief I think it takes to see it as more than PR for the gullible (in a similar way to the ACA repeal, Trump draining the swamp, or Republicans being fiscally responsible) personally.
Granted it's "more preferable*" than the Nevada Democrat Governor proposal to bring back company towns.
I’m really impressed with Biden’s powerful support for a $15 minimum wage. If that passes, that will go a long way to benefiting the working class in the country.
On April 09 2021 09:07 GreenHorizons wrote: Granted it's "more preferable*" than the Nevada Democrat Governor proposal to bring back company towns.
I'm honestly still in disbelief this was ever even suggested. Totally insane.
If I had no idea about company towns or capitalism I have to admit their propaganda would be pretty enticing. Blockchains LLC has been heading up the lobbying/donations to the governor so you have them to thank.
so the little hopeful and by the end kinda angry girl is the one running the show according to that ad. or is her just about hitting puberty the equivalent of that company's level of maturity and experience running a city?
meh. pass. Lord of the flies was an enticing read but not very fun for the people in it. and I played watchdogs. no thank you.
EPT
