- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Biden admin to call for worldwide tax hike
Posted on 4/6/21 at 6:36 am to SlidellCajun
Posted on 4/6/21 at 6:36 am to SlidellCajun
quote:
The New structure would
This concept is not all connected to individual taxation. If a country wants to tax the worldwide income of its citizens without regard to residency, like Italy currently does, that's a unilateral move and would not require international cooperation...
0
Posted on 4/6/21 at 7:16 am to SlidellCajun
The US has taxed its citizens abroad for decades. Sure they only tax you if you make over 100 grand, but you only get that relief if you can prove you did not spend a certain amount of time in the US, you literally have to submit a daily log with your taxes. And your taxes as an expat look like the encyclopedia, along with the bill.
And you still have to pay the taxes in the country you live in.
And you have to submit a form with your bank accounts offshore, and if you dont list them they threaten to send you to prison.
And your first year abroad, I can guarantee an audit.
Talk about taxation without representation.
And you still have to pay the taxes in the country you live in.
And you have to submit a form with your bank accounts offshore, and if you dont list them they threaten to send you to prison.
And your first year abroad, I can guarantee an audit.
Talk about taxation without representation.
Posted on 4/6/21 at 7:20 am to Crimson Wraith
So other countries will have the chance to lure American companies to relocate there, but we expect those other countries to raise corporate tax rates so that those companies will stay in America instead? What’s the incentive for other countries to do that versus luring American countries to come to them?
Posted on 4/6/21 at 7:22 am to Crimson Wraith
Is this what happens when the "Adults" are finally making the decisions?
Asking for a friend...
Asking for a friend...
Posted on 4/6/21 at 7:23 am to trinidadtiger
France started the most recent attempt by trying to pass a tax on the dot.coms for the income they earn in their country. Trump responded with tariffs on selected products.
Biden is a different approach. He will no doubt let these countries tax the dot coms, in return he will get those records and use them to install a global tax.
He will use the threat of kicking them off the SWIFT banking system to do so. They did this a few years ago. They "requested" all countries give them access to bank accounts due to terrorist activity. If they balked they would be kicked off SWIFT. The entire trading system of the world revolves around the US dollar, not just the transaction, but shipping, the insurance of shippers, the credit, everything. You get kicked off SWIFT as a country and everything stops, you cant even use a credit card. And as a bonus they got all the bank records of US individuals with offshore accounts.
I still dont understand why all these dotcoms hated Trump, he was their last line of defense to stop the dems from lapping up their offshore gravy train. Let them reap the whirlwind.
Biden is a different approach. He will no doubt let these countries tax the dot coms, in return he will get those records and use them to install a global tax.
He will use the threat of kicking them off the SWIFT banking system to do so. They did this a few years ago. They "requested" all countries give them access to bank accounts due to terrorist activity. If they balked they would be kicked off SWIFT. The entire trading system of the world revolves around the US dollar, not just the transaction, but shipping, the insurance of shippers, the credit, everything. You get kicked off SWIFT as a country and everything stops, you cant even use a credit card. And as a bonus they got all the bank records of US individuals with offshore accounts.
I still dont understand why all these dotcoms hated Trump, he was their last line of defense to stop the dems from lapping up their offshore gravy train. Let them reap the whirlwind.
This post was edited on 4/6/21 at 7:26 am
Posted on 4/6/21 at 7:31 am to Roll Tide Ravens
quote:
So other countries will have the chance to lure American companies to relocate there, but we expect those other countries to raise corporate tax rates so that those companies will stay in America instead? What’s the incentive for other countries to do that versus luring American countries to come to them?
I would guess they would put in a tax that is a sliding scale on where you try to locate various assets, meaning you cant avoid the tax so you dont move outside the US.
The bullshite statement about companies not paying taxes is a ruse that most people see as a fact. Amazon did not make money for years, course when you are building million square foot warehouses in densely populated areas....it tends to take up most of your cash so you arent making money to be taxed. The govt sets up the tax codes, and blames you for complying?
Posted on 4/6/21 at 7:41 am to trinidadtiger
I will say there are some smart companies out there, Apple for example. They manufacture a phone in china for lets say 100 bucks. They then transfer that phone to the books of their Irish company. The Irish company then "sells" that phone to the US Apple division for 1000 bucks. The US division sells it for 1100 bucks and after all expenses has a profit of the 100 bucks less 90 expenses, of 10 bucks.
The 900 in Ireland is taxed at a 3rd the rate of US tax and it all stays, to be invested offshore. If it ever comes back it is taxed at US rates, thats another thing Trump did was give forgiveness if they brought it back. Course the whores brought it back and bought their own stock, well many did, instead of investing in plants.
The 900 in Ireland is taxed at a 3rd the rate of US tax and it all stays, to be invested offshore. If it ever comes back it is taxed at US rates, thats another thing Trump did was give forgiveness if they brought it back. Course the whores brought it back and bought their own stock, well many did, instead of investing in plants.
Posted on 4/6/21 at 7:47 am to trinidadtiger
quote:
The 900 in Ireland is taxed at a 3rd the rate of US tax and it all stays, to be invested offshore. If it ever comes back it is taxed at US rates, thats another thing Trump did was give forgiveness if they brought it back. Course the whores brought it back and bought their own stock, well many did, instead of investing in plants.
Like I told you last week, your example ignores TCJA changes.
a) We no longer have taxation dependent on repatriation.
b) The TCJA didn't forgive offshore earnings. It instituted a one time tax at favorable rates on accumulated foreign earnings up to the point where it was enacted as it moved us away from taxation based on repatriation. To curb future abuses it also introduced a...global minimum tax on foreign earnings...so now your foreign earnings can be currently taxed in the US, albeit at a lower rate. There is no longer a tax incentive to keep money offshore.
This post was edited on 4/6/21 at 7:58 am
Posted on 4/6/21 at 7:48 am to Bulldogblitz
quote:
But the US economy is soaring under xiden, per XiNN
i agree, they keep saying that, but how so? stock market sucks, fuel going up, building materials going up? what is so great?
Posted on 4/6/21 at 8:42 am to LetsgoGamecocks
quote:
Does he think he is the WORLD president?
He's not even America's president.
Posted on 4/6/21 at 9:04 am to TheBoo
We should be taxing every mega corporation in this country with confiscatory rates. Something like 65% if a company has a market cap over $500B. They are essentially government utilities at this point with a constant flow of capital driven by illiquid retirement funds that Wall Street has hustled for the past 20 years. On top of that their bonds are supported by the Federal Reserve frickery so they can roll their debt at rates they shouldn't otherwise have access to. So in other words, their debt and equity value is a mirage.
The problem is we aren't powerful enough to pull this off and thus all new taxes or tax rate increases are a direct attack on mid and small business so they should be critized and rejected.
The problem is we aren't powerful enough to pull this off and thus all new taxes or tax rate increases are a direct attack on mid and small business so they should be critized and rejected.
Posted on 4/6/21 at 9:20 am to Crimson Wraith
A trio of Senate Democrats unveiled a proposal Monday to raise taxes on multinational corporations as lawmakers begin to refine their plans to pay for President Joe Biden’s infrastructure package.
The framework released by Finance Committee Chair Ron Wyden (Ore.) and fellow tax writers Sherrod Brown (Ohio) and Mark Warner (Va.) generally agrees with what the administration proposed last week when it called for a host of tax hikes on corporations, though it differs on several points and includes additional details.
It delves into the specifics of the U.S.’s international tax system, endorsing Biden’s call to hike the tax rate on multinationals' income from intangible assets like patents, known as GILTI. But the lawmakers floated the possibility of increasing it to match the tax rate companies pay in the U.S., which would go further than what Biden proposed.
LINK
The framework released by Finance Committee Chair Ron Wyden (Ore.) and fellow tax writers Sherrod Brown (Ohio) and Mark Warner (Va.) generally agrees with what the administration proposed last week when it called for a host of tax hikes on corporations, though it differs on several points and includes additional details.
It delves into the specifics of the U.S.’s international tax system, endorsing Biden’s call to hike the tax rate on multinationals' income from intangible assets like patents, known as GILTI. But the lawmakers floated the possibility of increasing it to match the tax rate companies pay in the U.S., which would go further than what Biden proposed.
LINK
Posted on 4/6/21 at 9:27 am to Crimson Wraith
quote:
stop the race to the bottom," she will state.
Ooops, too late. We won that race to the bottom.
Posted on 4/6/21 at 9:29 am to Crimson Wraith
If they're are still skeptics that mock conservatives when we warn others about a NWO Globalism government....maybe they'll reconsider. The NWO is rooted in the Fed and their Global Fiat Monetary partners.
This post was edited on 4/6/21 at 9:30 am
Posted on 4/6/21 at 9:29 am to Jbird
quote:
multinationals' income from intangible assets like patents, known as GILTI.
This is such a mischaracterization of what GILTI is. Despite the name--Global Intangible Low Taxed Income--far more than intangible-related income gets caught in its grip because of how they've chosen to define it. Basically, if you're not plant and machinery rich in your overseas operations, you're gonna pay some gilti even if you don't have IP. It really fricks certain industries.
Nobody bitched too much after the TCJA because the GILTI rate was still fairly low and dropping the overall corporate rate by 14% was such a big benefit. If they raise the corporate rate AND they make GILTI even more punitive, there is going to be A LOT of bitching unless they redefine intangible income to be less all-encompassing and aim the provision at who it was really intended for--companies that offshore IP.
This post was edited on 4/6/21 at 9:31 am
Posted on 4/6/21 at 9:32 am to Jorts R Us
quote:
But the lawmakers floated the possibility of increasing it to match the tax rate companies pay in the U.S
Posted on 4/6/21 at 9:36 am to deathvalleytiger10
quote:
How come our resident libs never come to the defense of these policies?
im on record.
no tax on companies.
just on people. 10% flat.
VAT too.
combine with amendment says no company money in elections.
This post was edited on 4/6/21 at 9:42 am
Posted on 4/6/21 at 9:37 am to Jorts R Us
WASHINGTON (Reuters) -The International Monetary Fund has long favored adoption of a global minimum tax on corporate profits, the Fund’s chief economist, Gita Gopinath, told reporters on Tuesday, calling tax avoidance a troubling issue for the global economy.
Gopinath said current disparities in national corporate tax rates had triggered “a large amount” of tax shifting and tax avoidance, reducing the tax base on which governments could collect revenues to fund needed economic and social spending.
“The hope is that they will move forward better to have more inclusive, sustainable, green economies, and that would require measures both on the revenue side and on the expenditure side,” she said, adding that each country would have to carefully tailor its own actions on the tax front.
Gopinath said the IMF was still studying the Biden administration’s proposal to raise the corporate tax rate to 28%, but noted that the former Trump administration’s decision to lower that tax rate from 35% to 21% in 2017 had had less impact on investment than initially expected.
LINK
Gopinath said current disparities in national corporate tax rates had triggered “a large amount” of tax shifting and tax avoidance, reducing the tax base on which governments could collect revenues to fund needed economic and social spending.
“The hope is that they will move forward better to have more inclusive, sustainable, green economies, and that would require measures both on the revenue side and on the expenditure side,” she said, adding that each country would have to carefully tailor its own actions on the tax front.
Gopinath said the IMF was still studying the Biden administration’s proposal to raise the corporate tax rate to 28%, but noted that the former Trump administration’s decision to lower that tax rate from 35% to 21% in 2017 had had less impact on investment than initially expected.
LINK
Posted on 4/6/21 at 9:38 am to Jorts R Us
quote:
b) The TCJA didn't forgive offshore earnings. It instituted a one time tax at favorable rates on accumulated foreign earnings up to the point where it was enacted as it moved us away from taxation based on repatriation. To curb future abuses it also introduced a...global minimum tax on foreign earnings...so now your foreign earnings can be currently taxed in the US, albeit at a lower rate. There is no longer a tax incentive to keep money offshore.
That is great in theory, but there is a trillion dollar industry that says otherwise. We will just have to agree to disagree on this subject.
Posted on 4/6/21 at 9:39 am to Jbird
quote:
But the lawmakers floated the possibility of increasing it to match the tax rate companies pay in the U.S
Would be a horrible idea. How is the subsidiary of a US multinational supposed to compete abroad when they will end up paying US rates no matter where they are? They would have to limit the scope of GILTI and make that provision airtight...unlike last time...
Page 3 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News