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U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

nytimes.com

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Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#251

Post by tptacek »

rayiner wrote: post #143
stephen_cagle wrote: post #129

I thought I remembered at some point (might have been more than a decade ago) that I heard that most economist thought that corporate income taxes were basically a bad idea? Is this no longer held as a valid belief? Long term, I would almost prefer if we just moved to taxing people's assets. Maybe we can force corporations to basically pay out most of their profits to shareholders to avoid having them get too large?

Most economists think corporate taxes are a bad idea: https://www.npr.org/sections/money/2012/07/19/157047211/six-... > Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it. > Three: Eliminate the corporate income tax. Completely. If companies reinvest the money into their businesses, that's g…

Worth adding that the liberal economists who favor eliminating the corporate tax in theory tie that policy change to radical increases in income taxes for high-earners; that is to say, it's not the case that all economists support eliminating the corporate tax as an independent intervention.

Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#252

Post by hungryforcodes »

dnautics wrote: post #239
hungryforcodes wrote: post #155

Earlier quoted context omitted.

Housing evaluations are very straight forward -- the market is what decides the price. Unless your house is something exotic like a castle or something. Every year the city or region you live in has a process to evaluate this value, and then asks you to pay a tax based on this. Generally if you feel the taxation is unfair, you can just sell the house -- if it doubled in value from the year before, according to the ma…

> Generally if you feel the taxation is unfair, you can just sell the house let's just be clear about what you're saying. It's okay to effectively force people off of their homes that they have built an emotional attachment to. Perhaps their family has lived there for a few generations. They should just take the money and shut up.

I'm not saying anything. What other options do you have if the city has levied taxes you can't or are not willing to pay?

Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#253

Post by gamblor956 »

tonyedgecombe wrote: post #125
gamblor956 wrote: post #53

Earlier quoted context omitted.

A large percentage of U.S. corporate ownership is held by foreign taxpayers that would not be subject to U.S. taxation on dividends or capital gains absent a fairly large and radical change in tax law, including breaking more than a hundred tax treaties. It's much easier to simply impose an AMT and eliminate a relative handful of expense shifting mechanisms (many of which are already covered by a regime known as "tra…

They would be liable for tax on dividends in their own country, just as US investors in non US companies would be liable for tax at home. No radical change needed (besides abolishing corporation tax).

That's not universally true, because many countries don't tax foreign-sourced income of their citizens, (meaning in this context, dividends paid by a corporation not incorporated in the taxpayer's country of tax residence).

Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#254

Post by bhupy »

tptacek wrote: post #251
rayiner wrote: post #143

Earlier quoted context omitted.

Most economists think corporate taxes are a bad idea: https://www.npr.org/sections/money/2012/07/19/157047211/six-... > Tuesday's show presented the common-sense, no-nonsense Planet Money economic plan — backed by economists of all stripes, but probably toxic to any candidate that might endorse it. > Three: Eliminate the corporate income tax. Completely. If companies reinvest the money into their businesses, that's g…

Worth adding that the liberal economists who favor eliminating the corporate tax in theory tie that policy change to radical increases in income taxes for high-earners; that is to say, it's not the case that all economists support eliminating the corporate tax as an independent intervention.

Not wanting to eliminate the corporate tax as an independent intervention is entirely different from imposing a global minimum corporate tax, which immediately precludes sovereign states from even attempting to do what you (correctly) point out that liberal economists favor.

Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#255

Post by tonyedgecombe »

gamblor956 wrote: post #253
tonyedgecombe wrote: post #125

Earlier quoted context omitted.

They would be liable for tax on dividends in their own country, just as US investors in non US companies would be liable for tax at home. No radical change needed (besides abolishing corporation tax).

That's not universally true, because many countries don't tax foreign-sourced income of their citizens, (meaning in this context, dividends paid by a corporation not incorporated in the taxpayer's country of tax residence).

That doesn't require "radical change in tax law, including breaking more than a hundred tax treaties." to fix though. Those countries can deal with it as they see fit.

Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#259

Post by permo-w »

mardifoufs wrote: post #237
permo-w wrote: post #217

Earlier quoted context omitted.

that's a very naive attitude. the financial regulators were competing before the 2008 crash. what were they competing for? who could give the most lenient ratings. what are nations competing for? who can afford to take the least tax revenue who can afford to take the least tax revenue? already rich countries, or countries that don't give a shit about distributing wealth equally who continues to get richer? I'll let y…

What do you mean? Credit rating agencies are not regulators. Plus, pretty strict regulations around credit ratings and their essential role in portfolio composition were already in place at the time. In fact you could arguably say that they were actually one of the reasons behind the severity of the crisis. And even if we put aside that very glaring error aside, if your comment was true Scandinavia or some parts of E…

>Credit rating agencies are not regulators

That's very debatable, semantics and either way irrelevant. The point is that they were competing, and it was an extreme negative for everyone except the already rich.

The second paragraph essentially just illustrates your lack of knowledge on the topic. Ireland and the Netherlands have an overabundance of multinational corporations. Why? Because Ireland has a crazily low corp tax, and Nl lets large corporations negotiate their corp tax rate when they come into the country.

You're right, corporations are not individuals. They're big scary groups of people with no regard for your health or safety or welfare, who are trained and indoctrinated into a set of goals and beliefs that don't benefit anyone beyond themselves and a group of shareholders. They're cults. They're borderline religions. They should be reined the fuck in, and corp tax is a very good way of doing that

Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas

#260

Post by clusterfish »

candiodari wrote: post #220
mardifoufs wrote: post #207

Earlier quoted context omitted.

That's literally a reddit conspiracy theory propped up on r/Ireland. Everything seems to indicate the editor you mentioned is very well informed & doesn't have any COI a part from vague allegations. Like what do people think, some guy working in the City spent tons of time making extremely well sourced and well constructed articles just to... Divert some sort of "heat" from the entire London financial sector... On Wi…

The point that there is no shortage of tax havens in the EU itself, including leading EU nations, is true. Luxembourg, City of London, Liechtenstein, Monaco, Netherlands, Belgium, the Vatican, Switzerland (sort of), Malta, all for slightly different reasons. I've even read articles from these nations where they point out that the only way they'll ever distinguish themselves is with tax law. Or rather: that they'd be…

It's hard to find sympathy for those just leech off the broader society to fund their lifestyle, be it individuals, corporations, or whole countries. What you do is cut them off, and they can deal with it like everyone else.
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