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EU adopts global minimum 15% tax on big business

bbc.com

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Re: EU adopts global minimum 15% tax on big business

#21

Post by sequence7 »

mytailorisrich wrote: post #2

> European leaders praised the decision, with Germany's Chancellor Olaf Scholz describing it as a "project close to my heart". French President Emmanuel Macron said the country had been pushing the idea for more than four years. Of course countries with high taxes are all for raising taxes in countries where they are lower! Now, unfortunately the article does not mention the interesting bit, which is that EU countrie…

Hungary desperately needs EU funds and it would have lost several billion euros is it had blocked this.

Re: EU adopts global minimum 15% tax on big business

#22

Post by vkou »

poszlem wrote: post #4

> "Today the European Union has taken a crucial step towards tax fairness and social justice," EU economy commissioner Paolo Gentiloni said. There is a saying in Poland: "The difference between > and > is the same as the difference between > and >. I wish we would actually listen to the those countries, when it comes to topics like socialism and communism. Though I suspect the Western European countries need to taste…

If we're going to listen to reactionary wisdom of folk sayings, I've got a long, long list of ones that will provide us with all sorts of simple-to-grok, contradictory, and utterly pointless advice for how to steer our politics.

And this particular one works just fine if you reverse the adjectives. After all, the justice system is generally the one responsible for executing people. It does tend to apply itself in a rather... Unjust way - but that's just one of life's little ironies.

If you're asking people to listen, you're going to need to actually express your arguments, instead of vaguely gesticulating in the general direction of a 'Four legs good, two legs better' poster.

Re: EU adopts global minimum 15% tax on big business

#23

Post by woodruffw »

cheald wrote: post #15
hassanahmad wrote: post #7

Bigger tax for bigger business. Fair enough.

The US income tax was originally supposed to be a tax on just the richest, too. These things have a way of scope creeping.

I can't find any evidence of this: the earliest US income tax was levied for the Civil War, and amounted to a 3% tax on anybody making around $27,000 (in 2022 dollars). That's not a particularly "rich" cutoff.

Edit: about $27,000[1].

[1]: https://www.in2013dollars.com/us/inflation/1861?amount=800

Re: EU adopts global minimum 15% tax on big business

#24

Post by poisonborz »

mytailorisrich wrote: post #2

> European leaders praised the decision, with Germany's Chancellor Olaf Scholz describing it as a "project close to my heart". French President Emmanuel Macron said the country had been pushing the idea for more than four years. Of course countries with high taxes are all for raising taxes in countries where they are lower! Now, unfortunately the article does not mention the interesting bit, which is that EU countrie…

Your wondering is justified, and (like almost every other EU issue nowadays) Hungary was a holdout opposer, and used the vote to blackmail in other areas. They struck a deal in a "package" that includes Ukrain aid as well, in return they got some of the EU funds that was held back because of corruption. What a great happy Union this is.

https://www.politico.eu/article/eu-deal-hungary-drop-vetoe-r...

Re: EU adopts global minimum 15% tax on big business

#25

Post by martinald »

This isn't really as big a deal as it's been made out to be, IMO.

This is Pillar 2 of the OECDs tax reform for corporations.

Pillar 1 is much more interesting, and would require corporations to actually book profits where they are made (so not putting everything through Ireland for example). This will have a much bigger impact imo than this 15% ruling, because right now there are a bunch of tricks you can use to get round any tax rate.

For example, even though Ireland's headline tax rate is currently 12.5%, the effective rate after all the tricks for many US tech cos was <1% to the Irish state.

Re: EU adopts global minimum 15% tax on big business

#26

Post by mytailorisrich »

jacooper wrote: post #3
mytailorisrich wrote: post #2

> European leaders praised the decision, with Germany's Chancellor Olaf Scholz describing it as a "project close to my heart". French President Emmanuel Macron said the country had been pushing the idea for more than four years. Of course countries with high taxes are all for raising taxes in countries where they are lower! Now, unfortunately the article does not mention the interesting bit, which is that EU countrie…

More money for the government, why would they refuse ?

Why do countries have lower tax rates to start with?

For many small/remote countries, lower corporation tax is a way to attract companies that would never have come if the tax rate was higher.

Re: EU adopts global minimum 15% tax on big business

#27

Post by lzauz »

jacooper wrote: post #8

> The landmark deal between nearly 140 countries aims to stop governments racing to cut taxes in a bid to attract companies. > It was praised by US Treasury Secretary Janet Yellen as "an historic agreement which helps even the playing field". This is a global goal, not just an EU Law.

No post body was provided.

Re: EU adopts global minimum 15% tax on big business

#28

Post by manmal »

Lionga wrote: post #14
oliv__ wrote: post #6

"The US has not taken steps to adopt the rules so far, despite Ms Yellen's championship of the plan." Lol, obviously. Cheering them on as they shoot themselves in the foot

US LLCs are pass trough entities and the solution of choice for digital nomads to completely avoid paying any taxes. US is still the best tax avoidance haven for most people. EU does not care about good laws they care about good headlines for the news not matter how shitty the things they do are.

> EU does not care about good laws they care about good headlines for the news not matter how shitty the things they do are

What political system could not be accused of this? Heck my small town is like that.

Re: EU adopts global minimum 15% tax on big business

#29

Post by mytailorisrich »

poisonborz wrote: post #24
mytailorisrich wrote: post #2

> European leaders praised the decision, with Germany's Chancellor Olaf Scholz describing it as a "project close to my heart". French President Emmanuel Macron said the country had been pushing the idea for more than four years. Of course countries with high taxes are all for raising taxes in countries where they are lower! Now, unfortunately the article does not mention the interesting bit, which is that EU countrie…

Your wondering is justified, and (like almost every other EU issue nowadays) Hungary was a holdout opposer, and used the vote to blackmail in other areas. They struck a deal in a "package" that includes Ukrain aid as well, in return they got some of the EU funds that was held back because of corruption. What a great happy Union this is. https://www.politico.eu/article/eu-deal-hungary-drop-vetoe-r...

Ah, thanks for those details and that link.

Re: EU adopts global minimum 15% tax on big business

#30

Post by bombcar »

woodruffw wrote: post #23
cheald wrote: post #15

Earlier quoted context omitted.

The US income tax was originally supposed to be a tax on just the richest, too. These things have a way of scope creeping.

I can't find any evidence of this: the earliest US income tax was levied for the Civil War, and amounted to a 3% tax on anybody making around $27,000 (in 2022 dollars). That's not a particularly "rich" cutoff. Edit: about $27,000[1]. [1]: https://www.in2013dollars.com/us/inflation/1861?amount=800

I think they're referring to the one that was enabled by the amendment.
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