U.S. Treasury Secretary Yellen to call for global minimum tax rate

My god, she's just as bad as AOC. She wants the world to be taxed so Biden can get the cash to pay for his infrastructure spending that only dedicates 5% of the money to our infrastructure. I'm sure China, Russia, Mexico and others will be all for this. And what happens if a few countries don't want to play ball, then what? Will Biden offer to use US taxpayer money to pay the taxes for them? I wouldn't put it past him.

Biden & Co are trying to socialize the world.

 

A global tax is needed to prevent offshoring of wealth to the detriment to monetary policy. Maybe the funds can be used to fund global programs like the UN.

And the 5% figure in your OP is incorrect, the 5% is just roads — infrastructure doesn’t just mean roads. It means utilities, power lines, rail, public transportation, internet service... a ton of items that are way past there service life.

 

Not that you needed the article to figure this out, but here it is anyway:

The operative term here is AGAIN.

It's simple: If Demokrats weren't trying to spend trillions and trillions of dollars and raise taxes it wouldn't be putting the U.S. and U.S. corporations at a disadvantage.

But now Biden & Co. wants other countries to raise their taxes so they can offset kicking our own economy in the nuts.

The last thing they want to do is curtail their spending and resist raising taxes, so we see this ridiculous request to get others to cover their asses...

 

Oh well, it is what it is.

Get back to me when it is actually implemented and taxes are actually collected.

Until then?

Hopefully, Yellen hasn't been brainwashed by Biden.

Dems Bad! Liberals Bad!

 

This I assume would mean NONE of our highly profitable corporations will be permitted to pay ZERO TAXES while making obscene profits???

 

ONLY THE MONEY TAXED ON US COMPANIES would come to the USA, she is suggesting a minimum to try to even things out around the world.

 

"FOLLOWED BY A GLOBAL SOCIAL-CREDIT SYSTEM: Exclusive: Janet Yellen to call for global minimum tax rate.

We can’t have countries competing on tax rates. That might put downward pressure on tax rates, and that might crimp the style of the global ruling class. Which, as you may have noticed, is engaged in a worldwide effort to shut down any constraints on its freedom of action."

https://pjmedia.com/instapundit/442495/

 

True and all that added up is between 10 and 15% of the total bill. It isn't an infrastructure bill. It is a spending bill with some infrastructure in it. It needs to die.

 

Ok well we now see even dumb dumb Biden knows raising corporate rates hurts our very own country and countrymen.

 

Yeah.... that's it... Yellen, the globalist wraps her cold icy claws around everyone's wealth... LOL

 

650B of it goes directly to transportation like roads, bridges, public transit, rail, ports, waterways, airports...

That alone is around 1/3rd of the cost.
When you add in digital infrastructure and rebuilding our aging utilities like water lines it passes the 50% mark.

The rest of it goes to shore up manufacturing, especially medical manufacturing, schools, R&D, housing and other items that are sorely needed.

Where did you get your 10% figure from? Fox News? Or have y’all all moved over to OANN and Parker?

 

I assume she will exclude the 50% of Americans that don't pay federal income tax.

 

You have a different definition of infrastructure than I do. No point in debating from different planets.

 

Apparently. I use definitions from the US Army Corps of Engineers while you use them from some unknown source you are too embarrassed to produce.

 

That's funny.

 

Global corporate minimum tax.........Excellent idea, and long overdue.

 

I guess humor is also subjective on the planet you reside. Sad is the word I would use.

 

Geeeeezze, I just created 2 comprehensive threads on said matter, and today, the right-wings are furiously jumping off their rocking chairs.

 

And after everybody in states and localities get their cut for their pet projects that should leave enough to fill three potholes and put up a yield sign somewhere. Haven't we seen the old "infrastructure" scam before?

 

ONCE AGAIN.......

In reference to Today's and Yesterday's Corporate tax receipts, for example, in 2019 dollars, Bush's FY2007 $456 billion Corporate tax receipts, VERSUS Trump's FY2019 $230 billion Corporate tax receipts.....

There's no doubt that globalization has created a CATCH 22......Trump's fault? NOPE.

Analogy; Two K-8 elementary schools.

a. School Principal John Henry; Absolutely ZERO tolerance for any deemed inappropriate behavior.

b. School Principal Marie Smith; Kept a blind eye on a number of inapproritate behavior.

Question; Which K-8 school Principal will end up with a near impossible task of restoring discipline?

Now, in reference to Globalization, several factors have created a gradual/rapid expansion of our Multi-National Enterprises, for example;

IRELAND Versus USA

Corporate Tax Rate in Ireland averaged 27.43 percent from 1981 until 2020, reaching an all time high of 50 percent in 1982 and a record low of 12.50 percent in 2003.

https://tradingeconomics.com/ireland/corporate-tax-rate#:~:text=Corporate Tax Rate in Ireland averaged 27.43 percent from 1981,of 12.50 percent in 2003.&text=Ireland Corporate Tax Rate - values,updated on April of 2021.

RESULTS;

Ireland's Corporate Tax System is a central component of Ireland's economy. In 2016–17, foreign firms paid 80% of Irish corporate tax, employed 25% of the Irish labour force (paid 50% of Irish salary tax), and created 57% of Irish OECD non-farm value-add. As of 2017, 25 of the top 50 Irish firms were U.S.–controlled businesses, representing 70% of the revenue of the top 50 Irish firms.

https://en.wikipedia.org/wiki/Corporation_tax_in_the_Republic_of_Ireland

AND consequently;

1. a gradual depletion of our domestic manufacturing employment

2. a gradual depletion of Uncle Sam's Corporate Tax Receipts, and our MNE's tax avoidance loopholes were LEGAL.

FAST FORWARD to Dec 2017, and in reference to our MNE's Foreign Gross Profits which were taxed at lower rates by Tax Heavens, thus, at less than 12% versus 35%, Congress finally enacted a BETTER than NOTHING re-partriation deal, and effective Jan 1st, 2018, a BETTER than NOTHING minimum tax on foreign earnings.

The time has come to set aside partisan politics, and lay out the facts on the table

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NOTE: A minimum global corporate tax rate would repatriate more dollars, and eliminate several tax havens.

Makes sense to me, and I don't understand why right-wings would oppose said minimum global tax???????




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AND in addition to the above, I would support a Global minimum 15% corporate tax rate, and according to my calculations, short term, said global rate would increase Uncle Sam's corporate tax receipt by approx. $100 billion annually, and long term, by approx. $200 billion annually.

 

FACT FACT FACT

For anyone's info, when Eisenhower raised the fuel tax to fund the Interstate Highway System, both corporate and individual tax rates were at their highest.

AND today, the Cry Babie's Effective Tax Rates, both corporate and individual, are at their lowest.

 

I went to a national park when they were rebuilding the roads in 2010 with the shovel ready jobs money from Obama. They literally had two of every signs because they got money to replace all the signs. You actually couldn't tell the new ones from the old ones and they were just a couple of feet apart.

 

So, we are giving up our American autonomy by having other world leaders able to chime in what our tax rates will be. Sounds like a swell idea...

 

I agree these large corporations should pay a minimum federal income tax. Funny how they leave out the reality of corporate taxes.

https://www.washingtonpost.com/business/2021/04/05/corporations-federal-taxes/
Fifty-five of the nation’s largest corporations paid no federal income tax on more than $40 billion in profits last year, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank.