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This isn't about relocating it's about tax avoidance in places like Ireland, Switzerland and the Cayman Islands. These companies don't actually do any substantial business in the countries it's purely to avoid US taxes, this is a global issue.
So explain to me why Ireland for instance has such astonishing growth leader, you would have to believe that all these US firms have an enormous manufacturing presence, but nothing could be further from the truth.
Where oh where are all those manufacturing jobs we were promised would return when we lowered the corporate rate.
The marketplace dictates where manufacturing jobs go, and at the moment the far east dominates a lot of manufacturing, although more jobs may go to Africa or may be lost to increasing automation.
At the same time multi-national companies can choose to locate their Headquarters any where they want, and most countries are not going to sign up to a minimum global tax rate.
National sovereignty and the ability to control your own economic affairs are important to most nations, whilst the very countries you mention would never sign up to such an arrangement, and the fact they are tax havens is not even up for debate, everyone knows companies set up HQ's in such countries for tax reasons, however multi-national companies are just that and often sell their products across the globe and not just in the US, and they can therefore choose where to base their HQ's.
Ireland is just going to veto the plan when it's put to the EU, whilst Switzerland is not even part of the EU.
Correction, please. The U.S. doesn't want this, the Administration wants this.
Most news outlets have said that the US wants the 15% tax in the ticker so I can understand the confusion. That said why is anyone who is against outsourcing against this. This removes outsourcing tax shields.
Biden can not force other nations to put in place global tax rates.
I also very much doubt, China or Russia are going to listen to Biden, and even western nations enjoy the ability to set their own tax rates rather than have some global tax rate imposed upon them.
It also should be noted that the US is threatening other countries for applying small digital services taxes, whilst at the same time pushing for this type of global tax agreement.
For someone using the handle "Brave New World," you seem remarkably trusting and naive.
Talking about a king (and royal court) thinking he should have reign over the entire world. What we need is the Visigoths to come over the hill about now.
If I were a foreign leader, ol' Joe and friends would be seeing a lot of my middle finger.
For someone using the handle "Brave New World," you seem remarkably trusting and naive.
Not really, as I have already stated, a lot of countries such as China, Russia, many Middle Eastern nations etc take very little notice of the US, whilst if the EU were to put such a proposal forward Ireland and Luxembourg would just veto it, as already mentioned.
Switzerland and other such countries such as Liechtenstein would also not want anything to do with it, and it's unlikely Britain would want such laws imposed on it, especially after just leaving the EU on the belief that t could now set it's own laws.
Just because Biden and the US want something, does not mean the entire world is going to sign up.
You seem naive in believing Biden and the US Administration have so much global power that they can force others to sign away their ability to decide their own tax laws.
Last edited by Brave New World; 05-21-2021 at 03:06 PM..
Since Biden approves of open borders, perhaps he thought he could also control the worlds tax rates.
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