A global nut punch brought to you by Biden and Yellen

[the_real_Barleycorn]

Some of you will never see it, others will not understand it, and some of you will welcome it (though I don't know why) but Biden announced that an international tax is coming. Biden and the G-7 countries are going along with Biden (why do you think that is) putting a 15% tax on their companies across the board. That way, Biden can increase the US tax to 28% for starters. Yes, listen to what they say. They leave room for an additional tax increase down the road. Here's the fucked up idea, if everyone is at a basement of 15% and the US goes to 28% then that is only an added tax of 13%. Hopefully, not enough for companies to move their finances off shore to save money.
This fucks the US voters would should be deciding tax policy and not the G-7. This is giving up our sovereignty to a leftists around the world.
This is going to cause a grind on our businesses that must be overcome to grow
This is only G-7 companies. A smart (?) country like Cuba could announce a 10% tax (Ireland has a 12% tax) and spend a small amount of money to upgrade their electrical grid and Internet capabilities in a small area of Havana. Lots of willing workers at a low wage, smooth beaches, and hot women. Cuba could clean up if they drop the socialism thing. Our companies would flock to Cuba to create "home" offices like the credit card companies did back in the 1970s. South Dakota legally passed a law allowing credit card companies in Delaware and New York to purchase a modest building and declare it their home office. Then they could raise the interest rate to 16, 18, 20, or 24%. And they did.
As Joe Biden said a few years ago...this is a big fuckin deal.

https://www.nytimes.com/2021/06/06/b...-tax-rate.html
https://www.cnbc.com/2021/05/04/yell...ate-taxes.html
https://video.foxbusiness.com/v/6257...#sp=show-clips

[gnadfly]

Fuck the G7. As you allude to a bunch of them will just offshore their businesses to India or China or other nonG7 countries. They cheat on treaties all the time.

[Chung Tran]

Your South Dakota reference is puzzling. I can't tell if you are applauding, or deriding that move.

I am fine with the G7 move. I like for Companies to pay a fair tax, you want every way possible open, to help avoid that. In the name of the ''sovereingty'' of the voter. Um, okay.

[Why_Yes_I_Do]

Originally Posted by the_real_Barleycorn

Some of you will never see it, others will not understand it, and some of you will welcome it (though I don't know why) but Biden announced that an international tax is coming...

Sounds like the guarantied sure fire formula for inflation. So no, you are wrong - everyone will see it. Lube up and grab your ankles kids

[the_real_Barleycorn]

Originally Posted by Chung Tran

Your South Dakota reference is puzzling. I can't tell if you are applauding, or deriding that move.

I am fine with the G7 move. I like for Companies to pay a fair tax, you want every way possible open, to help avoid that. In the name of the ''sovereingty'' of the voter. Um, okay.

Define "fair".

[GastonGlock]

We need to restructure how corporations work, and stop corporate taxes.

By taxing corporations, you have to offer them representation, otherwise it's just theft. Corporations shouldn't have a say in how the government is run, and corporate personhood shouldn't be a thing.

I'll recognize a corporation as a person when I can execute one for treason.

The government represents the people, therefore only people should be taxed.

[the_real_Barleycorn]

As for South Dakota, I'm just giving the facts. At the time credit cards were limited to about 7%. Every time someone made a purchase the credit card company lost money. Governor Janklow said in later years that he never expected credit companies to take such advantage as they did.

[rexdutchman]

Super elite, again taking advantage , all part of the Great re-set AKA build back better

[dilbert firestorm]

Originally Posted by GastonGlock

We need to restructure how corporations work, and stop corporate taxes.

By taxing corporations, you have to offer them representation, otherwise it's just theft. Corporations shouldn't have a say in how the government is run, and corporate personhood shouldn't be a thing.

I'll recognize a corporation as a person when I can execute one for treason.

The government represents the people, therefore only people should be taxed.

corporations aren't people. corporations are dynamic collective partnership of people who own stock.



that's due to a law passed in early 1900's that gave corporations person-hood. they did it for tax reasons.

[dilbert firestorm]

Originally Posted by the_real_Barleycorn

As for South Dakota, I'm just giving the facts. At the time credit cards were limited to about 7%. Every time someone made a purchase the credit card company lost money. Governor Janklow said in later years that he never expected credit companies to take such advantage as they did.

this was away of getting around the usury laws that was on the books


federal law capped it that rate. in 1972, a south dakota representative convinced the house to vote for this change in law. it was a small change to the current law.

[Unique_Carpenter]

The whole discussion is a sad commentary about what Zombiden can accomplish.
15% minimum??
Geeze.

Let's see:
Barbados 5.5%
Uzbekistan 7.5%
Turkmenistan 8%
Hungary 9%
Montenegro 9%
And a handful at 10%

These countries all need "retained" capital. Take it away from them???
Why would any country run business out of town??
Cause Joey says so?
Anyone ever play the game Simon Says with Simon being ignored?
I can't even get sarcastic over this.

[HedonistForever]

Originally Posted by GastonGlock

We need to restructure how corporations work, and stop corporate taxes.

By taxing corporations, you have to offer them representation, otherwise it's just theft. Corporations shouldn't have a say in how the government is run, and corporate personhood shouldn't be a thing.

I'll recognize a corporation as a person when I can execute one for treason.

The government represents the people, therefore only people should be taxed.

Completely agree!


As for the global tax, the devil is in the details. What is profit? What deductions are allowed for depreciation if any?


You pay15% of every dollar you take in even if you lost money? Stupid idea but what would you expect from Joe Biden. But if there is to be a corporate tax, America should be the lowest in the world encouraging American companies to stay and foreign companies to invest DUH!

[the_real_Barleycorn]

They've also added a provision, if a company has a profit margin of over 10% they can be taxed up to an additional 20%. So they are actually against the idea of profit.

[dilbert firestorm]

Originally Posted by the_real_Barleycorn

They've also added a provision, if a company has a profit margin of over 10% they can be taxed up to an additional 20%. So they are actually against the idea of profit.

they'll go bankrupt in a few years.

[1blackman1]

Man. None of you are saying anything that makes sense. Clearly none of you understand corporate taxes AT ALL