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Ireland is basically a store front for money laundering, these companies just claim headquarters there for tax avoidance. 60 minutes did a story back in 2011 where they went to Zug, Switzerland where 30,000 companies claim headquarters. Many of their so called headquarters just mailboxes or empty office space so they can use the 17% tax rate.
These companies should have a substantial presence in these countries to be able to declare their location rather than exploiting tax provisions. Very unfair to medium and small businesses and an uneven playing field. This should have been addressed in the so called 2017 Tax Reform Act.
Corporations that use this in legitimate countries for leverage are racing to the bottom.
Corporations are the ones who create real goods and services!
So for example, a drug company creates a new drug, licenses it to a subsidiary in a foreign country with almost 0 taxes, then charges themselves for the use of it. Effectively they earn 0 in the country where all the real goods and services are....but paying all the money where they arent.
Your argument in the end has little to do with the reality of the taxes.
And THATS the issue. yall are trying to turn it into some weird "biden is insane" nonsense while ignoring the reality that the underlying problem is a massive issue.
Ireland is basically a store front for money laundering, these companies just claim headquarters there for tax avoidance. 60 minutes did a story back in 2011 where they went to Zug, Switzerland where 30,000 companies claim headquarters. Many of their so called headquarters just mailboxes or empty office space so they can use the 17% tax rate.
These companies should have a substantial presence in these countries to be able to declare their location rather than exploiting tax provisions. Very unfair to medium and small businesses and an uneven playing field. This should have been addressed in the so called 2017 Tax Reform Act.
Corporations that use this in legitimate countries for leverage are racing to the bottom.
Alternatively-common sense says the world needs a floor to taxes so that capitalistic corporations dont simply race us all to the bottom in a prisoners dilemma type of result.
You're not a fan of National Sovereignty?
What other elements of Sovereignty do you think nations should give up in support of Joe's policies?
Yeah that'll never happen. Being a no-tax haven is big business for Bermuda, Belize, The Caymans, The Maldives, UAE, etc. Other countries place soul-crushing taxation on individuals and corporations, so they move to Bermuda or the United Arab Emirates, enriching their new host country massively. Win-win.
I dont know if you know this? But Delaware has much higher taxes then the overseas shelters. You missed the other posters point entirely.
You call them overseas shelters. They are countries with their own tax structure.
You don't like it that they have a lower corporate tax rate ? Well then we should lower ours to be more competitive.
This 'plan' of his is to fund his infrastructure plans. One of the biggest hurdles to overcome is funding; especially as we turn away from fossil fuels and move towards electric vehicles. The old way was to tax all the fuel we consumed and therefore we provided the funding for the maintenance and improvements in our highway system. If we continue to have more EVs on our roads, then our current tax system will fail. We will be forced to embrace a pay-by-the-mile system like Australia.
Is America ready for a pay-by-the-mile system? Would we need the current tolling of bridges and roads if we switch to such a system? Would the system be inflationary since truckers do the most driving and our goods come on trucks?
Our progressives have pushed us to go green and now they have to figure out how to go green. It is far easier to blame others when not in power than being in power and have to face the public as your plans fail.
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