136 countries agree to minimum corporate tax rate

[Harry Bosch]

It appears that 136 countries are very close to approving a world wide minimum wage for corporations. Ireland has always been hesitant to this as they have greatly benefited by offering very low taxes in order to attract high paying corporate headquarter jobs to their country. It also appears that the minimum rate will be 15%. I for one never thought that this would happen. The world hardly ever comes to an agreement on anything. For such an ineffective guy, Biden sure seems to get a lot of shit done (of course this took a lot of leaders to agree to!).

136 countries agree to minimum corporate tax rate after Ireland drops its opposition

A group of 136 countries have agreed to a global treaty that would tax large multinationals at a minimum rate of 15% and require companies to pay taxes in the countries where they do business.

edition.cnn.com

 

[ZiprHead]

Wow! I would have never thought I'd see something like that.

 

[DBT]

It's a start.

 

[Jimmy Higgins]

Come for the minimum rate, stay for the exemptions.

 

[Rhea]

Glad to see this. I agree that I did not feel confident this many nations would agree.

 

[Bomb#20]

Price fixing, yayyyy!

 

[Trausti]

So the US is gonna drop the corporate tax rate to 15%? Cool.

 

[Rhea]

No, that’s the minimum among the agreeing countries.

So that now the benefit for a corp isn’t the difference between 25% and 1%, but now it is 25% versus 15%, so the threshhold for weaselly foreign shenanigans is less attractive.

 

[Jayjay]

Ideally, the corporate tax rate would be 0%, and only dividends and other transfers from a corporation to human persons would be taxed. But in the real world, I suppose it's a convenient point of taxation because any other scheme would be hard to enforce.

 

[Loren Pechtel]

Ideally, the corporate tax rate would be 0%, and only dividends and other transfers from a corporation to human persons would be taxed. But in the real world, I suppose it's a convenient point of taxation because any other scheme would be hard to enforce.

Seconded. I favor a 0% corporate tax rate as corporate taxes are by their very nature regressive. Unfortunately, I don't see a practical way of doing it in a multi-national system.

 

[Gun Nut]

Ideally, the corporate tax rate would be 0%, and only dividends and other transfers from a corporation to human persons would be taxed. But in the real world, I suppose it's a convenient point of taxation because any other scheme would be hard to enforce.

Seconded. I favor a 0% corporate tax rate as corporate taxes are by their very nature regressive. Unfortunately, I don't see a practical way of doing it in a multi-national system.

Rejected... Corporations receive benefits equivalent to Individuals' personhood... so until those rights of personhood are taken away from corporations, they can be taxed like individuals too.
Every country benefits from a minimum tax rate. The only people that do not benefit are the CEOs... and I say eat the CEOs if it satisfies the rest of the populace.

 

[Loren Pechtel]

Ideally, the corporate tax rate would be 0%, and only dividends and other transfers from a corporation to human persons would be taxed. But in the real world, I suppose it's a convenient point of taxation because any other scheme would be hard to enforce.

Seconded. I favor a 0% corporate tax rate as corporate taxes are by their very nature regressive. Unfortunately, I don't see a practical way of doing it in a multi-national system.

Rejected... Corporations receive benefits equivalent to Individuals' personhood... so until those rights of personhood are taken away from corporations, they can be taxed like individuals too.
Every country benefits from a minimum tax rate. The only people that do not benefit are the CEOs... and I say eat the CEOs if it satisfies the rest of the populace.

I disagree. If every country moved the corporate taxes to income taxes instead society would be better off. The problem with this is tax havens--the individual tax often wouldn't be paid.

 

[Gun Nut]

The point of all countries agreeing to a minimum tax is that there would exist no reliable tax haven... pay the US Taxes, pay the Irish taxes... there would be no benefit to offshoring... All Americans win. Maybe not so good for India... and Irland where many companies hide their tax free money today.

 

[Loren Pechtel]

I disagree. If every country moved the corporate taxes to income taxes instead society would be better off. The problem with this is tax havens--the individual tax often wouldn't be paid.

The point of all countries agreeing to a minimum tax is that there would exist no reliable tax haven... pay the US Taxes, pay the Irish taxes... there would be no benefit to offshoring... All Americans win. Maybe not so good for India... and Irland where many companies hide their tax free money today.

I'm saying the best answer would be all the countries tax the income at an individual level. Universal corporate taxes are second best but probably the best we can do.