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Ireland joins OECD International Tax agreement

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Re: Ireland joins OECD International Tax agreement

#311

Post by sumedh »

oaiey wrote: post #197
kory wrote: post #189

Government should prove it can spend the money well before asking for more. The waste and incompetence I see in government is astounding. It's much worse than anything I've seen in private corporations. Speaking specifically for America, the government can barely even agree on where it wants to spend its current "budget". Say you have a couple who constantly fights over how to spend their $10m/yr budget, of which nea…

This is not about asking for more money. This is about companies cannot fleeing rational tax rates of normal countries into countries which specialize in "stealing" the companies from normal countries and making this their code business.

> This is about companies cannot fleeing rational tax rates

Some of the US states operates one of the biggest tax havens in the world, is the US govt going to shut them down?

Re: Ireland joins OECD International Tax agreement

#312

Post by sumedh »

dougmwne wrote: post #98

All these greyed out comments about international taxation of all things really tells you something about the current state of the HN userbase and increasing political polarization. We even managed some completely off-topic insults of Texas and Poland. Fine work fellas!

> current state of the HN userbase and increasing political polarization

Probably because lot of people on HN are Americans and most of them know that the US govt loves to waste trillions of dollars of taxpayer money in pointless wars.

Re: Ireland joins OECD International Tax agreement

#313

Post by mstade »

tankenmate wrote: post #308
rusk wrote: post #285

Earlier quoted context omitted.

Official Ireland were dragged into this kicking and screaming. There really wasn’t much choice involved - unless the OECD brass were thinking in generous terms towards Ireland. If anything I’d say the timing of this is in part what drove Brexit - this has been coming for a few years now and “City”* of London is one of the worlds biggest hubs for processing funny money. * This is the somewhat cryptic name for the fina…

The "City of London" (also referred to as the square mile), whose proper name is "City of London Corporation" is a roughly square mile in the centre of London that closely matches the area of the Roman settlement of Londinium. Given it's age and heritage it has many foibles; it is its own ceremonial county, it has its own police force, it has quixotic ownership of lands (and sometimes even entire towns) outside its o…

I used to live and work in the city and loved telling people about the dragons guarding the city borders and the often weird and funny traditions. As much as the city is a hub of corporations it's actually far from the soulless place many make it out to be, and there is lots of interesting history there if you care to look. My favorite gateway drugs to learning more about the city of London are probably CGP Grey's videos:

The (Secret) City of London: History Edition: https://m.youtube.com/watch?v=LrObZ_HZZUc

The (Secret) City of London: Government Edition: https://m.youtube.com/watch?v=z1ROpIKZe-c

Re: Ireland joins OECD International Tax agreement

#314

Post by p2t2p »

ekabod wrote: post #220
p2t2p wrote: post #106

Earlier quoted context omitted.

> Poland not so much Oh, EU has got ways to screw Poland all right, don’t you worry. Like right now lots of local governments there are reverting certain anti-LGBT laws to get to EU grants or whatever it’s called.

Who are these local governments? I don't know any.

If I Google “Poland lgbt law repeal eu money” the first link is https://www.npr.org/2021/09/28/1041112133/poland-anti-lgbt-r...

Re: Ireland joins OECD International Tax agreement

#315

Post by ashtonkem »

p2t2p wrote: post #106
ashtonkem wrote: post #78

Earlier quoted context omitted.

You’re right, Poland is probably in worse position than Texas here. Texas at least has the promise of a federal system to reign in its more unpopular legislative instincts, Poland not so much.

> Poland not so much Oh, EU has got ways to screw Poland all right, don’t you worry. Like right now lots of local governments there are reverting certain anti-LGBT laws to get to EU grants or whatever it’s called.

I’m perplexed by the combination of “screw Poland” and the idea that what the EU is doing is making Poland respect the human rights of its own citizens. Are you implying that what the EU is doing here is bad?

Re: Ireland joins OECD International Tax agreement

#316

Post by mr_toad »

skybrian wrote: post #110
jamestnz wrote: post #55

Earlier quoted context omitted.

>A tax on revenues would kill a lot of high growth businesses And also low-margin businesses. If you tax a business on its total sales rather than profits, a low-margin and high-volume operation cannot survive as easily. Example. A supermarket chain makes many sales, collecting average 5% margins on a sale. A seller of high-end automobiles moves fewer units, but can take a 15% margin. Assume both businesses make the…

A VAT isn’t a sales tax though. I think you can subtract the cost of goods since they were already taxed? Compared with income tax, there are fewer expenses you can subtract from revenue, but there still are some. But since prices will adjust, the question is really one of tax incidence. Who gets to raise prices to cover their taxes? And that’s complicated.

VAT is a sales tax, and you can only subtract the cost of goods sold, not any other expenses.

Not being able to subtract the cost of goods sold would be ludicrous and farcical.

Re: Ireland joins OECD International Tax agreement

#317

Post by ashtonkem »

brigandish wrote: post #179
p2t2p wrote: post #107

Earlier quoted context omitted.

I’ll take unelected EU bureaucrat over elected Trump-like something any day.

Democracy is very inconvenient, especially for those who struggle to persuade others how to live.

Good quip, but you’re of course ignoring the issue that democracies can sometimes trample minority rights. This is precisely the issue in this context, with Poland trying to pass anti-LGBTQ laws, and the EU trying to stop them.

Democracies are often very convenient for coercing minorities into living the way the majority wants them to live.

Re: Ireland joins OECD International Tax agreement

#318

Post by mr_toad »

necovek wrote: post #226
TechBro8615 wrote: post #168

Earlier quoted context omitted.

That is not how marginal tax rates work. I’m not suggesting we abandon marginal tax brackets. In the case of your example, the person who earned $101k would pay tax on the $1k above $100k, i.e. they would pay $200 of taxes. The proposal to start taxing only amounts above $100k is not fundamentally different from the standard deduction or personal allowance that already exists (YMMV by jurisdiction). My proposal is si…

That wasn't clear from the "proposal", and there are tax schemes in the world were it worked exactly like this. Thanks for the clarification though: this makes more sense indeed.

There aren’t many tax schemes in the world where earning $1 more incurs > $1 in tax. Ironically it’s more likely to happen if you’re poor, and a gain in income causes you to lose social support or other benefits.

Re: Ireland joins OECD International Tax agreement

#319

Post by mr_toad »

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.

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

You can only (legally) deduct business expenses, not just all expenditure.

For example (where I work) you can deduct a cost for a uniform if it’s required for work. But you can’t deduct the cost of a new suit.

Re: Ireland joins OECD International Tax agreement

#320

Post by syshum »

munk-a wrote: post #6

I've always been baffled as to how this is seen as a multi-national issue. The US could always implement unilateral minimum VAT and profit[3] taxes on corporations forcing them to effectively pay whatever proportion the US demands to continue doing business in the world's largest consumer market. Just because you're only paying 3%[1] profit[3] tax in Bermuda doesn't mean you can necessarily skate around the remaining…

I agree with most of this, except for VAT

Lets not do that, We have enough hidden taxation in prices as is it, I am not a fan of this style of taxation as it allows for government to increase taxes (and prices) on consumers while never having to answer for those increases because the people take it out on companies and vendors not on the government where their anger belongs

VAT taxation is terrible and should always be opposed

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