[Politics_Observer]

Even China, India and Switzerland support Joe Biden's overhaul of the global tax system to ensure corporations pay their taxes.

The United States has won international backing for its plan to overhaul the global system for taxing companies, a huge step toward simplifying a complex web of rules long exploited by big corporations.

Countries including India, China and Switzerland have agreed to a broad framework for reform set out by the Organization for Economic Cooperation and Development. The Paris-based group said Thursday that 130 countries and jurisdictions were on board, representing more than 90% of global economic output.

In a statement, US Treasury Secretary Janet Yellen called the agreement a "historic day for economic diplomacy." Yellen secured the support of the Group of Seven nations, including Canada, France, Japan, Germany, Italy and the United Kingdom, last month.

"For decades, the United States has participated in a self-defeating international tax competition, lowering our corporate tax rates only to watch other nations lower theirs in response," Yellen said. That "race to the bottom" is now "one step closer to coming to an end," she continued.

The OECD's framework includes a global minimum tax of at least 15% on multinational companies. The plan also holds that the biggest companies should pay tax where they generate sales and earn profits, and not just where they have a physical presence — a move that could have major ramifications for top tech companies like Google (GOOGL) and Amazon (AMZN).

Establishing a global minimum tax has been a top priority for President Joe Biden, who wants to boost government revenue to help offset the costs of his proposed infrastructure package.

The hard work isn't over yet. Negotiations remain ongoing, with technical details set to be hashed out between now and October. And countries would still need to pass reforms at home to transform any deal into law.

But the agreement removes significant uncertainty ahead of a meeting of Group of 20 nations later this month and clears the way for a final accord.

Not everyone is on board, however. Notably absent from the list of signatories is Ireland, whose low-tax regime has been essential to drawing in top tech firms. Barbados also did not sign on to the deal.

https://www.cnn.com/2021/07/01/economy/ ... index.html

[libertasbella]

Prices go up, regular people have to spend more on goods and services, and the government gets more of your money in the name of punishing the greedy producers.

[ckaihatsu]

Prices go up, regular people have to spend more on goods and services, and the government gets more of your money in the name of punishing the greedy producers.

No, this is about taxing *corporations*, not individuals, to bring the rates back to pre-Trump levels, though Biden's move has been criticized as being a *halfway* measure:

Biden’s original proposal called for a partial roll back of the corporate tax breaks—raising rates from 21 percent to 28 percent—put in place by the Trump administration in 2017.

https://www.wsws.org/en/articles/2021/0 ... e-j25.html

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Biden’s alternative tax plan “would amount to a new minimum corporate tax of 15 percent” and “take aim at dozens of profitable US corporations that pay little to nothing to the federal government annually.” The Post report continued, “The White House also proposed stepping up enforcement on corporations and wealthy earners who rely on loopholes to lessen their tax burdens, according to the person familiar with the talks.”

https://www.wsws.org/en/articles/2021/0 ... r-j05.html

[ckaihatsu]

Three tax increases on large corporations and wealthy individuals, collectively raising $60 billion in revenue.[88] These are:

• Limits publicly traded companies' ability to deduct executive compensation (for employees more than $1 million) from their corporate taxes (will generate $6 billion in tax revenue).[88]

• Repeals an obscure provision in the tax code that gave multinational corporations additional discretion in accounting for interest expenses (will generate $22 billion in tax revenue).[88]

• Extends "loss limitation" restrictions on unincorporated businesses (will generate $31 billion in tax revenue)[88]

https://en.wikipedia.org/wiki/American_ ... of_the_Act

[B0ycey]

Even China, India and Switzerland support Joe Biden's overhaul of the global tax system to ensure corporations pay their taxes.

It isn't a surprise given China and India have the same issues as the US with businesses moving to tax havens to avoid paying tax due to loopholes which need universal cooperation in order to make closing them viable. Since Covid, it seems even the US want to close them all up now when before they were lukewarm on the idea given that US international firms are the biggest beneficiaries from them. I just guess we should be thankful for Biden for his ambitions given that Google, Amazon, Apple and Starbucks have taken the piss over the years and the justification for doing so has been increased greatly given Amazon especially have done well out of the pandemic last year.

[Politics_Observer]

@B0ycey

Well, just remember, countries especially in the EU will benefit because they will be able to collect taxes on American companies doing business there now because they will have far less safe havens to use for tax loopholes. Just as the U.S. will benefit from taxing EU companies that do business here in the U.S. Germany I know has some companies that do business over here and employ American workers. The American workers pay taxes but the corporations themselves may or may not pay taxes or as much as they should depending on how they have their corporate entities set up by their lawyers to legally avoid paying taxes. But those loopholes have needed to be closed for a long time now and it will require global cooperation to do so given that corporations have abused those loopholes.

[B0ycey]

@B0ycey

Well, just remember, countries especially in the EU will benefit because they will be able to collect taxes on American companies doing business there now because they will have far less safe havens to use for tax loopholes. Just as the U.S. will benefit from taxing EU companies that do business here in the U.S. Germany I know has some companies that do business over here and employ American workers. The American workers pay taxes but the corporations themselves may or may not pay taxes or as much as they should depending on how they have their corporate entities set up by their lawyers to legally avoid paying taxes. But those loopholes have needed to be closed for a long time now and it will require global cooperation to do so given that corporations have abused those loopholes.

Most of Europe will be happy @Politics_Observer. I doubt Ireland will be given they are a haven which is ironic given Biden is Irish. But this has been an issue for as long as I can remember, and now we have to aim to balance the Covid books and Biden is a president who wants to change the world for the better. I am just glad he is willing to cooperate and keeps moving America in the right direction. It makes a change from four years of Trump.

[ckaihatsu]

Biden is a president who wants to change the world for the better. I am just glad he is willing to cooperate and keeps moving America in the right direction. It makes a change from four years of Trump.

In reality, the US persecution of Assange is supported by the entire political establishment. Biden, as Obama’s vice-president, played a central role in the initiation of this campaign, infamously branding Assange as a “high-tech terrorist.” Since becoming president, his administration officials have made plain they have no intention of dropping the case.

https://www.wsws.org/en/articles/2021/0 ... s-j05.html

[Politics_Observer]

@B0ycey

and now we have to aim to balance the Covid books and Biden is a president who wants to change the world for the better. I am just glad he is willing to cooperate and keeps moving America in the right direction. It makes a change from four years of Trump.

I intend to keep voting for candidates like Joe Biden in the future. Of course, I am just one vote but I make sure I get out there and vote. I also pay attention to local elections too to vote for candidates I believe will not support voter suppression of minorities. Republicans will just have to learn that people have the right to vote and if they want to get voted into office, they have to have a better policy that will make the world better for American citizens and the rest of the world a better place. I'll be there on the political front lines battling the republican efforts at voter suppression at both the local, state and national level.

[B0ycey]

@ckaihatsu

By and large I support Wikileaks and Assange. Although I do think he should have gone to Sweden to face justice than hide in an embassy especially given the case was weak against him and has since been dropped. But the world has many problems today and although Biden won't fix all of them or perhaps may even stand in the way of many of the problems that need fixing, you still have to credit him when he does make a difference wouldn't you say?

[ckaihatsu]

people have the right to vote and if they want to get voted into office, they have to have a better policy that will make the world better for American citizens and the rest of the world a better place.

And yet here we are....

Oppose the U.S. Government Attack on Venezuelan Diplomat
Alex Saab and Venezuela. Free Alex Saab Now!

Statement of the Chicago Anti-War Coalition (CAWC)

Oppose the U.S. Government attack on Venezuelan diplomat Alex Saab and Venezuela. Join with us and others to Free Alex Saab Now! Here is the story:

Alex Saab is a Venezuelan businessman and diplomat who has undertaken to ensure his country’s economic survival through making arrangements for trade from various sources for food, medicine, and fuel oil for Venezuela. This is to circumvent the sanctions unilaterally and illegally imposed by the U.S. Government.

U.S. sanctions are illegal because imposing sanctions is the exclusive right of the United Nations, and not individual countries, under international law. As well, they are unjust. Their sole intent is to sow economic and political chaos in those sovereign countries endeavoring to develop independently of the U.S.

The U.S. intention of destabilizing and overthrowing the Venezuelan government is shown by consistent U.S. statements of demonization and attempted coups of the Venezuelan presidents Chavez and Maduro. Biden has repeated the demonization of President Maduro.

The U.S. government does not recognize President Maduro, and calls him repressive and undemocratic. Instead the Biden Administration has taken up the previous U.S. government stands to insert U.S. puppet Juan Guaido as president of Venezuela.

U.S. authorities responded to Venezuelan diplomat Alex Saab’s efforts to circumvent U.S. sanctions by having him arrested and imprisoned in violation of his diplomatic immunity. This was done in June 2020 through the government of the West African nation of Cape Verde with the connivance of several other countries by jailing Saab while he was on a plane stop. Cape Verde was acting, undoubtedly, under pressure from the U.S. The U.S. continues to attempt to have him extradited to the U.S. even though the U.S. has no extradition arrangement with Cape Verde.

CAWC reprints below Saab’s own account of his ordeal and how it came about in a slightly edited version, and a reprint from a report from some activists who traveled to Cape Verde in solidarity with Saab.

CAWC is in solidarity with the movement for Saab’s release in the context of the movement to bring the illegal imperialist U.S. sanctions to an end. We encourage others to spread the word on this and build solidarity in opposition to what the U.S. government is doing to Saab. 7.5.21


----------
Chicago Anti-War Coalition
ChicagoAntiwarCoalition@gmail.com
http://www.facebook.com/chicagoantiwarcoalition

[ckaihatsu]

@ckaihatsu

By and large I support Wikileaks and Assange. Although I do think he should have gone to Sweden to face justice than hide in an embassy especially given the case was weak against him and has since been dropped. But the world has many problems today and although Biden won't fix all of them or perhaps may even stand in the way of many of the problems that need fixing, you still have to credit him when he does make a difference wouldn't you say?

No, I don't have to be a Biden triumphalist and engage in mainline Democratic Party groupthink, thank-you-very-much.

So are you for *releasing* Assange, then?

[B0ycey]

No, I don't have to be a Biden triumphalist and engage in mainline Democratic Party groupthink, thank-you-very-much.

I didn't ask you to wave the Biden flag. I said you should acknowledge his good policies. Unless you support tax havens this is a good policy right? So rather than attack Biden with a topic that has nothing to do with this thread, you should just make your posts on the subject.

So are you for *releasing* Assange, then?

He is in jail for skipping bail, something he most definitely is guilty of. So no, he shouldn't be realised. But he also shouldn't be extradited on BS charges either.

[ckaihatsu]

I didn't ask you to wave the Biden flag. I said you should acknowledge his good policies. Unless you support tax havens this is a good policy right?

Sure, and I posted relevant information regarding the thread's topic, previously.

So rather than attack Biden with a topic that has nothing to do with this thread, you should just make your posts on the subject.

Well, it looked like other posters *expanded* the discussion to that of Biden flag-waving / triumphalism, so I countered with a couple of *critiques* of such.

He is in jail for skipping bail, something he most definitely is guilty of. So no, he shouldn't be realised. But he also shouldn't be extradited on BS charges either.

What was the original criminal charge against him?

Has he already served enough time for 'skipping bail'?