If I read this article correctly, he is saying that he wants there to be a minimum corporate tax rate worldwide? And I assume that this would be the high US one as well, which is totally uncompetitive? Good luck with that, Biden – Lots of EU countries have been trying to get Ireland to reduce its corporate tax rate for years, but not even a bailout forced them to raise it. I forsee a similar failure with any foolhardy attempt to impose this “global minimum tax”.
This is just another example of the US lashing out and trying to do whatever it can to retain its dwindling influence on global financial affairs. Why doesn’t the US address its uncompetitive corporate tax rate, simplify its tax code to remove all of the loopholes and work on attracting businesses rather than lashing out at everyone else for doing just that? I suppose that that would be too logical and would trample over too many special interests and corporate lobby groups…
All Biden is doing with this nonsense is making it easier for Republicans to raise more money for the fall campaign.
Big business will be going all out to support Republicans and bring this insanity to an end.
@omg, never underestimate the power of the low-information voter.
Biden is out of his mind. Keep your eyes and ears open: the next action he could well suggest would be to subject all foreign tourists who visit the US to US income tax on their worldwide income. As the second largest tourism country in the world, after France, just think of all of the billions of dollars in additional US tax revenue that would generate! Ha.
@bubblebustin, the low-information voter has likely been unemployed for a long time and possibly living off his parents by now. Even he can figure out this administration is not capable of getting the job done.
The low-information voter doesn’t care about global minimum tax because his brain can’t comprehend what that is.
Instead of a global minimum tax how about a domestic minimum tax so the 50% of Americans resident in the US who are free loading and bankrupting the system can pay their fair share.
@Roger Conklin, I hope they let Biden out more to speak. He has a habit of saying things that can easily be used against them. The guy just loves to talk and it doesn’t occur to him until much later that half the stuff he says sounds really stupid.
If Biden and Obama went into business together and opened a store they’d probably raise prices to increase sales (in the middle of a recession) while all the other shop keepers lowered prices. Then they’d scratch their heads wondering why sales went down instead of going up and hardly anyone wants to come to their store anymore.
@Roger: Please don’t give them any more crazy ideas!!!
@Roger, yes shorten the length of time required to establish a substantial presence in the US for tax purposes (but make sure you don’t inform anyone of the change).
I never had an interest in being a mayor ’cause that’s a real job. You have to produce. That’s why I was able to be a senator for 36 years.
Does he think being a Vice President is a real job?
When the IRS arrives in Tahiti we’ll be ready for them. (tip – IRS guys changes your clothes, when people wait at arrivals many times you can pick out Americans by theirs clothes and mannerisms quite easily !)
And at the same time, look at this: http://www.huffingtonpost.com/2012/04/06/column-how-to-end-tax-fra_n_1408278.html?ref=business
“More Than 100 Million Unnecessary Tax Returns Filed Each Year”
By David Cay Johnston April 6 (Reuters)
on Huffington Post – Business – Canada
…………………………
“100 MILLION UNNECESSARY RETURNS
The Justice Department brings a high-profile tax case pretty much every year as the mid-April tax deadline approaches. But this misses the much bigger picture: More than 100 million unnecessary tax returns are filed each year, costing billions of dollars in software or preparation.”………………
@Roger
The US could do that right now, with a LARGE tourist departure tax like Sydney Australia does right now. A big revenue raiser, and put it in the ticket and no one would notice. 🙂
At a minimum, I wished US mere mortal Expats, would get the same “deferral” provisions that Corps get… so I could leave my “profits” overseas without tax. Great Deal for them, but then they have the best tax system money can buy…
“maintaining a worldwide taxation system, which means American companies that earn profits abroad are taxed twice: first by the foreign nation and then by the United States on the difference in the foreign and domestic rates when the money is repatriated, meaning brought back home. So U.S. corporations leave profits overseas, under a rule called “deferral,” which has resulted in an estimated $1 trillion in investment money lingering outside of our economy.”
“
I’ve felt there’s a general troatir attitude among the American public when someone becomes an ex-pat. The ignorance extends to questions to ex-pats by domestic Americans don’t you lose your US citizenship when you leave? given the current tax hassles it may become au fait to say I’ve renonced my citizenship in the future.As this country becomes more like the British Empire of late 1940s the defining moment for the Briitish after WWII was when the Empire game was up and the UK was broke. Although the seeds were planted many years prior.The American Public will wake up in the 2030s or before wondering why China’s position on important foreign policy matters has real impact when the Chinese say NO. the seeds were planted by China in 1979 when Ping liberised China.It took until the 90s for British culture to adjust that the Empire completely disappeared and the UK is only left with the Commonwealth and being a nation state within the EU.So American culture will adjust sometime in the 2050s, 2060s that its economy is no longer top dog. Leave it to the grandchildren to handle !It’s interesting times -Don
@Just Me, Obama’s position is that “deferral” should end, because it encourages US corporations to leave their profits overseas. They should be double taxed on that profit, he believes, when it is earned. What he fails to understand is tha would serve to make US corporations less competitive in addressing overseas markets since nearly all of our foreign competitor countries do not tax foreign profits of therir corporations at all, whether they repatriate them or use them to expand their foreign operations. They have a flexibiitlty already denied to US corporations wich Obama is determined to make even worse for US corporatons. Who needs enemies when you have friends like this calling the shots?
Also, there are several countries which have departure taxes on flights leaving the country. Some allow the airlines to include them as a cost on the ticket when you buy it while others requrie that you pay the tax at the airport when you check in to depart. Peru and Brazil are in this last category; or at least they were the last time I visited them. Mexico now allows it to be paid to the airlne as an item in the cost of the ticket.
Some countries put the screws to tourists through taxes, while others, like Canada, refund the GST to tourists when they leave Canada to return home.
If I read this article correctly, he is saying that he wants there to be a minimum corporate tax rate worldwide? And I assume that this would be the high US one as well, which is totally uncompetitive? Good luck with that, Biden – Lots of EU countries have been trying to get Ireland to reduce its corporate tax rate for years, but not even a bailout forced them to raise it. I forsee a similar failure with any foolhardy attempt to impose this “global minimum tax”.
This is just another example of the US lashing out and trying to do whatever it can to retain its dwindling influence on global financial affairs. Why doesn’t the US address its uncompetitive corporate tax rate, simplify its tax code to remove all of the loopholes and work on attracting businesses rather than lashing out at everyone else for doing just that? I suppose that that would be too logical and would trample over too many special interests and corporate lobby groups…
All Biden is doing with this nonsense is making it easier for Republicans to raise more money for the fall campaign.
Big business will be going all out to support Republicans and bring this insanity to an end.
@omg, never underestimate the power of the low-information voter.
Biden is out of his mind. Keep your eyes and ears open: the next action he could well suggest would be to subject all foreign tourists who visit the US to US income tax on their worldwide income. As the second largest tourism country in the world, after France, just think of all of the billions of dollars in additional US tax revenue that would generate! Ha.
@bubblebustin, the low-information voter has likely been unemployed for a long time and possibly living off his parents by now. Even he can figure out this administration is not capable of getting the job done.
The low-information voter doesn’t care about global minimum tax because his brain can’t comprehend what that is.
Instead of a global minimum tax how about a domestic minimum tax so the 50% of Americans resident in the US who are free loading and bankrupting the system can pay their fair share.
@Roger Conklin, I hope they let Biden out more to speak. He has a habit of saying things that can easily be used against them. The guy just loves to talk and it doesn’t occur to him until much later that half the stuff he says sounds really stupid.
If Biden and Obama went into business together and opened a store they’d probably raise prices to increase sales (in the middle of a recession) while all the other shop keepers lowered prices. Then they’d scratch their heads wondering why sales went down instead of going up and hardly anyone wants to come to their store anymore.
@Roger: Please don’t give them any more crazy ideas!!!
@Roger, yes shorten the length of time required to establish a substantial presence in the US for tax purposes (but make sure you don’t inform anyone of the change).
Here’s a recent gem from Biden:
Biden: I Wouldn’t Want a ‘Real Job’
Does he think being a Vice President is a real job?
When the IRS arrives in Tahiti we’ll be ready for them. (tip – IRS guys changes your clothes, when people wait at arrivals many times you can pick out Americans by theirs clothes and mannerisms quite easily !)
And at the same time, look at this:
http://www.huffingtonpost.com/2012/04/06/column-how-to-end-tax-fra_n_1408278.html?ref=business
“More Than 100 Million Unnecessary Tax Returns Filed Each Year”
By David Cay Johnston April 6 (Reuters)
on Huffington Post – Business – Canada
…………………………
“100 MILLION UNNECESSARY RETURNS
The Justice Department brings a high-profile tax case pretty much every year as the mid-April tax deadline approaches. But this misses the much bigger picture: More than 100 million unnecessary tax returns are filed each year, costing billions of dollars in software or preparation.”………………
@Roger
The US could do that right now, with a LARGE tourist departure tax like Sydney Australia does right now. A big revenue raiser, and put it in the ticket and no one would notice. 🙂
At a minimum, I wished US mere mortal Expats, would get the same “deferral” provisions that Corps get… so I could leave my “profits” overseas without tax. Great Deal for them, but then they have the best tax system money can buy…
http://isaacbrocksociety.com/2012/04/03/take-the-money-and-run-for-office/
“maintaining a worldwide taxation system, which means American companies that earn profits abroad are taxed twice: first by the foreign nation and then by the United States on the difference in the foreign and domestic rates when the money is repatriated, meaning brought back home. So U.S. corporations leave profits overseas, under a rule called “deferral,” which has resulted in an estimated $1 trillion in investment money lingering outside of our economy.”
“
I’ve felt there’s a general troatir attitude among the American public when someone becomes an ex-pat. The ignorance extends to questions to ex-pats by domestic Americans don’t you lose your US citizenship when you leave? given the current tax hassles it may become au fait to say I’ve renonced my citizenship in the future.As this country becomes more like the British Empire of late 1940s the defining moment for the Briitish after WWII was when the Empire game was up and the UK was broke. Although the seeds were planted many years prior.The American Public will wake up in the 2030s or before wondering why China’s position on important foreign policy matters has real impact when the Chinese say NO. the seeds were planted by China in 1979 when Ping liberised China.It took until the 90s for British culture to adjust that the Empire completely disappeared and the UK is only left with the Commonwealth and being a nation state within the EU.So American culture will adjust sometime in the 2050s, 2060s that its economy is no longer top dog. Leave it to the grandchildren to handle !It’s interesting times -Don
@Just Me, Obama’s position is that “deferral” should end, because it encourages US corporations to leave their profits overseas. They should be double taxed on that profit, he believes, when it is earned. What he fails to understand is tha would serve to make US corporations less competitive in addressing overseas markets since nearly all of our foreign competitor countries do not tax foreign profits of therir corporations at all, whether they repatriate them or use them to expand their foreign operations. They have a flexibiitlty already denied to US corporations wich Obama is determined to make even worse for US corporatons. Who needs enemies when you have friends like this calling the shots?
Also, there are several countries which have departure taxes on flights leaving the country. Some allow the airlines to include them as a cost on the ticket when you buy it while others requrie that you pay the tax at the airport when you check in to depart. Peru and Brazil are in this last category; or at least they were the last time I visited them. Mexico now allows it to be paid to the airlne as an item in the cost of the ticket.
Some countries put the screws to tourists through taxes, while others, like Canada, refund the GST to tourists when they leave Canada to return home.