U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
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Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#2What's stopping someone from buying an island, calling it "definitely not a tax shelter", and allowing companies to store their wealth there?
I'm not a Republican or Democrat, but Democrats need to modernize their economics.
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#3Does humanity really want an authority powerful enough to claim dominion over the entire planet?
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#4Does humanity really want an authority powerful enough to claim dominion over the entire planet?
Isn’t that why more than 50% of the globe blindly worship an abrahamic god?
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#5Does humanity really want an authority powerful enough to claim dominion over the entire planet?
We already have the UN, INTERPOL, and the ICC.
Also, this isn't a single authority, this is one authority asking other authorities to all agree on something.
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#6Does humanity really want an authority powerful enough to claim dominion over the entire planet?
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Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#7Does humanity really want an authority powerful enough to claim dominion over the entire planet?
If that authority is to prevent several thousands rich folks to exploit the rest several billions ... maybe it could be given a try?
The current system isn't working anyway
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#8Does humanity really want an authority powerful enough to claim dominion over the entire planet?
> Does humanity really want an authority powerful enough to claim dominion over the entire planet?
I believe the word you're looking for there is /did/ not /does/. And the answer is for some, yes, for some, no, but regardless -- it happened for a variety of structural reasons (British Empire, Mongol Empire, etc).
Perhaps a more interesting question is whether such a dominion will work for the future. And for that, I'm not so sure. What's to say that we won't see some kind of three body system between India, China and the West? Not to mention what could happen as South America and Africa continue to ascend. I think the logistics of collecting a 15% global tax will be "interesting" to watch play out.
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#9It’s interesting to see a multinational standard to set a “standard” for taxation.
Seems odd to start with corporate income taxes as it seems pretty efficient to not tax corporations and encourage more distribution to individuals and tax there.
I remember in my microeconomics101 course how taxes on corporate profit are easy to squish around with tax deductible benefits that reduce profit (eg, country club dues are an expense, corporate jets are an expense, 5000 square foot offices are an expense). Since it’s hard to police these expenses, it’s more efficient to just push all profits to salary and dividends to individuals and tax there since there are so many fewer individual exemptions.
Re: U.S. Backs 15% Global Minimum Tax to Curb Profit Shifting Overseas
#10It’s interesting to see a multinational standard to set a “standard” for taxation. Seems odd to start with corporate income taxes as it seems pretty efficient to not tax corporations and encourage more distribution to individuals and tax there. I remember in my microeconomics101 course how taxes on corporate profit are easy to squish around with tax deductible benefits that reduce profit (eg, country club dues are an…
There's no other way then to establish AMT for corporations. Otherwise countries will apply deductions around this 15% global minimum anyway.