Janet Yellen to call for unified global corporate tax rate - page 3.

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

Quote from: bryant.coleman on April 12, 2021, 07:01:59 AM

Instead of working for 40 hours a week and earning $400,000, I can opt to work for 20 hours a week and earn $200,000. These sort of insane taxes will only encourage unproductive activity.

Why do you equate time not spent getting paid with being "unproductive"? There are plenty of worthwhile things you can do with your time that don't involve making yourself financially wealthier. Is money really the only thing you care about? Are there no other motivations to spur you on? Consider re-evaluating what's actually important to you. For some people, time is the far more valuable commodity. Imagine what you could do with all that extra time.

Also, I'm not sure what you were trying to achieve with that example. It's difficult to feel sympathy for someone who can earn $200,000 working just 20 hours a week and acts like they're somehow in a difficult position. Maybe stop pretending you're going to win sob-story of the year with that one, yeah?

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: aesma on April 12, 2021, 04:04:15 AM

At 400K in the US you're in the top 2%, close to the 1%. That's not middle class.

In cities such as Los Angeles and San Francisco, 200K is not a big amount (that's what they get after the tax cut). And earning 400K in a city such as LA or SF can be much different from earning the same amount in a smaller and more affordable city such as Omaha or Memphis. If you further increase the taxes to 70% or 80%, then what is the point in working so hard? Instead of working for 40 hours a week and earning $400,000, I can opt to work for 20 hours a week and earn $200,000. These sort of insane taxes will only encourage unproductive activity.

aesma

hero member

Activity: 2548

Merit: 950

fly or die

At 400K in the US you're in the top 2%, close to the 1%. That's not middle class.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: sana54210 on April 11, 2021, 11:21:48 AM

You do not have to be republican, all you have to be is a person who hates left and you would be supporting republicans in USA, that's all it takes. How do I know you are a person who hates leftists in anywhere in the world? Simple, you say that Democrats are increasing taxes left right and center, whereas they have not increased taxes yet and only proposition was to increase taxes on people who earn over 10 million dollars a year.

Do you think that's bad? In a world where economy is horrible because of pandemic, increasing taxes for people who profit more than 10 million dollars should not pay a bit more taxes?

Any person who sees "tax increase" and think that leftists are ruining economy are the reason why we do not have a proper world. We have 300+ million people who are making under 200k dollars a year, and over half of that makes less than 70k per year, and all we need is people with 10+ million profits per year to pay a bit more taxes so we can make the world better place for everyone, why is that so bad?

As usual, Democrats resorting to outright lying. Not a surprise, really.

First of all, the proposal was not to increase income tax for those who earn more than $10 million per year. The proposal was to increase income tax for anyone who earn more than $400,000 per year.

https://www.bloomberg.com/news/articles/2021-03-15/biden-eyes-first-major-tax-hike-since-1993-in-next-economic-plan

A couple of years back, I would have asked you whether you don't have any shame. But now I understand that this is one of the basic traits for Democrat supporters.

Now I will tell you why this is a bad idea. If you are living in the state of California, there is an additional state income tax (up to 13.3%). The top most slab of federal income tax stands at 37%. So even now, upper middle class is paying upwards of 50% as income tax. Obviously Democrats would like to increase it further. So on paper, you may be earning $400,000. And in reality you will receive half of that amount in your bank account.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: Poker Player on April 09, 2021, 01:56:16 AM

Quote from: Sithara007 on April 08, 2021, 11:22:22 PM

I don't know what sort of people vote for a party that promises to increase the taxes.

Those who think that the taxes are going to be paid by the rich, when in reality the middle and working classes bear the brunt of the tax burden. Yelen must be desperate. She knows that tax hikes often result in lower revenues, which is why she is making this move. Basically, what they want to do is to continue squandering money and not have any consequences, but they cannot.

Raising taxes for the rich is a popular speech for those that are ignorant about how the economy really works, the rich are going to do everything that they can to avoid paying taxes and personally I do not judge them for that because I know that if I had that kind of power I will do the same, so most of the time when governments say something like this it is nothing more but a PR campaign to try to keep the people happy about the taxes that now they will have to pay thinking that the rich are paying even more when that is not true.

aesma

hero member

Activity: 2548

Merit: 950

fly or die

Many people here seem to think a race to the bottom is a good thing. For people who live in developed countries, with good salaries, etc., higher taxes come with it. It's part of why living there is good, and poor people dream of living in these rich countries. Not many people leave these countries to live in poor countries to get low taxes !

What Yellen is saying is only for developed countries, poor countries will be left alone, don't worry.

Of course some tax paradises are in the crosshairs.

sana54210

legendary

Activity: 3318

Merit: 1128

Quote from: bryant.coleman on April 11, 2021, 07:22:13 AM

I am not an American, but still I would say that Republicans are much better for the economy than the Democrats. How can you claim that Democrats are in favor of economic growth, when they are increasing taxes left, right and the center? All they have done ever since they came to power is to distribute some $400 billion in cash mostly to individuals who don't need them and to spend another $1.5 trillion to failed cities and unions. If this is your idea for economic growth, then I would disagree. Public services were fully functioning when Trump was the president, and for that he didn't raised the tax levels.

You do not have to be republican, all you have to be is a person who hates left and you would be supporting republicans in USA, that's all it takes. How do I know you are a person who hates leftists in anywhere in the world? Simple, you say that Democrats are increasing taxes left right and center, whereas they have not increased taxes yet and only proposition was to increase taxes on people who earn over 10 million dollars a year.

Do you think that's bad? In a world where economy is horrible because of pandemic, increasing taxes for people who profit more than 10 million dollars should not pay a bit more taxes?

Any person who sees "tax increase" and think that leftists are ruining economy are the reason why we do not have a proper world. We have 300+ million people who are making under 200k dollars a year, and over half of that makes less than 70k per year, and all we need is people with 10+ million profits per year to pay a bit more taxes so we can make the world better place for everyone, why is that so bad?

bryant.coleman

legendary

Activity: 3766

Merit: 1217

Quote from: DooMAD on April 11, 2021, 06:46:47 AM

So we're back to the "Republicans are always good for the economy" trope? If it isn't already absurd enough that nations chase perpetual economic growth, surely it's even more absurd when they think they can achieve that by cutting their way to growth? I'll never understand republicans/conservatives. They don't want to pay for public services, but they still expect them to not only function, but function well. It's truly baffling.

I am not an American, but still I would say that Republicans are much better for the economy than the Democrats. How can you claim that Democrats are in favor of economic growth, when they are increasing taxes left, right and the center? All they have done ever since they came to power is to distribute some $400 billion in cash mostly to individuals who don't need them and to spend another $1.5 trillion to failed cities and unions. If this is your idea for economic growth, then I would disagree. Public services were fully functioning when Trump was the president, and for that he didn't raised the tax levels.

oHnK

hero member

Activity: 1414

Merit: 574

Quote from: Gyfts on April 10, 2021, 07:56:39 PM

White people always vote republican, and they didn't vote for Trump last election cycle. He lost white suburban moms because his twitter use was unstable. I don't think many people were worried about tax increases when they shifted their vote from Trump to Biden. All they wanted was normalcy, aka a guy without a compulsive twitter addiction.

Whites belong to the Republic, but do you realize they are currently in opposition to the policies of the elected president. Republican party members also considered Biden's infrastructure development plans too expensive, rushed and lacked proper planning. They do not support this policy at all. Even the Democrats will carry out this law with their own party without the support of the Republic. As was the case before, Biden's policy of pouring tens of thousands of trillions of USD was just for the pandemic. It seems much better for a president whose tweet is unstable than a president with policies that are burdensome to society.

DooMAD

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

Quote from: Sithara007 on April 10, 2021, 10:44:11 PM

So the choice was between a president who is not liked by the social media and in favor of low taxes, and someone who is the darling of social media and in favor of high taxes. The American voters made their choice and I congratulate them. I hope they are now happy with the tweets that are coming out of the official POTUS handle. Obviously that is a higher priority when compared to taxes, employment and economic growth.

So we're back to the "Republicans are always good for the economy" trope? If it isn't already absurd enough that nations chase perpetual economic growth, surely it's even more absurd when they think they can achieve that by cutting their way to growth? I'll never understand republicans/conservatives. They don't want to pay for public services, but they still expect them to not only function, but function well. It's truly baffling.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: Gyfts on April 10, 2021, 07:56:39 PM

White people always vote republican, and they didn't vote for Trump last election cycle. He lost white suburban moms because his twitter use was unstable. I don't think many people were worried about tax increases when they shifted their vote from Trump to Biden. All they wanted was normalcy, aka a guy without a compulsive twitter addiction.

Social media platforms were up in arms against Trump, and a lot of suburban voters got swayed by the campaign from corporations such as Twitter, Google and FaceBook. So the choice was between a president who is not liked by the social media and in favor of low taxes, and someone who is the darling of social media and in favor of high taxes. The American voters made their choice and I congratulate them. I hope they are now happy with the tweets that are coming out of the official POTUS handle. Obviously that is a higher priority when compared to taxes, employment and economic growth.

paxmao

legendary

Activity: 2366

Merit: 1624

Do not die for Putin

This has made the news, but it is even more interesting the fact that Jeff Bezos, one of the persons who could benefit the most from financial structures around the world, has actually stated that he supports the proposal. Since people rarely want to give away in taxes more money this leads me to think that either he is sure this is simply not happening or that he knows how to avoid it anyway.

Anyway this is not going to happen. Even Delaware, which is actually the home state for Biden himself, is at all effects a tax haven.

Quote

Joseph Robinette Biden Jr. (/ˈbaɪdən/ BY-dən; born November 20, 1942) is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: Sithara007 on April 09, 2021, 11:24:41 PM

Quote from: oHnK on April 09, 2021, 07:39:43 AM

I also see that, some of Biden's policies seem too hasty without visionary thinking. To be honest about this tax, it will definitely be burdensome for many entrepreneurs in the USA and good news for its rival countries. As long as Trump became president he continued to carry out policies until a trade war broke out. China is the country that has benefited the most from this. The Chinese businessmen are subsidized by the government, while the USA instead burdens them with taxes. In the midst of this pandemic, not many relaxation policies for financial ones have been exacerbated by Biden's policy in the name of building infrastructure. Is this what all the people expect from the elected president?

This is exactly why the white working class voted en masse for Trump, despite his immaturity with some of the issues. They understood that Biden as the president could destroy their jobs. And Biden and his team has not disappointed us. As soon as he took charge as the POTUS, he started increasing taxes. The Republicans are facing a big dilemma now. In the states ruled by them, they have decreased the taxes and thereby created lot of new jobs. I am talking about states such as Texas, Georgia and Florida. But this job creation in turn attracts the jobless Democrat supporters from broke states such as California and New York, and eventually makes these states Democrat leaning. This is exactly what happened in states such as Arizona and Georgia during the 2020 elections.

White people always vote republican, and they didn't vote for Trump last election cycle. He lost white suburban moms because his twitter use was unstable. I don't think many people were worried about tax increases when they shifted their vote from Trump to Biden. All they wanted was normalcy, aka a guy without a compulsive twitter addiction.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: Sithara007 on April 07, 2021, 11:48:17 PM

Quote from: magneto on April 07, 2021, 11:34:03 PM

It does make sense, but not in the way that Yellen envisions it.

It is the US and other advanced economies who needs to lower their corporate tax rates in order to converge with the rest of the world. Their cost of doing business is simply too high for any major startups to launch there. Unfortunately the pool of talent in the U.S. means that they can get away with charging these high corporate tax rates, but I suspect not for long until major firms start moving offshore too (already happened with a bunch of them).

Instead of blaming the competition, how about reflecting internally for once and adjusting your policy accordingly?

Completely agreed. Janet Yellen seems to have lost her mental balance and that may be the reason why she is making such absurd statements. Take this - the American government increases the corporate tax in their jurisdiction from 21% to 28% and then orders the other countries to do the same. What do they think they are? The days of colonialism are over, and the other countries don't need to listen to deranged people like Yellen. If the regime is worried that more and more companies may move abroad due to high taxes, then they need to decrease them. On the other hand they have gone for a tax increase when the companies are getting whacked by the pandemic and the biggest tax evader (Jeff Bezos) is supporting the move.

Yup.

We don't live in la-la land. From a pragmatic standpoint anyway, does Yellen really think that jawboning alone would work on foreign countries in which affording TNCs an attractive tax rate is the only source of government income?

Be realistic here. If talent and capital retention is the name of the game, then the U.S. Treasury and Fed have to do something proactively. Jawboning and asking other is neither morally right nor practically doable.

fiulpro

hero member

Activity: 1890

Merit: 831

What I do know is :
It is completely unreasonable to increase the tax rates during pandemic. What is their thinking ? They do want to increase the tax of the people who have lost their jobs and if they think this would help their country to prosper this is very wrong. What they can do is , to increase the tax rates of a particular section of the society. The people who are very well off and more like the bulls of the economy they should be the one's paying these unreasonable taxes if the situation is so dire. First the Government of the US is taking loads of money from other countries, then they expect to pay it using people without jobs ? How about the Government finally tries to understand the situation of unemployment.

Honestly I did not expect this from Biden.. "Unified Global Tax Rate" is honestly so stupid. This would not work and also their application would be even more harder to do in practical rather in papers.

A little quote from a website :

Quote

Sharing Profits. The OECD's overall goal is to create a unified global corporate tax system whereby multinational businesses are taxed where profits are earned, regardless of physical presence. Combined, Pillar 1 and Pillar 2 are expected to raise an additional 4%, about $100 billion, in corporate tax dollars globally

https://news.bloombergtax.com/daily-tax-report/the-corporate-tax-revolution-is-coming-are-we-ready

oHnK

hero member

Activity: 1414

Merit: 574

Quote from: Sithara007 on April 09, 2021, 11:24:41 PM

This is exactly why the white working class voted en masse for Trump, despite his immaturity with some of the issues. They understood that Biden as the president could destroy their jobs. And Biden and his team has not disappointed us. As soon as he took charge as the POTUS, he started increasing taxes. The Republicans are facing a big dilemma now. In the states ruled by them, they have decreased the taxes and thereby created lot of new jobs. I am talking about states such as Texas, Georgia and Florida. But this job creation in turn attracts the jobless Democrat supporters from broke states such as California and New York, and eventually makes these states Democrat leaning. This is exactly what happened in states such as Arizona and Georgia during the 2020 elections.

But what is quite surprising about this policy is the support of the world's richest man Jeff Bezos for tax increases. Even though in 2016, this issue had developed, but Bezos opposed the policy and was a little hostile to Biden at this time. I'm a little surprised why now Bezos even fully supports this too forced plan? Is Bezos' support just a subtle hint at Biden for his pretty tense past regarding Amazon's corporate taxes?

Fortify

legendary

Activity: 2688

Merit: 1192

It does make sense to have a minimum corporation tax enforced across all countries because the super rich are basically taking advantage of every single hard working person when they move their money around. There are so many legally acceptable but morally fraudulent schemes going around that ends up in them paying tiny amounts of tax in many cases. For example creating a company in a zero tax country and using that to charge a "brand usage" fee to companies in countries where they actually make all their income, in effect making all profits disappear through some lame scheme that only exists to benefit the few. The rich get to take advantage of well functioning societies while paying almost nothing back into them and it is a form of abuse, a minimum tax rate would go a long way to stopping it by making tax havens largely redundant.

SaiyanSS3

jr. member

Activity: 170

Merit: 4

Global tax and the receiving end would be the bitch alone? This give whore a new meaning.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: oHnK on April 09, 2021, 07:39:43 AM

I also see that, some of Biden's policies seem too hasty without visionary thinking. To be honest about this tax, it will definitely be burdensome for many entrepreneurs in the USA and good news for its rival countries. As long as Trump became president he continued to carry out policies until a trade war broke out. China is the country that has benefited the most from this. The Chinese businessmen are subsidized by the government, while the USA instead burdens them with taxes. In the midst of this pandemic, not many relaxation policies for financial ones have been exacerbated by Biden's policy in the name of building infrastructure. Is this what all the people expect from the elected president?

This is exactly why the white working class voted en masse for Trump, despite his immaturity with some of the issues. They understood that Biden as the president could destroy their jobs. And Biden and his team has not disappointed us. As soon as he took charge as the POTUS, he started increasing taxes. The Republicans are facing a big dilemma now. In the states ruled by them, they have decreased the taxes and thereby created lot of new jobs. I am talking about states such as Texas, Georgia and Florida. But this job creation in turn attracts the jobless Democrat supporters from broke states such as California and New York, and eventually makes these states Democrat leaning. This is exactly what happened in states such as Arizona and Georgia during the 2020 elections.

oHnK

hero member

Activity: 1414

Merit: 574

Quote from: bitmover on April 06, 2021, 06:13:28 PM

Quote from: Hydrogen on April 06, 2021, 06:04:18 PM

In preparation for the Biden's administration planned hike of the US corporate tax from 21% to 28%. Janet Yellen will propose G20 nations coordinate to legislate a global corporate tax rate to prevent amazon and others from moving operations from the USA to other nations with lower corporate taxes.

Trump is a very weird person and made some bad decisions, but here we see how much good he made reducing taxes...

I think any "unified global tax rate" would be terrible, and specially good for China. They will not follow those rules and will get benefits from it.

Those global pacts usually also hurt the sovereignty of the countries, which won't be able to attract companies when they need to create more jobs, neither get more money from taxes when they need...

My 2 cents, I think the less rules, the better. Governments world wide already make so many rules, we don't need a "central government" with more rules to all of them.

I also see that, some of Biden's policies seem too hasty without visionary thinking. To be honest about this tax, it will definitely be burdensome for many entrepreneurs in the USA and good news for its rival countries. As long as Trump became president he continued to carry out policies until a trade war broke out. China is the country that has benefited the most from this. The Chinese businessmen are subsidized by the government, while the USA instead burdens them with taxes. In the midst of this pandemic, not many relaxation policies for financial ones have been exacerbated by Biden's policy in the name of building infrastructure. Is this what all the people expect from the elected president?

Topic: Janet Yellen to call for unified global corporate tax rate - page 3. (Read 672 times)