Treasury Secretary calls for minimum global corporate income tax. Will the globe
Out of kindness to the US, yes
Side Score: 6
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Theyre too greedy. No.
Side Score: 8
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Such an international agreement would establish a more fair and equitable tax structure. Too many countries, such as Ireland and Luxembourg keep their corporation tax rates artificially low so as to attract the large multinational companies to their shores and let them pay their tax on profits at a much lower percentage than the countries in which they conduct most of their business. Germany and France are becoming exasperated with Ireland in particular and have threatened to introduce legislation similar to the proposals of Janet Yellen. It's most unlikely that Ms, Yellen will be successful in her bid to even out the hills and dales of the global corporation tax structures, but it's well worth a try and will put the cheaters on notice that the days of easy money may be numbered. Side: Out of kindness to the US, yes
Too many countries, such as Ireland and Luxembourg keep their corporation tax rates artificially low so as to attract the large multinational companies Tax rates are driven by government, not market forces. As such, there is no market equilibrium tax rate below which taxes are "artificially low". A country's tax scheme is a matter of domestic policy. If low taxes attract business and are good for the the domestic economy, then that's a consideration for domestic legislators. put the cheaters on notice that the days of easy money may be numbered. If my country raises it's taxes, it's hardly a case of "cheating" if other countries decline to do so. If you disagree, maybe you would support a barrier to exit. Some countries have done so before. I wouldn't call those the fair players though. Side: Theyre too greedy. No.
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Tax rates are driven by government, not market forces. He didn't make any claims about who drives tax rates you pure idiot. He said:- Too many countries, such as Ireland and Luxembourg keep their corporation tax rates artificially low so as to attract the large multinational companies As such, there is no market equilibrium tax rate below which taxes are "artificially low". Oh dear God, why are you so stupid? So, because tax rates are set by the government, they therefore pull them out of thin air, without checking the economic and/or market data??? Just WTF???? Another fine shitpost, Amarel. Pat yourself on the back. I'm continuously impressed by how many words you need to say absolutely nothing. Side: Out of kindness to the US, yes
Yes you really are the fool everyone else makes you out to be. What the hell are you slabbering about? Of course governments set the tax rates and it's the governments who CHEAT by setting their ''CORPORATION'' tax rates lower than their trading partners, such as the Republic of Ireland and Luxembourg do on the rest of the E.U's member states. Being part of the E.U., and enjoying the benefits of the single market comes with responsibilities and the governments of each individual nation has agreed to, and is expected to set their corporation tax rate in line with the other countries of the trading bloc. The U.S.A., belongs to the trading bloc, N.A.F.T.A., and it is chiefly in this context that Janet Yellen is calling for tax parity and suggesting that the country's other trading partners, outside N.A.F.T.A., consider adopting a uniform rate of 'CORPORATION TAX'. OF COURSE INDEPENDENT NATIONS CAN SET THEIR DOMESTIC RATE OF TAXES BUT WHEN ONE OR MORE OF THEM REDUCES ITS CORPORATION TAX LEVELS BELOW THOSE OF THE COUNTRIES WITH WHICH IT TRADES IT WILL ENJOY AN UNFAIR ADVANTAGE BY ATTRACTING FOREIGN INVESTMENT. Side: Out of kindness to the US, yes
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Yellen further explained that this is an effort with the G20 to level the playing field and stop the race to the bottom. It seems to me that many at the "bottom" are not in the G20 and this would incentivise the race. Furthermore, if we did come up with some kind of organized agreement, it would fall apart as soon as any other country calls on the US to hinder it's economy for their sake. It's a foolish proposal. Side: Theyre too greedy. No.
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