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Ireland joins OECD International Tax agreement

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Re: Ireland joins OECD International Tax agreement

#81

Post by mupuff1234 »

busymom0 wrote: post #16

I have never understood the whole "tax the rich" idea and I am not rich, don't own a house or car or stocks or anything expensive. When and how will the taxes help you and me? The money just ends up going to a black hole for the government to spent inefficiently. And if you are in the US, the money gets spent on funding the military industrial complex for bombing more countries, regime changes, intelligence agencies,…

Even if tax money would all go into a black hole - you would still get a slightly more equal society just by having smaller wealth gaps.

Re: Ireland joins OECD International Tax agreement

#82

Post by pmoleri »

dzink wrote: post #61

It matters who is not in. Cyprus doesn’t seem to be on the list, along with many others. All it takes is one country to make this irrelevant.

Only if the joined countries don't implement some kind of differentiated tax on products and services commiting from outside the list.

Re: Ireland joins OECD International Tax agreement

#83

Post by JaakkoP »

This is a shrewd move by Ireland.

Multinational companies chose Ireland largely because:

1) Low tax basis

2) English speaking EU country

3) Part of the Euro zone (less important than #1 and #2 to be sure).

Given the OECD tax agreement there are fewer low-tax destinations for companies to pick from. And because of Brexit there are no other English-speaking EU countries.

Companies in Ireland aren’t going anywhere and it remains a pretty good option for any new HQs looking to expand into Europe. Ireland is just making more money off of each of them.

Re: Ireland joins OECD International Tax agreement

#84

Post by gruez »

sgjohnson wrote: post #37

Surely all this does is makes offshore tax havens all the more attractive? Sure, some of them have signed up (i.e. Panama), but if they are not ditching the territorial taxation system, it changes absolutely nothing for them, and even if it would, Panama absolutely does not care about enforcing the exising law regarding taxation. Sure, the companies will have to pay a bit more to their lawyers, but the way I see it,…

>Surely all this does is makes offshore tax havens all the more attractive?

assuming they don't get sanctioned and/or tarrifed.

Re: Ireland joins OECD International Tax agreement

#85

Post by Talanes »

ericmay wrote: post #59
adgjlsfhk1 wrote: post #45

Earlier quoted context omitted.

Here's a short list of things tax money funds: Roads Schools Healthcare (in civilized countries) Making sure companies selling medicine aren't killing people Making sure companies don't dump toxic waste into rivers and lakes Note that comparing Walmart vs the government is especially funny since most of Warlmart's expansion comes from the fact that it under-pays it's workers so much that the federal government has to…

> Healthcare (in civilized countries) When you say things like this, you just push back the goal of national healthcare in America. Stop. I want national healthcare and the only way to get it involves not pissing people off by calling them uncivilized.

But pissing people off by jumping in to police their speech is better?

Re: Ireland joins OECD International Tax agreement

#86

Post by zz865 »

dlp211 wrote: post #79
zz865 wrote: post #69

Earlier quoted context omitted.

That might be true in some countries, but in the USA it goes to the military, farmers to make GMO soya beans & corn syrup, and other random corporations.

Ok, yes, the US spends a lot on the military, but the vast majority of taxes goes towards social programs (specifically SS and healthcare programs) and the current administration and majority of Democrats are trying to spend more on common infrastructure and additional social programs with an emphasis on families. It sucks that we have a terrible implementation of government that requires using vastly inefficient loo…

Surely SS and healthcare are largely funded by SS payments. Taxes go toward Medicare but premiums are a big part too. https://www.pgpf.org/budget-basics/medicare

Re: Ireland joins OECD International Tax agreement

#87

Post by 14u2c »

jonas21 wrote: post #43
jgeada wrote: post #17

Earlier quoted context omitted.

And yet they tax individuals on our revenues and not our profits …

If you're operating a business as an individual (sole proprietor), you deduct expenses and only pay taxes on profits.

I'm curious what the limits of this are.

Say I create a business that receives $2000/m in contracting revenue instead of personal 1099 income. What if this business then acquires a property with a $2000/m mortgage and in turn rents that property to me for $1/mo. As all revenue is consumed by expenses would the business not be taxed? It seems like there has to be a reason why this strategy can not be used to avoid tax on all personal expenses?

Re: Ireland joins OECD International Tax agreement

#88

Post by TexanFeller »

Pet_Ant wrote: post #48
SSLy wrote: post #44

Earlier quoted context omitted.

If you mention Berlin and Paris, then also Amsterdam and Warsaw deserve mentions.

Warsaw? We’re becoming the Texas of Europe, more than a little unpalatable.

“You may all go to hell and I will go to Texas.”

— Davy Crockett…and also me

Re: Ireland joins OECD International Tax agreement

#89

Post by bequanna »

mupuff1234 wrote: post #81
busymom0 wrote: post #16

I have never understood the whole "tax the rich" idea and I am not rich, don't own a house or car or stocks or anything expensive. When and how will the taxes help you and me? The money just ends up going to a black hole for the government to spent inefficiently. And if you are in the US, the money gets spent on funding the military industrial complex for bombing more countries, regime changes, intelligence agencies,…

Even if tax money would all go into a black hole - you would still get a slightly more equal society just by having smaller wealth gaps.

But maybe far less/slower progress.

If you take capital away from people who are excellent capital allocators and give it to consumers we will just end up with more candy crush in app purchases.

Re: Ireland joins OECD International Tax agreement

#90

Post by SEJeff »

jldugger wrote: post #51
gerdesj wrote: post #46

Earlier quoted context omitted.

I don't think you realize which Ireland you are talking about. There's Éire which is the Republic and there is also Northern Ireland, which is the UK bit in Britain. If UKoGBnNI decided to set a low tax rate ...

I promise you the Dubliners speak english well enough for the multinationals.

Now those northerners from Donegal... Sound like they're speaking with a golf ball in their mouth.
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