Posted on 12/11/2017 9:31:33 PM PST by Olog-hai
The European Union’s top five economies are warning the United States that its massive tax overhaul could violate some of its international obligations and risks having “a major distortive impact” on trade.
In a letter to U.S. Secretary of the Treasury Steven Mnuchin, the finance ministers of Germany, France, Britain, Italy and Spain wrote they had “significant concerns” about three tax initiatives in particular.
In the letter, seen by The Associated Press, the five wrote that “it is important that the U.S. government’s rights over domestic tax policy be exercised in a way that adheres with international obligations to which it has signed up.”
EU nations have been warily eyeing President Trump’s domestic tax proposals as they made their way through congress and have long expressed fears they might hurt world trade and EU companies in particular.
”The inclusion of certain less conventional international tax provisions could contravene the U.S.’s double taxation treaties and may risk having a major distortive impact on international trade,” the five wrote.
They specifically targeted the so-called Base Erosion and Anti-abuse Tax (or BEAT) Senate bill. This measure aims to combat what is called base erosion and profit shifting, the practice by some multinationals to avoid tax by exploiting mismatches in countries’ tax rules to artificially report their profits in countries with low or no taxes. …
(Excerpt) Read more at hosted.ap.org ...
Screw you EU! Many of your policies have a negative effect on the entire world. You still do them. It is our tax system and we will do what is best for our Country and our people.
How about “No”. “Nein”. “Non”. “Nej.” “Nee”.
Translation: America owes us the welfare we get from the trade imbalances......America First is racist misogyny (treating the little girls that are the EU with disrespect)...everyone knows it’s “EU First and America last”...
They are afraid of seeing trillions of dollars repatriated back home.
What’s Russia going to do? cry and whine, cut off trade? invade? collude more with Hillary in the next election?
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