Corporations should be taxed on revenue, not profit.
Restaurants and other low margin businesses would cease to exist under this plan.
Global minimum corporate tax: 130 nations to support U.S. proposal
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Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#12This could be the catalyst for privacy oriented coins such as Monero and Zcash. Also the right catalyst for doing away with exchanges and start buying and selling crypto on OTC type market with 1:1 deals and interactions Like it happens for grey area commodities such as marijuana and prostitution
If yo are a legit company you need to file your accounts with the government. Maybe some small funds and companies can be on a paper in Seychelles (no accounts needed) and have their Monero induced cocaine parties, but this law aims at Amazon (effectice tax rate 0%), Apple, Google, Microsoft, Netflix and sucy.
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#13Anyone got a list of the countries? I tried googling around a bit to try to find it. At least other articles[1] mention all G20 countries are on board. That would include India, Russia and most importantly China.
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#14Earlier quoted context omitted.
Of all the arguments to be made about corporate taxation, this one makes the absolute least sense.
Taxing revenue does shut off many tax loopholes. Accounting can play lots of games with profit/loss, but revenue is much harder to obfuscate. However this basically just seems like a Sales Tax to me, which we already have in most countries.
And would kill a lot of low margin businesses right?
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#15Watch what the City of London (the financial center) does, would be my suggestion.
They try to delay this by murking the waters with gross revenue based tax for digital services
https://www.bloomberg.com/news/articles/2021-05-16/u-k-s-sun...
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#16So you are saying that the South Korean government will stop providing special subsidies to their Chaebol ?
Low tax can be in the form of premium land grant, or govt provided healthcare for workers.
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#17Does anyone know at what point the tax is paid? I ask because publicly traded companies avoid it by doing share buy backs. So Apple technically makes no profit. 1% or 15% or 100% of technically nothing is nothing... >The deal also reportedly includes a framework to eliminate digital services taxes, which targeted the biggest American tech companies. Quid Pro quo Clarice!
Share buybacks are not a business expense. They are paid out of after tax income; they are not tax deductible.
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#18Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#19Corporations should be taxed on revenue, not profit.
Of all the arguments to be made about corporate taxation, this one makes the absolute least sense.
I would say that most of the problems with wealthy people not paying their "fair" share (what ever that might be) is the fact that people are taxed on income and corporations are taxed on profit. Many wealthy people do what they want to do with companies (taxed only on profits) or non-profits (not taxed at all!), while the average Joe is taxed on their income. It would be a good idea to have both people and companies taxed the same way.
Personally I think it would be good to get rid of income and corporate taxes all together and replace it with a land value tax. So much more freedom, less regulation, and crazy tax loopholes.
Re: Global minimum corporate tax: 130 nations to support U.S. proposal
#20Two-thirds of humanity, which makes sense because one wouldn't expect much overlap with the third of humanity who suffer USA economic sanctions. Different methods for accomplishing the same goals...
https://sanctionskill.org/wp-content/uploads/2020/03/39Sanct...