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UofMstateU Offline
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How the G7 is going for Biden*

06-10-2021 05:16 PM
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TigerBlue4Ever Offline
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RE: How the G7 is going for Biden*
If democrats possessed the capability for introspection or had even an ounce of self awareness they'd be hugely embarrassed.
06-10-2021 05:23 PM
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Bear Catlett Offline
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RE: How the G7 is going for Biden*
They're already tired of him asking "when are we going get ice cream???"
06-10-2021 05:57 PM
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shere khan Offline
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RE: How the G7 is going for Biden*
(06-10-2021 05:16 PM)UofMstateU Wrote:  

Well, he is a dumb*** that now has dementia. Evry time he talks its like listening to a drunk that's had a stroke.
(This post was last modified: 06-10-2021 06:05 PM by shere khan.)
06-10-2021 06:04 PM
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ODUsmitty Online
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RE: How the G7 is going for Biden*
I heard he got Trudeau to rub his leg hair like those little bastards at the pool.
06-10-2021 08:48 PM
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UofMstateU Offline
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RE: How the G7 is going for Biden*
Biden* at the G7 dinner tonite.



06-10-2021 08:54 PM
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bullet Offline
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RE: How the G7 is going for Biden*
(06-10-2021 06:04 PM)shere khan Wrote:  
(06-10-2021 05:16 PM)UofMstateU Wrote:  

Well, he is a dumb*** that now has dementia. Evry time he talks its like listening to a drunk that's had a stroke.

He was dumb BEFORE he had dementia. He's really bad now.
06-10-2021 09:09 PM
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BuffaloTN Offline
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RE: How the G7 is going for Biden*
Keep that dipshlt over there as long as possible. The rest of the world needs to know how demented he is and report on it. Lord knows our media won't.
06-10-2021 09:12 PM
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Was SoMs Eagle Offline
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RE: How the G7 is going for Biden*
They had better not call a lid.
06-10-2021 10:02 PM
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olliebaba Offline
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Post: #10
RE: How the G7 is going for Biden*
All the while Russia, China and Iran are wringing their hands with huge smiles with the four aces handed them.

Why are The Demoncrapped so stupid...and evil not to see that the SOB will hurt this nation hopefully not permanently. It makes me worried and sad.
06-10-2021 10:12 PM
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maximus Offline
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RE: How the G7 is going for Biden*
(06-10-2021 09:12 PM)BuffaloTN Wrote:  Keep that dipshlt over there as long as possible. The rest of the world needs to know how demented he is and report on it. Lord knows our media won't.
Slim chance they do.... they are complicit

Sent from my SM-N975U using Tapatalk
06-10-2021 10:17 PM
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MemTigers1998 Offline
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Post: #12
RE: How the G7 is going for Biden*
(06-10-2021 06:04 PM)shere khan Wrote:  Well, he is a dumb*** that now has dementia. Evry time he talks its like listening to a drunk that's had a stroke.

03-lmfao

So true
06-11-2021 07:16 AM
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stinkfist Offline
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RE: How the G7 is going for Biden*
(06-10-2021 08:54 PM)UofMstateU Wrote:  Biden* at the G7 dinner tonite.




Ruprict in da howze, proper like!!

one of muh fave scenes evah!

@fkTheP5FromAg5’rToAp6’r 03-wink
(This post was last modified: 06-11-2021 07:28 AM by stinkfist.)
06-11-2021 07:24 AM
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stinkfist Offline
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RE: How the G7 is going for Biden*
(06-10-2021 06:04 PM)shere khan Wrote:  
(06-10-2021 05:16 PM)UofMstateU Wrote:  

Well, he is a dumb*** that now has dementia. Evry time he talks its like listening to a drunk that's had a stroke.

my crew calls that, “uncle bob”…
06-11-2021 07:25 AM
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stinkfist Offline
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RE: How the G7 is going for Biden*
(06-10-2021 10:02 PM)Was SoMs Eagle Wrote:  They had better not call a lid.

@canOpener
06-11-2021 07:27 AM
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CrimsonPhantom Offline
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Post: #16
RE: How the G7 is going for Biden*
Controversy Swirling Around Biden 'Rebuke' As He Meets With Boris Johnson

________

Biden Pushes Worldwide Minimum Tax At G-7 Summit With Foreign Leaders

Quote:President Joe Biden met Friday with Group of 7 finance leaders, pushing for a global minimum tax on corporations of 15%.

The tax would apply to a country’s overseas profits in an attempt to keep the world’s largest companies from being able to dodge taxes by offshoring profits.

“This U.S. priority is a critical step towards ending the decades-long race to the bottom that pushes nations to compete over who can offer the lowest tax rate to large corporations at the expense of protecting workers, investing in infrastructure, and growing the middle class,” the White House said in a press release.

Under the tax, known as GMT, if a company pays a tax rate lower than the new minimum by using offshore accounts, the company would have to pay the difference to the country in which it is headquartered. “The policy would also potentially affect some major companies by requiring that they pay taxes in the countries where their good and services are sold, and not just where they are physically present,” Fox News reported.

The G-7 is made up of the United States, the United Kingdom, Canada, France, Germany, Italy, and Japan. The group is meeting in the U.K., and the plan is to bring up the GMT in a meeting of the Group of 20 leaders, scheduled for next month.

“If widely enacted, the GMT would effectively end the practice of global corporations seeking out low-tax jurisdictions like Ireland and the British Virgin Islands to move their headquarters to, even though their customers, operations and executives are located elsewhere,” CNBC reported.

Biden has offered support for a plan to increase the U.S. corporate tax rate to 28% from 21%, along with a slew of other tax increases. A study released last September said would raise taxes by $3.4 trillion on Americans and corporations over the next decade.

The Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, put out the study. In addition to trillions more in taxes, the study projected that Biden’s platform would raise federal spending by about $5.4 trillion — or roughly 24% of gross domestic product by 2030, Fox Business reported.

“The spending plan, which is more than double what Hillary Clinton proposed during the 2016 campaign, would be funded by a slew of new taxes, including a corporate tax hike. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis,” Fox wrote.

The Wharton study found that nearly 80% of Biden’s tax increases would hit the top 1% of earners in the U.S. But the study also found that Biden’s platform would bring the largest federal budget increase since Democratic presidential nominee George McGovern in 1972 pledged to deliver a guaranteed minimum income for all Americans, which never happened.
06-11-2021 12:09 PM
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appst89 Offline
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RE: How the G7 is going for Biden*
Still no surprises from this incompetent shite show of an administration.
06-11-2021 12:16 PM
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boss man Offline
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RE: How the G7 is going for Biden*
LOL, the AD impacted jack@ss simply wants to rake in more tax revenues from global corporations.

Under the tax, known as GMT, if a company pays a tax rate lower than the new minimum by using offshore accounts, the company would have to pay the difference to the country in which it is headquartered. “The policy would also potentially affect some major companies by requiring that they pay taxes in the countries where their good and services are sold, and not just where they are physically present,” Fox News reported.

Of course, any tax hikes are passed on to the consumer. Biden* wants MO' tax revenues' to implement his vast list of boondoogle federal projects....while being embarrassed daily by China, Iran, the disgraceful neglect at the Southern border, the WOKE zealots efforts such as CRT in schools, and escalating crime in America.
(This post was last modified: 06-11-2021 12:39 PM by boss man.)
06-11-2021 12:38 PM
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Owl 69/70/75 Online
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RE: How the G7 is going for Biden*
(06-11-2021 12:38 PM)boss man Wrote:  LOL, the AD impacted jack@ss simply wants to rake in more tax revenues from global corporations.
Under the tax, known as GMT, if a company pays a tax rate lower than the new minimum by using offshore accounts, the company would have to pay the difference to the country in which it is headquartered. “The policy would also potentially affect some major companies by requiring that they pay taxes in the countries where their good and services are sold, and not just where they are physically present,” Fox News reported.
Of course, any tax hikes are passed on to the consumer. Biden* wants MO' tax revenues' to implement his vast list of boondoogle federal projects....while being embarrassed daily by China, Iran, the disgraceful neglect at the Southern border, the WOKE zealots efforts such as CRT in schools, and escalating crime in America.

Every year about this time, I attend a very high-level taxation seminar, partly because it counts for both my law and accounting continuing education requirements, and partly because it is normally at La Cantera in San Antonio, which is about as upscale as a resort hotel can be (this year it was online). The format is discussion panels generally consisting of a senior IRS official, a tax partner from a major national law firm, a tax partner from a major national CPA firm, and a tax lobbyist. This year the Biden tax proposals were a major topic of discussion. The general consensus of a pretty wide range of viewpoints seemed to be:
1) Unless Biden can get the G7, at minimum, to go along, the corporate provisions could make it pretty much impossible for a multinational to be headquartered in the USA. And even then, there would be a huge potential for a rogue G7 or a non-G7 (like Ireland?) to grab off a huge hunk of economy and tax base by undercutting us.
2) The proposal to end the IDC deduction would pretty much mean the end of USA domestic oil and gas drilling and development.
3) The proposal to tax unrealized capital gains could place many individuals in severe cash crunches, and could significantly increase the number of bankruptcies and effectively eliminate the USA as an investment destination for foreign capital.

Because of the importance of oil and gas to West Virginia, the expectation is that there is no way Manchin would ever vote for 2). But the threats of the other two to do serious long-term harm to the US economy are significant.
06-11-2021 12:55 PM
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CrimsonPhantom Offline
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RE: How the G7 is going for Biden*
Quote:The Group of Seven (G7) nations, including the United States and six other wealthy countries, recently announced they had reached an agreement to impose a minimum global corporate tax rate on multinational companies and would be amending long-held international tax principles and rules. Treasury Secretary Janet Yellen hailed the announcement as a victory that would end the global “race to the bottom” on taxation. But in truth, what the G-7 proposed is a bad deal for America’s sovereignty, American businesses, and taxpayers.

The agreement has two main components. The first is to implement a new tax rule. Currently, corporations pay taxes over profits earned to nations where they have a physical presence. The G-7 agreement proposes that countries would have the right to tax 20 percent of profits above a margin of 10 percent where the company’s products or services are consumed.

For example, Company X is located in County A but sold its service to people in Country B. Company X made a profit of $15, representing a 15 percent profit margin. Under the current global tax system, Company X has to pay tax on the $15 profit to Country A only. According to the new G-7 agreement, however, Country B will also collect 20 percent tax on the profit above a margin of 10 percent, which in this case is $5.

While clearly aiming at American tech giants, this G-7 proposal is, in fact, a global digital service tax in disguise. Out of concerns for “fairness” and “justice,” in recent years some European governments have called for imposing a special digital tax on large U.S. tech companies. Nevertheless, with rare bipartisan support, the Trump administration had pushed back on such attempts, arguing the digital tax amounts to discrimination against the American companies in question.

Surrendering to European Demands
Last July, France demanded that tech companies with revenues of more than 25 million Euros in France and 750 million Euros worldwide to pay a 3 percent digital service tax on digital income generated by French users. The Trump administration retaliated by imposing levies on French imports to the United States, but the Biden administration suspended these levies in January.

Then the United Kingdom, Spain, and four other countries declared that they would impose their version of the digital service tax. In response, the Biden administration announced 25 percent tariffs on more than $2 billion worth of imports from these six countries but quickly suspended the tariffs to provide further time for negotiations to bear fruit.

According to a Politico report from Mark Scott and Bjarke Smith-Meyer, the spat between the United States and European nations over the digital tax was not about money (at most, a global digital tax will generate $100 billion a year), but about control over the digital economy. The recent G-7 agreement on a global digital tax, however, seems to suggest that rather than negotiating and fighting to protect the interests of American companies, the Biden administration has given up such control.

In the words of the Wall Street Journal’s editorial board, the Biden administration has “acquiesced to European demands that the tax be tailored so narrowly that it would apply primarily to U.S. digital companies and not large European manufacturers.” In doing so, the Biden administration surrendered “Washington’s ability to tax American companies as Congress sees fit.”

What of the ‘Race to the Bottom’?
The second component of the G-7 proposal is to impose a 15 percent minimum corporate tax for multinational corporations. Any companies that pay less than that rate in one country will have to make an additional tax payment to their home country.

Jeff Goldstein of the Atlantic Council provides an example of how the global minimum tax works: company X is headquartered in Country A, which has a corporate tax rate of 20 percent but reports income in Country B, where the corporate rate is 11 percent. Given that the global minimum tax rate is 15 percent, Company X would have to pay Country A an additional 4 percent tax on its profit reported in Country B, which is the difference between the global minimum of 15 percent and Country B’s corporate tax of 11 percent.

The idea behind such a proposal is to reduce the incentives for corporate inversion, a tax strategy some multinational companies deploy to reduce their tax liabilities by relocating operations to countries with much lower corporate tax rates than their home countries. Ireland, for example, is known for its low corporate tax of 12.5 percent and is home of such well-known American companies such as Medtronic and Seagate.

Some governments complain the current tax system costs between $200 to $600 billion in revenue each year. They see a global minimum tax scheme as a way to reduce corporate inversions, keep corporations and jobs at home, and provide governments a floor of tax revenue. But the right way to discourage corporate inversions and retain businesses and jobs at home is to cut domestic corporate tax rates, not to demand other nations raise their corporate tax rates.

History has shown the so-called global “race to the bottom” on taxation has fueled global economic growth – indeed, the worldwide average statutory corporate tax rate had dropped from 40 percent in 1980 to 24 percent in 2020. For example, the world GDP per capita has grown from $2,533 in 1980 to $11,422 in 2019. As a result, governments have collected more revenue from economic growth.

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06-11-2021 01:04 PM
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