130 nations agree to support U.S. proposal for global minimum tax on corporations

[Donald H]

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.

To be enforced by whom?

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.

Does national sovereignty mean anything at all to you?

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.

"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.

…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.

I guess critical thinking is harder than demagoguing for some.

Stay cool oddball.

I asked you a question and you admitted that you have no details....If anyone is ducking, it's you.

I have history on my side...OTOH, you have hairy-fairy happy talk, that completely ignores history and the nature of centralized authority such as this fucking monstrosity.

It's a novel idea but at least it's a beginning of facing the problem of addressing unfettered corporate control of America.

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.

dailyhive.com

The world's leading democracies have already addressed the problem in many other ways.

 

[NightFox]

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.

To be enforced by whom?

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.

Does national sovereignty mean anything at all to you?

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.

"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.

…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.

I guess critical thinking is harder than demagoguing for some.

Stay cool oddball.

I asked you a question and you admitted that you have no details....If anyone is ducking, it's you.

I don’t have any details, would you prefer I had just made something up? My argument isn’t in defense of the details (we don’t have any since the agreement hasn’t been written yet) it’s defending the CONCEPT because the CONCEPT is only pragmatic solution that I’ve seen put forth so far, do you have a pragmatic alternative to offer or are you just going to continue to support the status quo? If so WHAT IS IT?

‘V
I have history on my side...OTOH, you have hairy-fairy happy talk, that completely ignores history and the nature of centralized authority such as this fucking monstrosity.

How exactly is “history on your side”, are you arguing that the status quo supports your resistance to this proposal?

 

[Donald H]

...

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.

US corporations have already headed to countries with a lower minimum wage. That's how capitalism works!

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.

dailyhive.com

Restraining capitalism is extremely important and why we create government in the first place.
If government did not restrain capitalism, then whomever could afford the most thugs would dictate to the rest of us, and we would be back in feudal times.

US technology requires investment, and it should be illegal to then move that technology to other countries.

America's corporations are doing the moving of their corporations to other countries.
Does anybody think that China is forcing them to come to China?

 

[Oddball]

...

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.

US corporations have already headed to countries with a lower minimum wage. That's how capitalism works!

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.

dailyhive.com

Restraining capitalism is extremely important and why we create government in the first place.
If government did not restrain capitalism, then whomever could afford the most thugs would dictate to the rest of us, and we would be back in feudal times.

US technology requires investment, and it should be illegal to then move that technology to other countries.

If government did not restrain capitalism, then whomever could afford the most thugs would dictate to the rest of us, and we would be back in feudal times.

This is the most f preposterous thing I've heard in quite some time.

We now have a fucking $4 TRILLION federal gubmint, restraining capitalism in ways that cannot be numbered or comprehended, yet we've degenerated in the biggest oligarchical and fudal system since the fudal systems of the 14th century.

HO....LEE....FUCK!

 

[Rigby5]

...

"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.

View attachment 508131

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.

Corporate taxes are double taxes and should be abolished. This is Democrats trying to trap US companies because your policies destroy American business, so you want to trap them here

No corporate taxes are not double taxes.
If a corporation makes tons of profits from its production, but then pays it all out as bonuses to employees, dividends to stockholders, or to make capital improvements in the company property, then it pays ZERO corporate taxes.

 

[Rigby5]

America's corporations are doing the moving of their corporations to other countries.
Does anybody think that China is forcing them to come to China?

The corporations moving to China are foolish.
Once the Chinese know the trade secrets, they will create better and cheaper competition because they won't have stockholder overhead or as high of labor costs.

 

[kaz]

...

"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.

View attachment 508131

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.

Corporate taxes are double taxes and should be abolished. This is Democrats trying to trap US companies because your policies destroy American business, so you want to trap them here

No corporate taxes are not double taxes.
If a corporation makes tons of profits from its production, but then pays it all out as bonuses to employees, dividends to stockholders, or to make capital improvements in the company property, then it pays ZERO corporate taxes.

That you hate businesses and want a socialist state doesn't contradict that corporate taxes are double taxes on shareholders.

They clearly are. Shareholders pay both corporate taxes as well as capital gains/dividend taxes on the same money. That is double taxation

 

[Donald H]

Do America's corporate leaders care about their country and their country's working class people?

Or do they only care about finding the most lucrative marketplace and the lowest wages they can pay, that brings the highest profits?

Sooner or later the American people are going to have to come to an understanding of how capitalism works.

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.

dailyhive.com

Will Americans then finally understand that capitalism can't be permitted to operate unfettered by government.

 

[Rigby5]

{...If government did not restrain capitalism, then whomever could afford the most thugs would dictate to the rest of us, and we would be back in feudal times....}

This is the most f preposterous thing I've heard in quite some time.

We now have a fucking $4 TRILLION federal gubmint, restraining capitalism in ways that cannot be numbered or comprehended, yet we've degenerated in the biggest oligarchical and fudal system since the fudal systems of the 14th century.

The fact there is so much government waste IS due to capitalist corporations corrupting government.
When we give foreign aid to other countries, it is actually to build roads and power plants for Coca Cola bottling plants.
But most of our federal budget is for defense, so we can invade competing oil producing countries, and sell thousand dollar toilets to the military.

Obviously we need more restraint on capitalism, not less.

 

[Sunni Man]

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.

Just more evidence of the international globalist's pushing their commie New World Order agenda on the U.S. . ...

 

[Donald H]

America's corporations are doing the moving of their corporations to other countries.
Does anybody think that China is forcing them to come to China?

The corporations moving to China are foolish.
Once the Chinese know the trade secrets, they will create better and cheaper competition because they won't have stockholder overhead or as high of labor costs.

Gee, you actually 'get it'!
But do you really think the corporations moving to China are 'foolish'??

Is it foolish for a corporation to seek out the most lucrative markets and marketplace?

Why Rigby, the corporations have already set up Walmarts across America in which to retail the goods they have made in China!

 

[kaz]

{...If government did not restrain capitalism, then whomever could afford the most thugs would dictate to the rest of us, and we would be back in feudal times....}

This is the most f preposterous thing I've heard in quite some time.

We now have a fucking $4 TRILLION federal gubmint, restraining capitalism in ways that cannot be numbered or comprehended, yet we've degenerated in the biggest oligarchical and fudal system since the fudal systems of the 14th century.

The fact there is so much government waste IS due to capitalist corporations corrupting government.
When we give foreign aid to other countries, it is actually to build roads and power plants for Coca Cola bottling plants.
But most of our federal budget is for defense, so we can invade competing oil producing countries, and sell thousand dollar toilets to the military.

Obviously we need more restraint on capitalism, not less.

Another moron who thinks capitalism = company.

No, dufus, capitalism = free markets.

Companies that try to steal money from the people through corrupt government leaders aren't capitalist, not at all. They are yours. Crony capitalists. Crony capitalism is a contradiction, it's a form of socialism

 

[Tommy Tainant]

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.

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.

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.

dailyhive.com

The world's leading democracies had addressed the issue long ago and that led to their success.

Not even Biden is there yet, and his democratic party is miles off being able to break free of the corporate hold on the American way of greedy and unfettered capitalism.

Maybe they'll try Trump again? He's a corporatist who must surely have the ideas it takes to uphold corporate control of their country! LOL

Trump was very much against this. He threatened the French and others when they mooted this a couple of years back.

 

[Donald H]

Obviously we need more restraint on capitalism, not less.

Gee, ya think????

 

[Rigby5]

...

"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.

View attachment 508131

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.

Corporate taxes are double taxes and should be abolished. This is Democrats trying to trap US companies because your policies destroy American business, so you want to trap them here

No corporate taxes are not double taxes.
If a corporation makes tons of profits from its production, but then pays it all out as bonuses to employees, dividends to stockholders, or to make capital improvements in the company property, then it pays ZERO corporate taxes.

That you hate businesses and want a socialist state doesn't contradict that corporate taxes are double taxes on shareholders.

They clearly are. Shareholders pay both corporate taxes as well as capital gains/dividend taxes on the same money. That is double taxation

Wrong.
The corporation only pays taxes on money not dispersed to stockholders, and does not pay tax on money that is dispersed to stock holders.
Stock holders only pay taxes on money dispersed to them, not on money the corporation retains.
There is no double taxation, never has been, and that would be illegal.

What smart corporations do if they have any profits left over, is buy up as much of their own stock as possible.
That greatly increases the value of stock held by stockholders, without incurring any tax debt at all, to anyone.

 

[Wyatt earp]

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.

To be enforced by whom?

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.

Does national sovereignty mean anything at all to you?

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.

God damn bro they are making up a number out of thin air, that you must pay


You don't see anything wrong with this?

 

[kaz]

America's corporations are doing the moving of their corporations to other countries.
Does anybody think that China is forcing them to come to China?

The corporations moving to China are foolish.
Once the Chinese know the trade secrets, they will create better and cheaper competition because they won't have stockholder overhead or as high of labor costs.

Gee, you actually 'get it'!
But do you really think the corporations moving to China are 'foolish'??

Is it foolish for a corporation to seek out the most lucrative markets and marketplace?

Why Rigby, the corporations have already set up Walmarts across America in which to retail the goods they have made in China!

Yep. The problem is government policies. Rigby5 supports the Biden policy to continue to punish US businesses and block their escape route. Fixing the problem is to Biden/Rigby5 not an option.

But businesses are smarter than politicians. We always find a way. Which is why they are trying to stop us now and why it will yet again fail. The more and more Democrats become like Atlas Shrugged is amazing. Ayn Rand described the cabal of Joe, Nancy and Chuck perfectly.

Of course no country is going to SAY they will defy the US. But this is a policy where we need them to sacrifice for our own good, and no one does that. Especially for someone as weak as Joe Biden

 

[Wyatt earp]

...

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.

US corporations have already headed to countries with a lower minimum wage. That's how capitalism works!

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.

dailyhive.com

Restraining capitalism is extremely important and why we create government in the first place.
If government did not restrain capitalism, then whomever could afford the most thugs would dictate to the rest of us, and we would be back in feudal times.

US technology requires investment, and it should be illegal to then move that technology to other countries.

America's corporations are doing the moving of their corporations to other countries.
Does anybody think that China is forcing them to come to China?

So you want to hold people hostage, by gun point and force them to pay?


This is mob action at it's finest

 

[Leo123]

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.

When you tax corporations you take part of their revenue. They pass along that shortfall to their employees and raise the prices of their goods and services.

 

[Donald H]

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.

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.

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.

dailyhive.com

The world's leading democracies had addressed the issue long ago and that led to their success.

Not even Biden is there yet, and his democratic party is miles off being able to break free of the corporate hold on the American way of greedy and unfettered capitalism.

Maybe they'll try Trump again? He's a corporatist who must surely have the ideas it takes to uphold corporate control of their country! LOL

Trump was very much against this. He threatened the French and others when they mooted this a couple of years back.

Obviously Trump would be against any restraint on corporations. He's a fkng corporatist himself!

That's what makes it so mindbending to understand why so many poor ignorant American louts would turn to him for answers.

And then still have faith in him when he failed to deliver the goods!

This kind of bullshit won't bring America's corporations into line. It's still going to have to be an attitude adjustment by Americans who lick the corporatists' asses.