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As the Internal Revenue Service prepares to spend its $80 billion gift, Treasury Secretary Janet Yellen is working on global tax rules that would require a global revenue service. The overwhelmingly complex plan, which includes the global minimum tax, amounts to a new global tax code.
The Biden administration is encouraging other countries to adopt the global tax code and to tax American companies in violation of our existing treaties. Congress agreed to include in the Orwellian Inflation Reduction Act only a tiny fraction of President Biden’s proposed tax increases on Americans—and so Treasury is asking other countries to do so instead.
Republican lawmakers have assailed the Biden administration for negotiating a bad deal and trampling on U.S. sovereignty. They haven’t said what they would do if other countries unilaterally implement the global tax code against American companies. Ms. Yellen and OECD officials say that Republicans will have no choice but to go along.
If Congress refuses to capitulate, foreign countries would use the Global Tax Code to tax American companies on income that could instead be taxed by the U.S. Therefore, many tax specialists say the U.S. should surrender rather than leave tax revenue on the table for other countries.
It’s exhausting every day to read some new Left Scheme to violate the US Constitution of the United States of America. They are doing whatever they want, whenever they want and they are doing it with impunity! When do we start charging them criminally? When do we start to enforce the rules instead of just whining about it in our editorial sections, blogs & Forums? When do we hold anyone accountable for crimes?
This will be done with a Pen & a Phone - Ms Yellon says we have “No choice, but to go along”.
I’m going out on a limb here and saying she is wrong — we still (for the moment) have Rights.
A global minimum tax would end the practice of companies hiding in tax havens, like Apple, Google, Facebook, etc. All countries would have to treat mega corporations equally. Also, it would disincentivize American companies from leaving America.
There is no good reason to oppose a global minimum tax. 135 countries already support it.
But yellen WOULD be in violation of the logan act. only the prez OR the duly appointed state dept rep, can negotiate with other sovereign nations. IF trump did this it would have been worse of a holy hell.
But yellen WOULD be in violation of the logan act. only the prez OR the duly appointed state dept rep, can negotiate with other sovereign nations. IF trump did this it would have been worse of a holy hell.
Yellen was instrumental in creating the plan, but the United States did not adopt the plan (kinda like the League of Nations 100 years ago). We would still need to formally enter the agreement, which is honestly still not too likely.
Last edited by midnight_thunder; 08-18-2022 at 09:37 AM..
Reason: typo
A global minimum tax would end the practice of companies hiding in tax havens, like Apple, Google, Facebook, etc. All countries would have to treat mega corporations equally. Also, it would disincentivize American companies from leaving America.
There is no good reason to oppose a global minimum tax. 135 countries already support it.
My immediate thought. No more hiding in the Caymans. Beware of unintended consequences tho. Sometimes you cannot win.
A global minimum tax would end the practice of companies hiding in tax havens, like Apple, Google, Facebook, etc. All countries would have to treat mega corporations equally. Also, it would disincentivize American companies from leaving America.
There is no good reason to oppose a global minimum tax. 135 countries already support it.
There is no good reason to oppose a global minimum tax. actually there is...under current American tax laws...we (our government) understands that these international corps get taxed elsewhere... so we give them credit for taxes paid elsewhere.....its like on your personal taxes..when you pay exuberant property and income tax to NY or CA, you can deduct that from your federal taxable income...
do you really think that a international corporation should pay (for example) 35% to france, 35% to China, 35% to Germany...and then also pay 35% to the US.... there would be zero profit...you would be putting these companies out of business
The global tax code isn’t one tax but a web of several complicated regimes that would increase taxes and also effectively transfer some American tax revenue to other countries.
Last edited by workingclasshero; 08-18-2022 at 10:21 AM..
There is no good reason to oppose a global minimum tax. actually there is...under current American tax laws...we (our government) understands that these international corps get taxed elsewhere... so we give them credit for taxes paid elsewhere.....its like on your personal taxes..when you pay exuberant property and income tax to NY or CA, you can deduct that from your federal taxable income...
do you really think that a international corporation should pay (for example) 35% to france, 35% to China, 35% to Germany...and then also pay 35% to the US.... there would be zero profit...you would be putting these companies out of business
Could be part of the Grand Plan — they could all ‘Collude’ to “Save the Planet” by targeting ONLY. Retain Companies” ….. say for instance- Petroleum Companies.
There is no good reason to oppose a global minimum tax. actually there is...under current American tax laws...we (our government) understands that these international corps get taxed elsewhere... so we give them credit for taxes paid elsewhere.....its like on your personal taxes..when you pay exuberant property and income tax to NY or CA, you can deduct that from your federal taxable income...
do you really think that a international corporation should pay (for example) 35% to france, 35% to China, 35% to Germany...and then also pay 35% to the US.... there would be zero profit...you would be putting these companies out of business
The global tax code isn’t one tax but a web of several complicated regimes that would increase taxes and also effectively transfer some American tax revenue to other countries.
You misunderstand the purpose of a global minimum tax. It's not so every country gets a cut. It's to prevent places like Ireland wooing companies like Apple to headquarter there, in exchange for paying little to no taxes. So corporations are leaving the USA so they won't be subject to our taxes. But they're going to places where they won't be taxed at all. This is unfair. A global minimum tax would allow the USA to tax Apple at the minimum rate, despite being headquartered in a tax haven. This revenue would then be split among the countries signing onto the agreement. There is no good reason why tax havens should exist, but if you disagree, let me know.
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