Earlier quoted context omitted.
Because the US has atomic bombs.
Yes because the US is really going to threaten Ireland with atomic bombs...
Everything the US does has the implicit threat of atomic bombs. Or at least economic sanctions.
Janet Yellen to call for global minimum corporate tax rate of 21%
21–30 of 140 posts
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#22Mars too?
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#23Why would another country, especially one that's doing just fine like Ireland, want to eliminate a competitive edge it has?
Based on how the US behaves generally, just sanction them to hell.
You don't want to apply the global tax rate? Have fun finding liquidity when every financial institution denies you access.
It worked in reducing socialist countries to poverty, it will work in forcing the hand of fiscal paradises.
Or is economical warfare fine only when it's used against the commies?
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#24A unilateral global regime is the only complete solution to prevent capital from fleeing to lower-tax locales (e.g. Cayman Islands).
That said, the same incentives for smaller countries to offer lower tax rates will make them unwilling to agree to a global regime. And a global taxation regime would require a degree of international cooperation that has never been seen.
Janet is laying the groundwork for a potential policy which would take decades if not 100 years to come to fruition. She is extremely smart and intentional about her words, as a leader of the Fed.
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#25I would love to hear how they intend to enforce such a global minimum tax rate. As well how they would guarantee that no country offers a tax credit or otherwise to lower the numbers. And then, of course, there's the really common trick of keepin profits on the books near zero for a corporation to avoid taxes altogether. Would they suddenly be taxing income and not profit?
Yeah, especially considering the fact that Russia and China are ditching the dollar. No one cares what America has to say anymore.
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#26I have an issue with Yellen and it has nothing to do with her policies. It is with her use of online notifications via FinCEN. As annoying as Mnuchin was, he didn't send an update readout of the time he farted in a museum or read a treatise on funding random things. She seems to treat the entire ecosystem as her own personal PR team.
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#27No low population country should agree to this simply because you can make the money back on volume. Cayman Islands can live on the incorporation fees alone.
That will work as long as other countries accept it.
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#28Earlier quoted context omitted.
Yes because the US is really going to threaten Ireland with atomic bombs...
Everything the US does has the implicit threat of atomic bombs. Or at least economic sanctions.
I don't get the downvotes. Thats exactly how it goes, how the US in the past retained the "first global power" trophy it now lost.
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#29This will solve exactly 0 problems. I can't believe this is our treasury secretary. Completely clueless.
Re: Janet Yellen to call for global minimum corporate tax rate of 21%
#30I would love to hear how they intend to enforce such a global minimum tax rate. As well how they would guarantee that no country offers a tax credit or otherwise to lower the numbers. And then, of course, there's the really common trick of keepin profits on the books near zero for a corporation to avoid taxes altogether. Would they suddenly be taxing income and not profit?
Sanctions on non-compliannt countries.