How elections turn untrustworthy:
https://www.youtube.com/watch?v=h3trHfFKABI
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Get ready for the sucker punch tax!
Here Comes the Hypocritical Global Minimum Tax
Veronique de RugyVeronique de Rugy|
The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Here Comes the Hypocritical Global Minimum Tax
There is a certain irony to a group of rich countries pushing for policies that will disadvantage poorer countries. Yet this is exactly what the leaders of the world's biggest economies did by endorsing a global minimum tax rate of 15% on the profits of large businesses, a deal that has since gained momentum and pledges from leaders in 136 countries.
The deal's objectives are simple. It creates a tax cartel, and high-tax nations believe this will limit competition from countries with lower and simpler taxes. It also benefits wealthier, higher-tax nations by shifting revenues from countries where companies are headquartered to countries where companies make their sales. At the heart of these two objectives is the need to feed wealthy nations' enormous budgets.
Here's the skinny on a global minimum tax: Most countries, including the United States since the passage of 2017's Tax Cuts and Jobs Act, use some version of a "territorial" system. Territoriality is a basic principle of good tax policy and means that governments don't tax their taxpayers' foreign-earned incomes. That money is instead taxed by the foreign jurisdictions where it is earned. Firms can choose where to do business based on what country has the best tax regime. This approach puts pressure on governments with punishing tax regimes to become less draconian.
High-tax nations don't like this competition, which is why they've been itching for the past decade to undermine it with a global minimum tax. And while the U.S. government is set to benefit immensely from the new regime, U.S. companies with foreign subsidiaries and income will not.
The interesting thing is that some advocates don't bother to hide the fact that their goal is to simply extract more revenue from businesses. In a recent Washington Post piece, economist and former Treasury Secretary Lawrence Summers cheered the new deal:
"Countries have come together to make sure that the global economy can create widely shared prosperity, rather than lower tax burdens for those at the top. By providing a more durable and robust revenue base, the new minimum tax will help pay for the sorts of public investments that are fundamental to economic success in all countries."
Summers seems to believe that higher tax rates inevitably lead to more tax revenue, and that politicians will always use the money in ways that are sure to promote growth. It's putting a lot of faith in the notion that politicians will finance worthy investments, as opposed to introducing all sorts of economic distortions or buying votes by feeding corporate welfare. A look at the "Build Back Better" legislation making its way through Congress, which is loaded with counterproductive tax credits and other policies, shows that this faith is unwarranted.
What's more, scholarly work by the Tax Foundation, the International Monetary Fund, the Organisation for Economic Co-operation and Development and others show that an increase in the corporate tax rate is one of the least effective ways to raise revenue, and that it will lower gross domestic product. That's partly because it lowers investments and, in turn, reduces workers' wages and increases consumer prices.
Corporations may not be popular, but if we squeeze them too hard, how many raises can we expect them to hand out to American workers? What happens to the prices we pay for their products? Even corporations need accountable government, and that means having options in case taxes become too punishing.
The irony, of course, is that while the United States and its richest friends are set to benefit at the expense of poorer countries, the deal is being sold in the name of fighting inequality at home. Or, as Summers puts it, to avoid "lower tax burdens for those at the top."
Wealthy nations could address their budget woes by cutting spending, something most politicians don't have the stomach for. In addition, if these countries have a problem with how multinational corporations are taxed, they could change other policies like transfer-pricing rules. What they shouldn't do is tell other countries how income should be taxed within their own borders, let alone set up a global tax cartel.
The average taxpayer may feel unconcerned by this development. But beware: This cartel is just the beginning. Once such a system is in place, it's only a matter of time before revenue-hungry legislators extend the minimum tax rate to individuals.
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How would you grade Biden's performance to date?
Biden’s freshman-year report card
The U.S. president deserves a very poor grade for his performance thus far.
By Joseph Frager
And:
Do you agree?
A reporter, from FOX ,asked Biden was the administration going to pay illegals who have been separated what could amount to $1 million per family and he denied it and said it was not true. There is evidence illegals are, in fact, lining up for such payment and many believe Democrats are convinced they will lose The House in 2022 and thus are doubling down on spending since they have nothing to lose but your tax payer money. So much for placing the interests of the nation first.
Biden is not above lying because that is what he does best.
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Biden’s Border Agenda Has Now Reached Peak Derangement
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Was it a Dominion evening all over again?
https://townhall.com/tipsheet/mattvespa/2021/11/03/nj-county-clerk-dont-jump-to-conclusions-but-we-had-dozens-of-voting-machines-shut-down-n2598535
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Thorough takes time:
Danchenko was “the primary researcher” of the dossier, which created the Russian Collusion Hoax
Read More →++++++++++In seeking to end police hesot himself in the foot.
Defund The Police Candidates Stumble In Liberal Seattle
Seattle's downtown business community celebrated Wednesday after the moderate candidates it backed took commanding leads in the races for mayor, city attorney and a key council race over liberals who had called to defund the police.
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Have black voters finally awoken from the dead or self-enslavement? Snerdley thinks so. I would agree if Republicans help blacks solve some of their own self-inflicted problems but not through more welfare. Trump was on his way with tax relief for private investors willing to assume risks,
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James Golden, AKA Bo Snerdley
Founder, New Journey PAC
The next for Lieutenant Governor of Virginia, Winsome Sears, is:
- A Woman
- Black
- Marine
- Conservative
If the Democrats were smart, this would terrify them.
They have spent generations telling black people and women that they can never get ahead unless the old white men in the Democrat Party allowed them to, but I think you know that they refuse to learn from their mistakes.
Winsome is one of the thousands of Black Americans who have seen the truth and are ready to fight through their lies.
2022 will be a massive Red Wave for Republicans like Winsome, but we need to start preparing NOW so Democrats can’t stop great Black Conservatives from winning, like they did to our friend Larry Elder in California or Laverne Gore in Ohio.
You may not recognize my name, James Golden, but you probably know me as Bo Snerdley, the one-time producer and call screener for Rush Limbaugh. Working with Rush for nearly two decades has confirmed the truth about liberals: they HATE it when Black people in America dare to think for themselves.
I started the New Journey PAC to support candidates like Winsome - Black Conservatives who understand that the modern Democrat Party doesn't care about Black America and does nothing to help us.
The New Journey PAC was all in on Winsome Sears, but our work in Virginia was only the beginning – the New Journey PAC is planning to give the same level of support to every Black Republican running for office, but we can’t do anything if we don’t have your support.
Rep. Bryon Donalds, Rep. Tim Scott, and Joe Collins- these are just some of the Black Republicans we are supporting in 2022.
We saw what the Democrats did to Winsome Sears – what do you think they will do to these patriots when they get desperate?
We have to be ready to FIGHT BACK. The New Journey PAC is leading the charge, and we need your donation of $1,000, $500, $250, $100, even just $50 could make a massive difference in one of these races.
We can change the future of our nation by Making Black America Republican Again in 2022, but we need your help to make it a reality.
Please join us today.
For a New Journey,
And:
If at all possible?
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Piling on time?
| Tulsi Gabbard Celebrates Terry McAuliffe's Loss in Virginia: 'This Benefits Us All' |
 | Breitbart |
Moderate Democrat and former Hawaii Congresswoman Tulsi Gabbard celebrated Terry McAuliffe's (D) loss in Virginia on Tuesday night, hailing it as a rebuke of leftist [ » ]
Finally:
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I was one the road so am posting this for anyone who is interested:
Nuclear scientists in the United States and Israel agree that at most, Iran is now a few weeks away from having enough nuclear fissile material for at least one nuclear bomb. Secretary of State Antony Blinken has expressed frustration with the Iranian behavior regarding the diplomatic process, saying the window for diplomacy is closing “because Iran has been using the time to advance its nuclear program in a variety of ways,” and "I'm not going to put a specific date on it, but with every passing day and Iran's refusal to engage in good faith, the runway gets shortened.”
Israel is well aware of this, but if diplomacy fails, how serious is the Biden administration about implementing other tools in the toolbox? Will the United States demonstrate a credible threat of military force or even crippling economic sanctions? And at what price?
Moreover, for decades now, the Israeli foreign policy establishment has allowed itself to submit to American demands regarding the Palestinian issue because they knew that the larger threat from Iran looming in the East, would necessitate American support.
Now we are reaching crunch time. Has the premise upon which decades of Israeli foreign policy have been predicated proven to be true? And if not, what are Israel’s options?
Here to discuss this was Caroline Glick. |
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About the speaker: Caroline Glick was born in Chicago and made aliya in 1991. She joined the IDF that summer and served as an officer for more than five years. As an IDF captain from 1994 to 1996, she was coordinator of negotiations with the PLO in the office of the Coordinator of Government Activities in Judea, Samaria and Gaza. After leaving the IDF, she worked as the assistant to the director-general of the Israel Antiquities Authority. She then returned to geo-politics serving as assistant foreign policy advisor to Prime Minister Binyamin Netanyahu from 1997 to1998.
In March 2002, she became deputy managing editor of The Jerusalem Post.
During Operation Iraqi Freedom, Caroline covered the US-led war in Iraq as an embedded journalist with the US Army’s 3rd Infantry Division. Reporting for the Post, Maariv, Israel TV’s Channel 2 and The Chicago Sun Times, she was one of the only female journalists on the front lines with the US forces and the first Israeli journalist to report from liberated Baghdad.
Caroline's writings have been published in numerous newspapers and online journals: in 2004, in addition to her work at the Post, she resumed writing for Makor Rishon as the paper’s lead columnist and commentator. Caroline is the senior fellow for Middle Eastern Affairs at the Center for Security Policy in Washington, DC and routinely briefs senior administration officials and members of Congress on issues of joint Israeli-American concern.
In 2008, Caroline's first solo book, Shackled Warrior: Israel and the Global Jihad was published by Gefen Publishers. Her 2014 book, The Israel Solution, is critically acclaimed. She holds a BA in political science from Columbia University and a Master's in Public Policy from Harvard's Kennedy School of Government. |
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