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Economist warns worldwide business tax next step in globalization...


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#1 Rogerdodger

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Posted 10 November 2015 - 09:33 AM

Economist warns worldwide business tax next step in globalization...
Are you aware that the American government has been slowly giving away its power to international bureaucrats to determine how its businesses and citizens are taxed?

Most wars do not turn out the way the people who started them intended. Setting aside the hot military wars, look at the consequences of the “war on drugs” and the “war on money laundering and tax evasion.”

In central Africa “more and more money is leaving the banking system to seek alternative remittances.
The money is now out of the system and being shipped in bulk currency, and the remitters are being forced to pay about 9 percent — from what was 3 percent to 4 percent.” The Financial Stability Board based in Basel, Switzerland, released a damning report last week on the decline in corresponding banking as a result of excess money-laundering regulations.

In 1998, the Organization for Economic Cooperation and Development (OECD) — which has been captured by the global big-government, high-tax lobby — published a report titled “Harmful Tax Competition,” which was widely and rightly ridiculed because it ignored the fact that competition is good, including tax competition.

Imagine how much higher tax rates would be in New York, Illinois and California if their rates and inefficiencies were not at all disciplined by better-managed states that do well without state income taxes, such as Texas and Florida. Other things being equal, both individuals and businesses tend to move from high-tax places to lower-tax places around the globe as a rational response to bloated and oppressive government.

The statist bureaucrats at the OECD and their big-government masters were undeterred in their fight for higher taxes on others (despite their own tax-free salaries). They claimed that they were only trying to make sure that money from Americans and others was not being hidden in foreign banks to evade taxes. The non-American banks then agreed to implement withholding on payments to Americans and others so that the governments would get their tax money.

Most businesses are taxed at individual — not corporate — rates, because they are set up as sole proprietorships, partnerships and LLCs. You can be sure that the next effort will be to establish a minimum tax for all businesses everywhere on the globe, which will be quickly extended to all individuals. What right does the United States or France have to tell other countries what their tax rates must be? As global taxes are increasingly implemented, Americans and citizens of other countries will lose their democratic right to determine their own taxes — and Americans will be right back where they were under King George III. What happened to “no taxation without representation”?

See:
Taxes Driving the Rich Out of Rhode Island?
Taxes change behavior.

Edited by Rogerdodger, 10 November 2015 - 09:47 AM.


#2 salsabob

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Posted 10 November 2015 - 11:54 AM

I find it amazing, even funny if it wasn't so sad, how some in the top 0.1%, trying to not pay their taxes, can get their sheeple so riled up over something that will never happen. I'm still trying to figure out why they got you all so riled up over the Mayan Calendar thingee. :blink: Back in 1860, the elite plantation owners got dirt poor Southern Whites to go to slaughter defending an institution that wasn't only evil but actually extremely detrimental to the economic self interest of those dirt poor Southern Whites. Some things haven't changed.
John Galt shrugged, outsourced to Red China and opened a hedge fund for unregulated securitized credit derivatives.

If the world didn't suck, wouldn't we all just fly off?