Biden’s corporate tax plan is simple, yet revolutionary.

[Lafayette]

EDUCATE THEM FREE, GRATIS AND FOR NOTHING!

From here: Biden's Corporate Tax Plan

Excerpt:

Crises often force radical economic change – and a global minimum tax rate would help fund the world’s Covid recovery

Enter Janet Yellen, Joe Biden’s secretary of the Treasury, and the person in charge of making sure he finds a way to pay for his ambitious projects. Her plan is the following: ensure that all multinationals pay a minimum rate of tax on their profits – 21% – regardless of where they are booked. If they have some profits booked in a country that sets a lower rate, then they owe a “top up” of additional tax to the country where they are headquartered.

This plan, though simple, is revolutionary. It has the potential to substantially increase tax revenues. It stops the race to the bottom observed in recent decades, in which countries compete to attract multinationals by offering ever lower tax rates – bad news for tax havens such as Bermuda, good news for the rest of us. If countries want to compete to attract multinationals, it will have to be on quality of infrastructure or education of the workforce – things that citizens also value. US backing means this may actually happen.

I wonder if the authors were reading some of my posts on this forum?

Nah ......

 

[bluesmoke]

Biden is compromising on the corp taxes before even entering the ring of negotiation. DINO Manchin won't let Biden get any fair amount back that Trump gave away to the corps in his tax plan at a time when the corps were making record after-tax profits. Hilarious. Dems are wimps. Reps will message this like it's a tax increase that affects Americans. Dems are the chimp with five arms, using all hands to cover their eyes, ears and, especially, mouths.

 

[highroller]

This is the correct response to offshore tax havens

 

[Lafayette]

This is the correct response to offshore tax havens

Worse yet, those taxes reduce profits which fail to (1) boost CEO net-incomes and (2) raise Stock-Values from which they "earn" their billions.

I like that! More net taxable-income to pay for, let's say, free post-secondary education of our children?

Yeahhhhh - I like that even more ... !

 

[Lafayette]

RULE OF THE DAY

Biden is compromising on the corp taxes before even entering the ring of negotiation. DINO Manchin won't let Biden get any fair amount back that Trump gave away to the corps in his tax plan at a time when the corps were making record after-tax profits. Hilarious.

Nobody's laughing.

DINO is an acronym meaning "Democrat in Name Only". Doncha luvit when Blind Democrats fight one another?

It helps "the cause". To sink - especially when Dems behave like Replicants.

First Rule in LaLaLand-on-the-Potomac: What's in it for me? What's in it for me? What's in it for me, dammit ... !

 

[TurtleDude]

Democrats think corporations exist to fund their beloved big government. They don't understand that golden geese tend have wings and can fly away.

 

[highroller]

Democrats think corporations exist to fund their beloved big government. They don't understand that golden geese tend have wings and can fly away.

Fly away to communist China or socialist Europe then. America is awesome!

 

[TurtleDude]

Fly away to communist China or socialist Europe then. America is awesome!

people who run major corporations tend to be smarter than politicians

 

[brianpatrick]

Yes, so we should let the corporations bend the public over and take it up the ass with more gubment money. That’s how republicans have been ****ing themselves for decades now. They vote against their own interests out of some misguided sense of duty, and curl up in a ball when the beating comes. Just take it... take it... it’ll be over soon.

 

[brianpatrick]

people who run major corporations tend to be smarter than politicians

That’s really not true. They are not. They orbit the same planet but are in no way smarter. I’m smarter than you and I run a corporation, but am I smarter than Lindsey Graham or AOC? No.

 

[TurtleDude]

That’s really not true. They are not. They orbit the same planet but are in no way smarter. I’m smarter than you and I run a corporation, but am I smarter than Lindsey Graham or AOC? No.

you claim you are smarter than I am. Whatever helps you sleep at night. and yes, I am far smarter than Graham or AOC.

 

[brianpatrick]

you claim you are smarter than I am. Whatever helps you sleep at night. and yes, I am far smarter than Graham or AOC.

I sleep fine. Just keeping it real. Also don’t believe you are smarter than Graham and AOC. You underestimate them because of your ideological bias. Thanks for playing, though.

 

[GDViking]

people who run major corporations tend to be smarter than politicians

Hasn't Hunter Biden run like three???

 

[TurtleDude]

Hasn't Hunter Biden run like three???

I don't think the term "run" is fitting with him. I was noting those who run the big multinationals that can leave the USA are smarter than dullards like Biden

 

[GDViking]

I don't think the term "run" is fitting with him. I was noting those who run the big multinationals that can leave the USA are smarter than dullards like Biden

Well his Las job was as a CEO of a nonprofit that won a Nobel piece Prize soooo...

 

[Lafayette]

Fly away to communist China or socialist Europe then. America is awesome!

Socialism exists nowhere on this planet except officially "China" and "North Korea". Whyzzat?

Because its definition requires that all the means of production should belong to the state.

You apparently need an education regarding the nature of political points-of-view ...

 

[bluesmoke]

This is the correct response to offshore tax havens

I'll wait for the details on what passes Joe Manchin and the Senate.

The 15% min tax on domestic profits, if a min "effective" no-matter-what tax, would be fine. Except for the fact that the current eff corp tax rate is 19.4% (1918 data). If the details indicate the min tax picks up a lot of corps, like Amazon, then fine. If the offshore response actually has a net revenue result, then. I also don't know what giving corps a 10% tax deduction for job creation is really going to do for who. The devil is in the details. And we don't have them. The last time we didn't get the details until after impact was on the first stimulus that benefited the large corps more than is was supposed to. Way more. The Dems blew it then. They are quite capable of doing it again.

US Effective Corporate Tax Rate Is Right in Line With Its OECD Peers (taxfoundation.org)

 

[Lafayette]

US Effective Corporate Tax Rate Is Right in Line With Its OECD Peers (taxfoundation.org)

If this is correct, and I suppose it is, then just what are we complaining about? Our corporate tax-rates are Too High? Too Low?

Let's decide that first - meaning we need to work this out between the EU and US. Which is not happening yet.

Let's also not forget that when entering earnings from a company abroad the said-earnings have been already taxed by the country in which they were earned. So, the American government had better go fairly - or the EU will turnaround and put the same pressure on EU-company operating-profits entering from the US ...

 

[highroller]

If this is correct, and I suppose it is, then just what are we complaining about? Our corporate tax-rates are Too High? Too Low?

Let's decide that first - meaning we need to work this out between the EU and US. Which is not happening yet.

Let's also not forget that when entering earnings from a company abroad the said-earnings have been already taxed by the country in which they were earned. So, the American government had better go fairly - or the EU will turnaround and put the same pressure on EU-company operating-profits entering from the US ...

This is more of a problem with corporations that have holdings in places like the Cayman Islands or the Bahamas where tax rates are zero.

 

[Lafayette]

THE POOR GET POORER

Democrats think corporations exist to fund their beloved big government. They don't understand that golden geese tend have wings and can fly away.

Democrats for the most part think of "fairness" - which means that the top 10/15% of the population should not be raking in billions of dollars that they can't take with them when they go. So either Uncle Sam taxes his part or others get the rest.

Now, do tell us all how that is fair-and-honest? What is fair is to put a ceiling on annual upper-income (say, 2 Megabuck) and that is accomplished by much higher upper-income taxation. Which means that a good percentage can reach that level and enjoy a very comfortable lifestyle of which the opposite-end poor can only dream.

With today's taxation it's the upper-crowd earning billions upon billions of dollars who will simply be obliged to find charities to which bequeath the wealth - having given most of it to family. That is, those never worked a day to build that wealth ...

I don't see the fairness in either option. If we had a proper upper-income taxation system we could guaranty that the poor have decent annual income above the Poverty Threshold (which is $25K per year for a family of four). And the rest earn income all the way up the ladder but with much higher tax-limits at the top.

Which will do wonders to the Income Disparity that particularly plagues America. What's that, Income Disparity?

It looks like this:

That graphic above shows how Upper-income has shot skyward because Ronnie-RayGun lowered starkly upper income taxation. Which simply created Immense Wealth for comparably very-few-families! Unfair upper-income taxation has made that pile of ill-gained money become a MOUNTAIN!

Whilst Middle-income Families struggled more-and-more on less-and-less!

And we thought that Communism was a "rip-off " economic system? It proved to be a waste-of-precious time because it failed miserably. But at least it was not making the rich richer at the expense of the poor becoming poorer ... !

 

[TurtleDude]

THE POOR GET POORER


Democrats for the most part think of "fairness" - which means that the top 10/15% of the population should not be raking in billions of dollars that they can't take with them when they go. So either Uncle Sam taxes his part or others get the rest.

Now, do tell us all how that is fair-and-honest? What is fair is to put a ceiling on annual upper-income (say, 2 Megabuck) and that is accomplished by much higher upper-income taxation. Which means that a good percentage can reach that level and enjoy a very comfortable lifestyle of which the opposite-end poor can only dream.

With today's taxation it's the upper-crowd earning billions upon billions of dollars who will simply be obliged to find charities to which bequeath the wealth - having given most of it to family. That is, those never worked a day to build that wealth ...

I don't see the fairness in either option. If we had a proper upper-income taxation system we could guaranty that the poor have decent annual income above the Poverty Threshold (which is $25K per year for a family of four). And the rest earn income all the way up the ladder but with much higher tax-limits at the top.

Which will do wonders to the Income Disparity that particularly plagues America. What's that, Income Disparity?

It looks like this:

That graphic above shows how Upper-income has shot skyward because Ronnie-RayGun lowered starkly upper income taxation. Which simply created Immense Wealth for comparably very-few-families! Unfair upper-income taxation has made that pile of ill-gained money become a MOUNTAIN!

Whilst Middle-income Families struggled more-and-more on less-and-less!

And we thought that Communism was a "rip-off " economic system? It proved to be a waste-of-precious time because it failed miserably. But at least it was not making the rich richer at the expense of the poor becoming poorer ... !

you seem to think that some doing well prevents others from doing well.

 

[Lafayette]

TRY THINKING "LIFE-SPAN"

Quote: "If this is correct, and I suppose it is, then just what are we complaining about? Our corporate tax-rates are Too High? Too Low?"

It means between the trade-value between the two most advanced Economies on earth is fair and equitable.

It has no meaning whatsoever as to which is better off - if that is what you were looking for. How that money is accounted for in each country and then passed through corporate taxation for usage by countries is not addressed.

Except by me, when I report that the most important element of European government-expenditure (as considered by its population) is the ability to run a far-less-costly National Healthcare System that obtains a good LifeSpan. Europeans live 2/3 years longer than Americans ...

PS: But, of course, if Uncle Sam wants to waste half its Discretionary Spending on the DoD who am I to complain? I have government-provided health-care here in France. It costs me 25$ in Euros to see a doctor.

 

[joko104]

Biden is compromising on the corp taxes before even entering the ring of negotiation. DINO Manchin won't let Biden get any fair amount back that Trump gave away to the corps in his tax plan at a time when the corps were making record after-tax profits. Hilarious. Dems are wimps. Reps will message this like it's a tax increase that affects Americans. Dems are the chimp with five arms, using all hands to cover their eyes, ears and, especially, mouths.

He became president by promising billionaires he will not upset their economic activities and profits. He won't. They still won't pay a dime. The only difference is he is giving them more money than Trump ever did - calling it stimulus money and urging that more of the billionaire's competitors be permanently put out of business by government totalitarian covid-19 edits.

The presidential election was Billionaires For Biden. He will deliver for them, just like he will deliver for China - which basically are all the same anyway.

 

[Lafayette]

The presidential election was Billionaires For Biden. He will deliver for them, just like he will deliver for China - which basically are all the same anyway.

I don't know what planet you live on, but on mine the above perfidious BS.

The people who gave money for his reelections were "average" like me. And the people who voted AGAINST HIM were "average" like me. There was no BigDollar money moving this election. Biden barely got elected in the pitiful Electoral College by means of a majority of two kinds:
*In the Electoral College: 1.31 (that is, 31%)
*In the Popular Vote: 1.10 (that is, 10%)

Now you explain to me how that cockamamie result occurred in a True Democracy!

PS: Which party has been fiddling with the Electoral College count for the past 20 years? Regardless, it's high-time we got rid of it!
PPS: And if you need an answer to that question, see here: Electoral College bias and the 2020 presidential election

 

[trouble13]

EDUCATE THEM FREE, GRATIS AND FOR NOTHING!

From here: Biden's Corporate Tax Plan

Excerpt:



I wonder if the authors were reading some of my posts on this forum?

Nah ......

I have no problem with it in principle but it just seems like another name for a tariff. I support tariffs in principle when they are used to balance trade.