The Case Against a Global Corporate Tax Rate
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- เผยแพร่เมื่อ 29 ส.ค. 2024
- The G7 recently reached a historic decision favoring a global corporate tax rate, aligning interests from the US government and the European Union. They want to change how corporations pay their taxes and eliminate the competition between countries with lower rates. What is behind this decision? What are the possible consequences of implementing a global tax? But most importantly, why is this such a terrible idea?
#GlobalTax #EuropeanUnion #JoeBiden
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If we have tax heavens, we also have tax hells
So true
Argument for global tax rate: places with lower taxes have more advantage for business growth.
Argument against global tax rate: places with lower taxes have more advantage for business growth.
😂😂😂😂
taxation is only for cattle countries that drive down wages drive up costs and then blame it on proxy wars they manufacture in order to justify high tax rates.
The lowest rate mentioned of 9% is still too high. Profits are a source of investment, productivity improvement and growth. Sending that money to government is a waste. Instituting a global tax rate is collusion, which is considered bad when companies do it. In the US we have some very bad laws that are supposed to be about preventing collusion. Tax rate competition is a good thing.
💯 % agree
Eventually it will shift competitiveness to countries outside the cartel.
Anything above 0 is too high
Can you explain how and why tax rate competition is good?
@@LegendaMK Because it provides a limit on how much countries can tax. If taxes go too high, the country that does it will find economic activity moving to other countries where taxes are lower. It also helps to limit the revenue and thereby resources controlled by government, which is good because government does a very poor job of deciding how to use any resources it controls.
Beside global tax rate, this also violate privacy and security of privately owned companies.
Why do we need to provide irs or other fiscal/goverment institutions about: HOW, WHERE, WHEN, HOW MUCH, WHO do anything in our private companies?
The idea of private ownership and investments is that they are PRIVATE, not owned by goverment in any way.
In my country you need to provide invoice with informations about everything, and then at the end you need also calculate precisely in financial statements how much you own in taxes for that "pleasure of doing business".
They are so lazy, yet there is 2x more tax administration employees than there is entrepreneurs in this country [EU country]
We cannot let decide bureucrats lead our lifes and destroy our ability to express ourselves and do deals in business. Especially when the goverment intelligence sell drugs, participate in trafficking and sponsor wars and violence where they want.
We can't let them do this.
Which multinational company do you own? If you don't you're just a victim.
What the governemnt tries to do is avoid companys not paying taxes by going to countries with low taxrates. By having the same taxrate everywhere they have to pay taxes where goods are being sold. This benefits the nations where consumers buy things ergo everywhere and not only those nations that impose low taxrates. Ergo all countries governments will have more tax revenue that fundamentally benefits the citizens because there‘s more money for infrastructure and so on.
Your argument of, „private companys should do whatever they want because they are private“ just promotes inequality and unfair distributions of wealth because the companys with alot of many will avoid paying taxes (in legal ways) whitch only benefits their wallet and not the general society.
@@erozionzeall6371 we can do business if you have one :D
@@Sophist98 i cannot understand why you defend income of the biggest cynics and psychopats this world have.
Goverment isn't Robin Hood agency who take money from those "evil rich capitalists" and spend it on usefull to society planting trees or draining rivers and building roads.
No. They sponsor themselves by transfering money from taxes to their pockets, their ventures, their favorite companies the hold shares and to sponsor their wars, fights and little battles for their OWN interest.
It's a manipulated myth [nontheless sponsored by goverment with money of manipulated people. see the circle :P ] that the goverment exist FOR society and that we all need to bow before them and agree on their tyranny.
The goverment and administration should be our slaves to represent outside, because we ->the society want to build our wealth, our families, our local communities, scyscrapers, states and countries.
We do not need some greedy bastards in power who constantly programm us in feeling guilty by saying
"give us your money, your privacy, your sex, your love, your soul. give it to us, giveeee! we need it for your good! we know how to use your money better than you!"
@@BaNuj Terrific comment, thank you.
Avoid competition. Avoid risk. Avoid novel thinking. Do as central planners tell you, then you obey, and then you are relieved of having to think for yourself, act on your own behalf, be responsible for your choices, be productive and useful to others.
Hey dude. The government is my cruch, l shall not think. It allows me to lay down in the field of laziness. It giveth me the ability to be irresponsible. I can shirk all my duties and live in Karl's house forever.
indeed
I obey. (Reminds me of the film Life of Brian when the Jesus character is trying to get the crowd to think for themselves but they only respond in unison).
@@robertolds6178 lmfaooo 😭🤣🤣🤣🤣🤣🤣
Corporations are central planners themselves, but just limited in a single industry rather than whole economies themselves. If you think through the terms of government VS. corporations rather both entities as tools for elite control, then you've been duped.
Redistribution of wealth by force is never a good idea
nope..says history
The IRS now helps desk texts office. They help the citizens to get there stimulus check faster and easier
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Small companies can't afford tax havens and pay bigger taxes than big corporations anyways...
What did the socialist economy give to Nepal?
Socialism of B.P?Mahendra King's socialism?
Socialism of Congress, Communists, Madhes?
Socialist to rule! And blaming to Capitalism!!
When are people going to realize, corporations never pay taxes. The consumer always pay their taxes. This is moving us towards taxation through inflated cost of goods. #GoGaltNow
Thanks for your comment! That is the main problem for a lot of people. When we are talking about low taxes and free market, part of people should realize taxes do the most damage to people, not companies.
Texas has a different tax rate than the other 49 nine stars on our flag. A great idea.
Ever heard of property taxes and sales taxes? Texas has PLENTY of taxes, they just choose to overtax average Americans so they can give huge tax breaks to multi millionaires and billionaires.
I agree with the general sentiment of the video. However one argument in favor of a global tax floor is that small businesses cannot compete with corporations that can move around freely. This distorts competition and favors larger companies.
true..depends what market though right?
the problem in my view is the Black and Vanguards of the world who gobbled up and bought out those businesses back when the economy was collapsing...basically they own everything now, gotta love those bailouts....back in the day if we just let them fail then we would have smaller more numerous companies competing for one another instead of a company who now controls all of them
I just don't understand why they need minimum tax rate. It's like fixing interest rates, it won't work.
So happy this channel is making videos again! Please keep it up!
Thanks, will do!
The only justifiable taxes are fees for service, which would link the taxes to corporations to physical buildings and infrastructure. In other words, corporate property taxes.
For example, a company that owns a factory in a given city could be charged the same base level property taxes as a residential unit in that city along with an additional charge for any environmental externalities created in its processes. And this would be regardless of the location of its headquarters.
Of course, I make this argument with the acknowledgement that many property related government institutions throughout the world, such as city owned water departments, should be privatized, but are not. So so long as they are government owned and operated, service fees are justified.
Corporate tax rates for the mere sake of being a cash cow for governments, is immoral.
agreed..it is terrible
The West is hell bent on shipping companies to other nations🤣
You increased minimum wage, factories got shipped to Asia. You tax where companies operate rather than where they are registered they’ll just move to wherever taxes are favourable.
another banger vid by LL. keep at it!
Thank you! Next up we have Covid Passports and Afghan Refugee Crisis
I think the governments should try to block tax loopholes instead of introducing a global tax rate. Multinationals are great in “avoiding” taxes through loopholes so a global tax rate just won’t work.
Government thrives as people suffer
So, I sell an item on Ebay and get taxed in my home country and state. But if this goes into effect, if I sell an item in Germany, then Germany taxes me? And if I sell in France, then France taxes me? That is a huge burden on time and money just to keep up with the laws. Are these countries wanting to shrink the amount of businesses around the world and make it so only the huge International companies can afford to do business?
It’s bad for low tax countries but good for high tax countries.
I guess we are pretending that as soon as every country has agreed to this and corporations hands are tied they wont then raise the global tax rate. In the end it is bad for humans, all of them.
Or hear me out... We don't do it for anyone, period.
It's bad for high tax countries too since taxing is garbage economic policy to begin with.
We shouldn’t reward high tax countries
It sucks for everyone, its globalism
The real purpose of a tax in a modern governmental system is not to gain tax revenues, it is two-fold. #1 to discourage unwanted behaviors such as alcohol consumption, fossil fuel emissions, and income generation. #2 it is to collect used bills for disposal to combat inflation.
1) Well, If cayman island don't sign this treaty, and keep their 0% tax rate, then why should we be worried?
2) I am right wing capitalist, advocating for flat tax. But I agree with this global tax rate. Why? If first world countries, paid free healtcare and free education to people who later became CEO's of these companies, they should pay their % of profit to government, that the government can help next generations as well.
3) Not having global tax rate is not fair to smaller companies, because they are not able to move to tax heavens like big corporations do.
4) Why should it damage smaller companies? Tax is only from profit, not from entire revenue. So if you reinvest your entire revenue back to your company exept one dollar, you pay only 15 cents in taxes.
What does how the president wants to spend money prove anything about how much a minimum tax rate should should be?
The Irish Tiger was the result of a trick play by an economic underdog. It became the home of all those offshore scammers who actually need some brick and mortar infrastructure. I was an important first down, giving Ireland a better field position, but it was a trick play that they only can use once, before the league changes the rules by leveling the playing field for everyone.
Remember: " "Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power."
1:24 exactly the other way around..
goal -> the car is sold in france .. so the tax is charged in france .. the franchise stores selling the food in germany .. so the taxes are charged in germany ..
the way he put it up the french wine is produced in germany but the knowhow and franchise comes from france so it must be taxed in france ..
the only reasonable place of taxation is the place of production/selling .. not the place where a HQ is positioned ..
Why don't we try a global maximum tax rate?
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Yh no. Country like mines benefits from little to no corporate tax. It made so many people start small businesses for extra cash.
Video should be titled " Why Taxes are generally bad"
Chris, this video is about global taxes. We believe taxation is not good, and it is theft. Here are our videos about taxation's different aspects, watch if you are interested: Why High Taxes Benefit The Rich - th-cam.com/video/tK_d9s2pqrk/w-d-xo.html Charity vs. Taxation - What is the Difference? - th-cam.com/video/82NPMM85B6o/w-d-xo.html How Tax Cuts Made Silicon Valley Possible - th-cam.com/video/TplN9L5346I/w-d-xo.html
An editing critique: it was very strange to hear the quote about "China may individually tax cars or iphones" repeated verbatim twice in a 10 min video.
The entire discussion about business tax rates is a distraction, because the effective tax rate for a solvent business is always zero.
Taxes are just another expense to the business, and all business expenses need to be recouped from the customers, plus enough profit to make it worth the owners effort. Fail to do this and the business will close down. At the end of the day, the business is just a conduit for moving money from their customers to the government - the business is not actually paying any tax themselves.
I like to imagine that the "Skilled imigrants" typo at the beginning was made by a not so skilled immigrant
What county do you live in? Also where do you live because this may affect whether or not you notice this. America has shortage of skilled workers.
@@akirataifu8470 that's true, I hadn't considered that most Latin-based languages likely spell it with 1 m.
TERRIBLE Idea.....
Yes, TERRIBLE!
Product value refers to the benefits the product offers to the target customers. The overall value of a product is the degree to which it meets or exceeds customers' expectations. Product value directly affects product design and pricing strategy. If no one buys your product then it has no value.
A global tax rate would be about as useful as a fixed exchange rate. How can different economies adjust to world economic conditions if all economic policy decisions are fixed?
Taxing based on income seems to constantly run into this problem about how you classify entities, especially for corporations which consists of people and machines throughout the world. I'm wondering if Nations or localities just rely on sales or property taxes would work better in terms of fairness and efficiency. Sales tax because that way the tax is on consumption and property tax because that's what the government is protecting... Property and lives
While I agree with your general idea, property taxes face the same problem. What counts as property and how do you evaluate it correctly?
@@misterchoc123 Yes, good point. I was picturing something similar to what we have now (more of a "land + improvements tax") but even then it has issues with classification and valuing, and is in a way just a narrower form of a general "wealth tax" (which is a bad idea). Least bad form of "general fund" taxation IMO either are the classic US approach on imports or just on sales (which still has an enforcement problem).
Amazing video! Greetings from Brazil! 🇧🇷
Obrigado! ;)
A Global tax will be a economic death sentence for developing countries who are willing to get out of poverty
I absolutely agree with you! High global taxes harm developing countries way more than developed ones.
Out of which part of yours did you pull those tax numbers?
aha.. media subsidiary of IHS, which is financed by owners of big corporations (ie. billionairs) pushing their interesst... who might have guessed.
Yeah shoutout to charlie
Anything with the word Global in it should be avoided at all costs.
This video fails to explain the main reason for tax-reform. If an American company designs something which is manufactured in China, and sold in Europe, should a tax rate of 0% in some Caribbean island possibly apply to all profits made by designing, manufacturing and selling the thing? While it may not always be possible to avoid tax to that extent, there are large enough revenue losses to governments due to the extent which this does happen to make the reform a good idea.
You can legitimately argue whether the profits should be taxed in America, China or Europe, in my example. I think the advantage of choosing where it's sold is that there is economic truth that cannot be manipulated in the consumer price, which can be used to calculate the tax. Choose anything else and you are more exposed to people manipulating the system so as to pay tax where they feel like paying tax, rather than where some component of the actual economic activity took place.
Now let me back up and say that I can sympathise with the idea that corporations should pay low or no taxes. One could design a tax-system in which no corporation anywhere pays any tax. One just has to ensure that when any profit ultimately passes to individual beneficiaries, the individual is appropriately taxed, and governments will ultimately get their slice. I see corporation tax as merely a practical measure: to avoid any shenanigans that might cause government to lose its share, rake off the minimum amount individuals are expected to pay, from the corporation, and only charge the balance to individual when they actually receive revenue. So maybe have a corporation tax of 20%, and if the individual pays tax at 30%, charge them 10% on their gains or dividends to make up the difference. (I'm not saying this is how it always works, just that this is more or less how it should work.)
The proposed 15% rate is not a global tax rate, it's a global minimum rate. If you think someone wealthy enough to live off dividends should be taxed at less than 15%, then I will accept that for you it's too high. Where I live the government gets more than 30% from the last slice of income of full-time workers on minimum wage, so I really can't get upset by corporate tax rates of up to 30%.
Someone in the video said that high tax rates are OK for big companies because they can pass on costs to customers, but that small companies can't do that. This makes no sense. Corporation tax is by definition not a cost to business. Higher corporation taxes, not being a cost, would not need to be passed on to customers at all, by businesses of any size. The loser would be owners, who are having more of their profit confiscated. (Which may be a bad thing, but it's a different thing.) I would regard say 50% as a horribly high rate, but I doubt it's high enough to kill reinvestment or kill the incentive for profitable companies to exist.
To be clear, 50% would be an extreme rate. Most major countries have rates on the 20% to 30% range. Even large relatively socialist European countries like Britain, France and Germany do not go above 30%. (The video starts off talking about Ireland as example of the benefits of low corporate tax. This change, forcing the rate from 12% to 15% in Ireland, is a complete non-issue, for Ireland, let alone anyone else. It's really not what the change is about.)
Broadly speaking, neither corporation tax rates nor sales taxes rates make much difference to corporations. Changes in corporation tax rates benefit or disadvantage owners, depending on the direction. Changes in sales tax rates benefit or disadvantage customers, who ultimately pay those taxes.
Decentralization of value doesn't sound like such a bad thing, since there's no value in an unused product or service.
Except this is not decentralization of value.
It is an artificial inflation of cost of all goods. If they can't escape the costs the corporations will simply transfer the tax to the consumers who will now have limited options because the tax will kill smaller businesses.
@@immanuelt613 Not talking about the taxes, per say. Merely ruminating on the concept of decentralization of value and how it relates to the concept of democracy in a philosophical way.
Also, funny how passing on taxes to customers is seen as a valid counter to raising taxes on companies. Why should large corporations get free access to the infrastructure and protections a nation provides for the pittance of wages? Would be a shame for a population with proper and equal access to their government to feel it necessary to penalize a company for that kind of practice.
@@hackprefectcompanies passing cost of taxes over to consumers is a valid point because it points out the stupidity of it. Why should the people be punished and forced to pay more of their money because government wants even more money to add to fund its reckless spending.
@@immanuelt613 Why should companies be allowed to pass off their tax burdens on to their customers? Why should the pursuit of profit be a valid excuse for shitty business practices?
ah yes, the value of facebooks headquarters, which is literally only an address. NO PHYSICAL EMPLOYEES. many companies do this and to act like there's value in a registered address is fear mongering
This video is biased. The US does not need taxes in order to spend.
This video IS biased.
this is psychotically dishonest.
1. it's not a "win-win" if they're helping foreign corps avoid taxes thereby reducing the revenue in other countries by much more than they increase it in their own.
2. "they didn't say what their fair share is" it's literally the rate they are avoiding paying using tax loopholes. why are you like this?
3. they're not preventing tax competition, just putting a floor on it to prevent a race to the bottom.
4. they're not planning to tax companies based on where they operate or claim that it' the consumer who "creates value". the tax top-up only happens if another country is dumb enough to have a tax lower than the global minimum.
5. "(china might say) why can't we have a user tax for everyone who drives a car on chinese roads" what's wrong with that and why wouldn't they be able to do it regardless of this issue? wtf is this nonsensical fearmongering? who watches this crap?
Thats just not true it hasnt benefited irish citizens its only their gdp thats high but most of that belongs to 5% of the population the rest of Ireland gets jack shit of that
Seems like it's mostly a question of whether you think governments or corporations do more for human welfare on the margins with that money - which I would think is highly debatable.
I can't see why either would be intrinsically better than the other. Large multinationals exert near monopoly power in many situations, and governments throw their weight around in a similar fashion. High concentrations of wealth and power seem to be the problem to me, and whether it is govt or corporate or private I haven't noticed much difference in my personal study. The powerful generally want to increase their power and if it comes at lower classes expense then that is fine by them.
Very eager to hear people's cases to convince me otherwise.
Jonathan, thanks for your comment! We believe that government doesn't have more information about people rather than people have about themselves. Also, people know better how to spend their money in their favor. When we talk about taxes, we should remember the fact that taxes hurt consumers more rather than corporations. If taxes are high, high are prices of products too which we want to buy. To my mind, if our goal is to increase the welfare of the whole market and especially the welfare of consumers we should reduce all taxes. Do you agree?
whatever happened to taxation is theft?
What I want to ask without choosing a side is, what does this mean for poorer nations? (those who are not even tax haven havens). How is this going to impact them in the long run?
To my mind, a high tax rate is bad for bpth poor and rich countries. It causes deadweight loss for the market, which is bad for economic growth and for members of the market because they are losing their own wealth. So increase of global tax rate is negative for everyone.
@@LearnLiberty is there any other way to reach you for more questions?
We will answer your questions here. Also, you can message us on our Instagram or Facebook pages.
ITs an effective wealth transfer from wealthier nations to poorer nations
US taxes received consistently hover near 20% of GDP. If we are worried about US started/owned international companies not paying taxes, shifting jobs overseas, etc., why don't we apply a tariff on their products made via labor that doesn't equal US min. wage? Tariffs aren't great, but maybe that would incentivize low paying jobs to return & not hurt small businesses that don't have a worldwide workforce that produces for much less hourly.
@3:27 I dislike the way that guy and Forbes judged Biden's intended use of tax money. BOTH sides contribute to the national debt.
Thank you for telling us what it is. Yes, it's a very bad idea!!
Glad it was helpful!
Ficou muito complicado entender a legenda. Mas obrigado
All tax is some form of thief.
Someone needs to direct me to why tax competition is a good thing. I thought Corporate welfare and such was bad, and it seems to me that Tax competition is just kind of the same thing? with the cost of companies moving between countries, wasting both goverment and company time/money
Yeah I'm not getting it either. Why not just rely on consumption tax though? How could corps avoid that?
@@charltonblake9967 good question that i dont know the answer to
I'm confused. Are you using the terms you meant to?
Tax competition is a good thing because it allows companies to move to nations that are more favorable to business. When a business's expenses go up they pass that cost onto their customers making the products/services more expensive which hurts the poorest among us the most. An increase in expenses slows a company's growth; thereby, reducing the number of jobs available in the future.
Corporate welfare IS bad. How is tax competition like corporate welfare? Did you mean to say that the Global Corporate Tax Rate is like corporate welfare? Because, if so, you'd be right.
Yes, moving a business from one country to another does involve expenses, but this is a one time (per move) expense. It's like changing your auto insurance or cable plan to a better deal; that has a cost (whether that be time or money), but people do it because they see the value over time.
@@cleverwitticismhere6922 hmmm, I'm not sure exactly what I meant. good questions/answers.
On an emotional level, i guess Tax competition and Corporate welfare looks similar to me: Ie, governments competing to Lower the "price" for a corporation, and then it moves around a lot and skips out on taxes/whatever
I suppose one big thing that differs Corporate welfare and tax Competition from each other is that Corporate welfare is the Companies constantly lobbying/ asking for favors from the Governments. So actually BEING a more productive company becomes less important, and the playing field created by corporate welfare isn't shared. While in a Tax competition, the playing field is equal, so more than just one company can enjoy the better playing field, and companies dont constantly wrestle over the ´political influence.
With this perspective Tax competition and Corporate Welfare looks much more different than i initially thought. hm.
Im not sure how a global Corporate Tax Rate would be like Corporate welfare: Could you explain what you mean? My intuition is that its very different then corporate welfare, as it would mean different countries agreeing to a certain level playing field.
My thoughts isnt focused on freedoom and such
-
Some Notes: Unlike a lot of liberterians, im not convinced that all taxes are horrible and all that, So i dont have a strong connection to that taxes are bad. Probably because im swedish
We need not a damn global tax but also we need to fix our own tax system in the US
I can't speak for other countries so I'm not going to
But taxes are becoming a politicians favorite hobby
I'm a new sub to this channel, can somebody tell if this is a right wing channel?
this is a liberal (old meaning) channel, it shares the ideas of the liberalism and libertarianism, which are opposite to totalitarian right-wing, but it's right-wing non-interventionist, which means it's also diametrically opposite in many ways to left-wing type of egalitarianism (notice the word "type")
@@FeelMetalMan Thank you for the insightful comment.
@@akirataifu8470 cheers and welcome
Break out of the partisanism dude
@@mr.jamster8414 I know I should, but it's hard.
Hurt
Homeless and starving to death
There I said it
I don't agree with this video, small companies are already paying much more taxes than big corporations, especially in Ireland. No sense
Ehh im not convinced
How ideologically poisoned do you need to be to demonize infrastructure?
The truth is by not having a lower limit on taxation you end up with a race to the bottom.
We saw this in the 90's with the US' trade agreements.
Cheaper labor makes goods. US manufacturing disappeared and we still haven't recovered.
If we attached a reasonable standard of living to the costs of outsourced labor then true competition would have been achieved.
Instead it became a race to the bottom and the US lost out.
Uuu
Was the 12.5 % corporate tax rate a win for Irish real median income, taking into account the price of health and education??? Love the irrational mentioning of statistics irrelevant to the majority's rational self interest, such as GNP per capita growth. Obviously, siphoning away the GNP into a small clique of shareholder hands can be offset to some degree by the provision of public services funded in a substantial part by tax revenues. Unlike Biden, I oppose wasting all of the US's remaining credit power on big ticket infrastructure. Rather, I would have it spent on the erection of a publicly funded, quality higher education system critical to the survival of the US as a continuing leading power, versus a surely doomed one.
Because a global minimum corporate tax would be shared among all the major world economies, it would not at all stifle tax competition! Those nations closer to the minimum would be more competitive than those nations further from it.
Indisagree totally especially on the comparison with French wine. Tha value of internet giants is created thanks to public internet infrastructure invested and realized by the countries where the service is delivered. The same for the level of education and availabiliy of equipement of the end user. Proof of this is that they create the most revenue in developped countries. So stop crying and pay what is due.
that's absurd, you as an individual get education and equipment to enhance your productivity to provide yourself of services, not to allow companies to reach you. The infrastructure to get you these services will often be private, like here in Spain, which are happy that there are services out there for which you demand the infrastructure.
@@FeelMetalMan ok why has Biden in his infrastructure plan earmarked Billions for broadband internet. The problem with the internet giants is that they are parasites on the delivery infrastructure making hughe amounts of profits. That is why they need to pay taxes in the country where the service ia delivered.
@@georgeclowney548 I can't have an opinion about the situation in the usa, I don't know the details
This is a well made and informative video - however a global tax rate still sounds like a great idea to me.
Why?
Imagine Walmart and target plus other grocery chains United to set a global minimum price for bread.
Does this sound like a good idea?
@@saintmichael5253 I don't think taxes and goods are analogous
@@centrorepublica yeah, I know but that's the simplest example I could think of. Why do you think it's a good idea? For me it's a good idea if all the countries joining this cartel do it willingly - but that isn't the case because Ireland, Luxembourg and the Swiss did not want to be apart of it by choice so I don't see it as a good idea
@@saintmichael5253 I don't know the political story behind those three countries involvement. But in general there is a very big problem with companies dodging taxes by locating a post box or an empty office building wherever they can find with the lowest rates, cheating the countries they have operations in of important funds for public goods. Global tax floor agreements like this seem like a good tool to stop the downward spiral
I love this idea, globe taxes policy and housing reform are the 2 most important policy ideas right now
Did you even watch the video?
@@immanuelt613 yeah, I just don't think they made a good case to oppose it, just vague threats like the EU and China might hypothetical benefit for it.
@@isaacgilbert6659 ah I see you didn't get what he was saying.
He said if countries can collect taxes from companies that operate there, what's to stop China and other countries from doing it too?
It's a dumb move that limits expansion and providing services globally.
@@immanuelt613 I got that I just think the issues with race to the bottom and loop hopes is a greater threat to the international community, lots of countries will benefit.
@@isaacgilbert6659 this is a blatant attack on small (and any) countries' sovereignty, whose citizens have all the right to vote what type of policies their government applies to create wealth in their country, as they might not have the gigantic advantages on resources, weather conditions and industrial culture other superpowers do have. It's a stupid law anyway, cause they can bonify to the companies the difference between their taxes and the global one.
Global corporate tax rate should be raised to the maximum level possible so that corporations can no longer get away with ripping off the public.
Global minium tax is a great idea. It forces governments to compete on infrastructure and education and produce a educated workforce to attract companies rather than just low tax rate.
Please show me your dataset and economics degrees. 😂
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Bullspit. It’s robbing people. Same way the Cartel and Mafias ask for rent aka extortion. The government calls it tax
Educated workforce is great but low tax rate is good too. A tax rate on 15% is very low, Sweden had around 20,6%.
For Sweden would this be good because if we lower our tax rate to 15% and the global minimum tax on business is on 15% so can we attract business very easy.
All it does is it makes governments become like cartels and be the mafia working together in stealing people's money. Further, what this law will do is reduce competition, not create more of it. This is a global corporate tax rate. This global tax will be an utter devastation to the global economy. Once again, leftists continue to show to the world they don't give a shit about the poor. Please tell me who is suffering when corporations don't pay taxes. I'd really love to know because leftists like you seem to think the economy is a zero sum game. How is wealth produced exactly?
And your proposal is absurd. Why should it be attractable for government to provide these services instead of letting the private sector do it without stealing people's money and do it cheaper and in better quality and more efficiently than the government?
Yeah to hell with those poor countries that have little to offer aside from low taxes. They don't need to expand their economies; they're good at being poor, let them remain that way.
Let the working class/middle class pay all taxes. Rich people and corporations should not have to pay their fair share, right??
@jorgelerma8764 You missed one of the points made, large companies can be unaffected by, and can take advantage of, large taxes.