Is This How Joe Intends To Pay For His Big Spend?

[youngmafbog]

Whilst I must say the idea behind it is laudable one has to wonder if this grab at extra tax is really going to work. As with all these ideas they fall foul of the law of unintended consequence and certainly the one that jumps to mind is the way they are stating it will only affect the wealthiest. No it wont prices will be put up or companies will loose their competitive edge and workers will then loose their jobs not the millionaires running the companies.

And there is no way the rest of the World will sign up to this. UK probably will aas we now clearly have a left leaning globalist Government in place (See Carries green policies for proof).

https://www.independent.co.uk/news/world/americas/us-politics/bidens-corporate-tax-plan-takes-aim-at-income-inequality-joe-biden-irs-john-kennedy-donald-trump-treasury-department-b1840324.html

[Sunk]

// we [the UK] now clearly have a left leaning globalist Government //

Oh dear. What planet are you on?

[Peter Pedant]

erm does it matter where a spending president of another country gets his moolah ?

[ToraToraTora]

Like with our own Lib Non Dems/Labour, taxing the "rich" means that "rich" ends up being not really rich at all.

[Sunk]

This is not aimed at wealthy or rich individuals, it is clearly aimed at corporations such as Apple. The company is worth $2 Trillion and has $300Billion in the bank doing nothing. Trump halved the tax Apple would pay on repatriating its profits made abroad, and it return he got a big fat nothing from Apple.
Apple uses tax avoidance to keep as much profit as possible. The US and other countries should close those loopholes. In the UK, Apple pays £3.8m tax on £1.2bn sales.
Making Apple, Microsoft, Amazon, the Oil Companies and Banks pay their fair share will not make them less competitive, or increase prices to us plebs. The profits they are making are eye wateringly large. Taking some of that to benefit US and UK citizens (their employees) is a thing worth attempting.
Previous Presidents have tried to make Corporate America to do the right thing and they failed. Biden probably will too, but we should hope that he is successful.

[Peter Pedant]

You've lost me there youngma bog
what does this have to do with us?

[Khandro]

PP. //what does this have to do with us?//

I think Biden's motto is; "Let's make America broke again", & if the US economy goes south, Britain & the most of the free (& not so free) world will not escape unscathed.

[Sunk]

Last week Apple revealed their quarterly earnings.
They made $89.6 billion in the previous 3 months.
America are not going to go broke if the Government make Apple pay some more tax.

[Sunk]

Meanwhile, it was announced today that Amazon had £38Billion sales in Europe and paid £0 (zilch, none) tax.

// Fresh questions have been raised over Amazon’s tax planning after its latest corporate filings in Luxembourg revealed that the company collected record sales income of €44bn (£38bn) in Europe last year but did not have to pay any corporation tax to the Grand Duchy. //

These giant wealthy Corporations need to be making a contribution to society, not being a parasite on the world. Bid, Johnson, The EU and the rest of the world need to make them pay. Then perhaps the taxes for the rest of us could be eased a little.

[Untitled]

Would be very interested to hear your opinion on this speech youngmafbog...

https://www.margaretthatcher.org/document/107817