Posted on 03/30/2012 2:07:11 PM PDT by SeekAndFind
Drudge is having fun with this but I think there's less to it than meets the eye. Is Crazy Joe really calling for some sort of new global tax authority right before a presidential election, knowing that the GOP can exploit that in its campaign messaging in a thousand different ways? He is kind of a moron, but he's not that much of a moron. Remember, the "global minimum tax" has come up before: Last month Gene Sperling, the director of O's National Economic Council, mentioned it and it sent a shiver through the righty blogosphere then, too. But they're not talking about creating some sort of new tax agency here. They're talking about tweaking the U.S. tax code so that American companies have less incentive to outsource. Said a White House official of Sperling's remarks at the time, “He was referring to our proposal in the Blueprint for an America Built to Last that removes tax incentives for companies that ship jobs overseas.” Here’s the relevant section from the White House fact sheet:
At the same time as the President is calling for immediate enactment of this plan, he is also pushing forward on a framework for corporate tax reform that would encourage even greater investment in the United States, while eliminating tax advantages for outsourcing. This framework will include:
o Making companies pay a minimum tax for profits and jobs overseas and investing the savings in cutting taxes here at home, especially for manufacturing: The President is proposing to eliminate tax incentives to ship jobs offshore by ensuring that all American companies pay a minimum tax on their overseas profits, preventing other countries from attracting American business through unusually low tax rates. The savings would be invested in cutting taxes here at home, especially for manufacturing.
There’s no foreign agency involved. It’s just a new tool for the IRS to reach an American company’s profits no matter where in the world they might be invested. In theory, that’ll eliminate the competitive advantage other nations have over the U.S. by undercutting our corporate tax rates. In practice, it could lead to more American corporations being sold to foreign investors: Because the U.S. only taxes the profits of U.S. companies, one way to dodge the new “global minimum tax” would be to invite a takeover by a foreign company. Which, depending upon how high the new minimum tax is and how many companies flee, could mean less overall tax revenue than before. But then, what’s another $100 billion in the hole when you’re already running deficits in the trillions? Click the image to watch.
Update: Romney unloads:
“Raising taxes on American job creators is apparently not enough to satisfy President’s Obama’s trillion-dollar spending addiction. Instead of promoting pro-growth tax policies that provide businesses with the economic freedom to grow and prosper, he is backing a ‘global tax’ that would harm American competitiveness,” Romney said in a statement released by the campaign. “My plan to reform the tax code by cutting rates and encouraging reinvestment here in America is the right way to jumpstart an economic recovery and create new American jobs.”
He’s betting that tax cuts, by attracting more business, would actually end up raising more revenue for Treasury than the “global minimum tax” would. Belated exit question: How bad does the White House have to be at “branding” to have approved a term like “global minimum tax”? Good lord. Hire a professional, guys.
Taxes are a confiscation of wealth and a method of control. These idiots want to take the whole world.
I’d love to see a politician tax. All politicians should have a tax rate of 75%. Maybe then they would better understand the “other people’s money” thing. Right now, they are the thickest bass turds ever to come down the pike and think that money grows on trees.
Don’t hold your breath, thinking that Joe Biden is attempting to address a larger issue.
Biden really is that dumb. And people laughed at Dan Quayle.
There was an old stereotype of a fictitious Vice-President Alexander Throttlebottom, a purposeless incompetent in public office. Joe Biden fits the picture in almost every way.
He is Obama’s insurance against being untimely death while in office. If Obama should die, we get Joe Biden, and NOBODY wants that.
Wanna bet?
Oh YES he IS!
so now, instead of paying for 100m slack ass crack heads in the US... i get to pay for 3billion + slack ass crack heads from around the world.
awesome
how about... HELL NO
Listening to Democrats constantly call for taxation makes me feel like I’m listening to doctors call for bleeding patients.
The stupidity is so intense, it makes my head hurt.
sfl
Why oh why do we continue to put the dumbest, the least ethical, and the least accomplished in positions of political authority?
Well, he is generally not a harmful or nasty idiot, he’s kind of like the kid in your grade school class whose parents dropped him when he was a baby, all grown up. Pleasant and friendly, but not one you would want to give any kind of responsibility to.
that’s my boy Joe...the kiss of death in an election.......”raise taxes now Joe” The Mondale key to success
Do we really have to sit down with these clowns and explain what a Constitutional Republic is? Do we really have to explain that the idea of the Declaration of Independence, the Revolution and the ratification of the Constitution of the Unites States was in response to oppressive government and taxation?
I disagree. He IS that much of an idiot.
No, not a flat tax. The Politician tax has to be a progressive tax. Orally progressive - the more the politician has his/her mouth open, the higher the tax.
“I’d love to see a politician tax. All politicians should have a tax rate of 75%.”
Or losers executed, and the winners executed at the end of their term in office. It would thin the herd and shrink the lobby racket.
Just a joke, for the Stasi types out there. You know who you are.
I would far prefer Biden as president. Is it possible for anyone to be worse than Obama?
How about a “windfall profits tax” on Hollywood movie ticket sales around the globe?
Dork.
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