We should stop all taxation and use inflation to pay for everything instead. Much simpler and no one can get out of it.
Inflation hurts people who hold mostly cash more i.e the poorest in society
Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
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Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#112Microsoft's Irish subsidiary paid zero tax because it owed zero tax—and there's no reason it should have paid, or that this should change in future, apart from the greed and envy of others who want to take money from others to which they are not entitled. Those who are unhappy at the taxes they are paying should perhaps take it up with the tax attorneys and/or legislators who have failed them.
I upvoted you [after the red brigade had had a pass :) ] because you raise an important point: imagine what the tax rates would be if politicians - armed with a police force and judiciary - knew that no other nation could complete by offering lower tax rates?
The corrupt bolsheviks where I live would ratchet it up to 95% in a few years. As would everyone else's government.
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#113Meanwhile my (single-person) company is paying around 20% corporation tax, and then I'm getting taxed a further 20-40% on top of that when I pay myself.
Which country is your corp registered in? In U.S. you can register and S. Corp to avoid being double taxed.
The disadvantage of an S. Corp is that you don't have any flexibility in evening out profit distributions between good years and bad years, right?
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#114Earlier quoted context omitted.
There you pay 40-50% incometax first
No one pays that much in a progressive tax system. Every time this discussion comes up people spout off these numbers but if you calculate out how much you actually pay it's probably in the 20-30% of total salary range. That's still high but it's just dishonest and makes people look like idiots when they throw around 40% etc. If you are truly paying 40% of your income in tax you are earning millions and are benefitin…
In the UK you pay a flat 40% over around £45k, no ambiguity whatsoever, then 45% over £150k. Not exactly millionaire status.
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#115We should stop all taxation and use inflation to pay for everything instead. Much simpler and no one can get out of it.
Won't work because all truly wealthy people can secure their wealth against inflation, while poor people cannot. As a simple example, consider owning a house vs. renting. If you own the house, the actual number doesn't matter. If you're renting, the ratio between rent and salary is highly critical for your lifestyle.
Add a UBI and it would work. There needs to be an economic floor which ensures there is no destitution. The aim isn't to get rid of wealth. The system now isn't working because wealthy people are securing their income and wealth without paying tax at the expense of social and civil programs.
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#116Earlier quoted context omitted.
Not really, I wish I were. Here’s the NL tax brackets: * € 0 - 68.508 37,10% * € 68.508+ 49,50%
There is no tax free allowance in NL? Do you pay extra for healthcare or is it paid for out of that amount?
Healthcare is paid from post-tax income. As a single person, I pay approx. €150 monthly. There is also a deductible of €385-885, and choosing a lower amount means you pay more per month too.
There is no tax free allowance. There is general/labor tax credit, but it’s incredibly minimal and reduces with income:
* €2.837 for those with a taxable income under €21.043
* €2.837 - 5,977% x (taxable income - €21.043) for people with an income between €21.043 to €68.507
* €0 for people with an income over €68.507
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#117can someone explain how an irish company be tax resident of bermuda in the first place?
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#118Everybody needs to pay more tax, that's the genius of the spenders, they put it to good use always. Anybody can donate to their government. Who here does?
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#119Earlier quoted context omitted.
I pay easily 40%+ effective tax on my income in NL. Not sure why you’re so dismissive of the poster.
Congrats you are earning a lot. You should be grateful to be in such a privileged position few can dream of.
Society should be grateful he/she is so productive as to deserve it.
Re: Microsoft Irish subsidiary paid zero corporate tax on £220bn profit last year
#120Why can't governments learn that taxing corporations is pointless? The same revenue is can be raised more simply through sales tax and personal income tax on salaries and distributions.
Well this creates the incentive that corporations try to minimise their employees, or try to shift employment to low tax/low cost countries. Now that very well be desirable for corporations and people who derive income primarily from capital, but it is not desirable for society. The whole idea behind corporate tax is that they should be taxes on the profits they make, where they make them.
>>Well this creates the incentive that corporations try to minimise their employees, or try to shift employment to low tax/low cost countries. Now that very well be desirable for corporations and people who derive income primarily from capital, but it is not desirable for society
You mean not desirable for society in high tax/high cost countries I presume? What about society in low tax/low cost countries? It seems to be working out pretty well for Ireland[1]. That's why they resist immense pressure form the EU and maintain a low corporate tax rate.
[1] which is a high cost/low corporate tax country