White House Economic Adviser: 'We Need a Global Minimum Tax'

The more I think about it and read the other responses some of you are on the right track, it's likely a tax on all the offshore accounts many US individuals and corporations have. Switzerland, Caymen Islands, etc. billions, maybe trillions in accounts that accure interest essentially tax free.

A better idea then taxing it would be to allow that money to come back to the US tax free. That would be a stimulus in and of itself...that much cash coming intot he country would prop up banks, embolden investment and startups, etc.

Course the government isn't going to do that.

The idea is brilliant and I'm amazed they haven't suggested this before.

Do not you see the real reason for this?

A LOT of large companies who are situated in your respectful country are NOT paying taxes as it is... they sneak through on having sister companies in foreign countries from which they buy raw materials etc. at a high cost. Ie. they pay themselves too much and that way funnel the money out of the country.

A global minimum tax would not only adress this problem but also keep companies from running away and setting up in other countries, thus creating job losses etc.

How many of you have lost your job or know someone who's lost his or her job because they were downsized only to see the company open up something new in another country.

Global tax is needed to protect people... to protect jobs and sustain social economics that pay for schools, roads, you name it...

Don't be so fast to slap the marxist stamp on this. Global tax actually makes sense. Chip in or get the # out... seriously.

You are so naive if you think this is only for American citizens

reply to post by DangerDeath

Well, next to being confused, I'm most often naive. How would every country in the world be forced to accept a tax? What body would impose it, collect the taxes, punish evaders, and allocate the money?

Thanks for the help in getting rid of some of my naivete.

Originally posted by charles1952
reply to post by DangerDeath

 

Well, next to being confused, I'm most often naive. How would every country in the world be forced to accept a tax? What body would impose it, collect the taxes, punish evaders, and allocate the money?

Thanks for the help in getting rid of some of my naivete.

Through various kinds of pressure. IMF to armed intervention.
Just look at what is happening to Greece. Reprogramming debts will do to enslave them forever. Then impose technocrat PM and foreign rule (Troika) above their parliament. Works fine.