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mrgybe
Joined: 01 Jul 2008 Posts: 5181
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Posted: Tue May 04, 2021 4:46 pm Post subject: |
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Capetonian, By now you will understand that most people here find "clever" one liners more to their taste than an intelligent response to a reasonable question. |
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boggsman1
Joined: 24 Jun 2002 Posts: 9141 Location: at a computer
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Posted: Tue May 04, 2021 5:20 pm Post subject: |
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Clever , as in “six thousand billion “ ? |
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isobars
Joined: 12 Dec 1999 Posts: 20946
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Posted: Tue May 04, 2021 6:21 pm Post subject: |
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CBO analysis says enhanced auditing and enforcement will not pay for itself (the enhancements are priced at $80 Billion), let alone provide the trillions Biden says it will return.
Besides, what presidential candidate in our lifetimes has NOT promised to "close the loopholes"? It's like believing that China or India will clean up their environment. |
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mac
Joined: 07 Mar 1999 Posts: 17780 Location: Berkeley, California
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Posted: Tue May 04, 2021 7:25 pm Post subject: |
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mrgybe wrote: | Capetonian, By now you will understand that most people here find "clever" one liners more to their taste than an intelligent response to a reasonable question. |
The poor victim. |
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J64TWB
Joined: 24 Dec 2013 Posts: 1685
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Posted: Wed May 05, 2021 6:49 am Post subject: |
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How is this for clever. Saving billions by shifting profits to offshore tax havens or subsidiaries while small businesses play by the rules. Setting up a simple post office box to save millions so you can deduct a yacht on the side.
Loopholes exist for the sole purpose of taking advantage of inadequacies in law. |
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mac
Joined: 07 Mar 1999 Posts: 17780 Location: Berkeley, California
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Posted: Wed May 05, 2021 7:30 pm Post subject: |
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mrgybe wrote: | Capetonian, By now you will understand that most people here find "clever" one liners more to their taste than an intelligent response to a reasonable question. |
Utter nonsense.
No intelligent comments from buggy whip on the infrastructure thread.
mac wrote: | Boggs--I'm okay with taxing long term investments--in US companies that actually employ people--at a lower rate. You're absolutely correct that the corporate state has carved out special tax provisions that mean we end up subsidizing them. Didn't fat Donny say that he knew all of these tax dodges and only he could fix them? Did you notice that the real estate and oil tax dodges remained intact or got fatter?
Some of the same corporations--the hospitality and meat packing industries, fat Donny's favorites--also employ undocumented workers without fear of punishment. That keeps the supply of low income workers who are afraid to organize coming. Blame it on the borders, not the unscrupulous employers. Worked for Matty and Techno.
My earlier point was that the middle class demands certain benefits--health care, the military, and social security are the three that account for the lion's share of the Federal budget--that they don't really pay for. I can't think of a single politician in the last twenty years that has been willing to level with the public about that. I think that infrastructure, if done well, is a different matter. Unlike the entitlement programs, infrastructure creates wealth. We did it with railroads, interstate highways, airports and seaports, and with the space program that gave us the electronic and computer age. China learned the lesson, we forgot it.
The problem with deficit spending, is that it creates an invisible and inequitable tax--inflation. While we haven't seen a lot of it, or in particular an acceleration over the past decade, it just pecks away at us. The Federal Reserve Bank of Minnesota publishes an index. In 1950 it was 24.1. In 2019 it was 255.7. So overall that is an order of magnitude. But in some sectors it diverges wildly. Car prices and electronic device prices have gone down, if adjusted for inflation. (Although my first car only cost $200 and ran.) Real estate is the other extreme. I bought a house in Berkeley in 1975 for $30,000. The median price of a house in Berkeley today is $1,368,500--nearly two orders of magnitude in a little more than half the time. I used to joke that it wasn't real money, it was just diminished purchasing power. But the impact on those in the service economy is huge.
Tell me, you don't subscribe to the theory that deficits don't matter and don't contribute to inflation do you? |
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real-human
Joined: 02 Jul 2011 Posts: 14951 Location: on earth
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Posted: Sun Jul 11, 2021 3:50 pm Post subject: |
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here is a loophole that appears to be disapearing...
Multinationals tax shift unlikely until 2022, says Yellen
Quote: | VENICE (Reuters) -U.S. Treasury Secretary Janet Yellen on Sunday said that a newly endorsed mechanism to allow more countries to tax large, highly profitable multinational companies may not be ready for consideration by lawmakers until spring 2022.
Yellen told a news conference after a G20 finance leaders meeting in Venice, Italy, that the OECD re-allocation of taxing rights was on a "slightly slower track" than a global corporate tax of at least 15% as part of a tax deal among 132 countries.
G20 finance ministers and central bank governors endorsed the deal over the weekend, but questions remain over the ability of U.S. President Joe Biden's administration to persuade a deeply divided Congress to ratify the changes.
Yellen's comments suggest a two-step process for implementing the OECD tax deal, with the global minimum tax moving first.
She said she hoped to include provisions to implement the so-called "Pillar 2" minimum tax into a budget "reconciliation" bill this year that Congress could approve with a simple majority, potentially without Republican support.
The "Pillar 1" portion of the agreement would end unilateral taxes on digital services in exchange for a new mechanism that would allow large profitable companies - including technology giants such as Google and Facebook - to be taxed in part by countries where they sell products and services, rather than just those hosting their headquarters or intellectual property.
This will require a multilateral tax agreement that will take time to negotiate, a Treasury official said.
"Pillar 1 will be on a slightly slower track. We'll work with Congress," Yellen said, when asked whether a two-thirds majority would be needed in the U.S. Senate, which is normally the requirement for international treaties.
"It may be in ready in the spring of 2022 and we'll try to determine at that point what's necessary for its implementation," Yellen said.
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_________________ when good people stay silent the right wing are the only ones heard. |
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