Category: Taxation

Can Social Security Be Saved?

Yes it can….but not under the system we have now.

For instance you pay your social security on every dime you earn…..but not so for the wealthy….

Most Americans contribute to Social Security year-round, but U.S. millionaires will stop paying into the critical program on March 2—just over two months into 2024.

That’s because Social Security’s payroll tax doesn’t apply to earned income above a certain level. For 2024, the cut-off is $168,600, and capital gains—such as stock appreciation—are not subject to the payroll levy at all. Elon Musk, the CEO of Tesla and the world’s richest man, pays nothing into Social Security because he doesn’t take a salary.

Emma Curchin, domestic outreach and research assistant at the Center for Economic and Policy Research (CEPR), noted Thursday that with the $168,600 payroll tax cap in place, a millionaire’s effective Social Security tax rate “is less than 1%.”

“This is compared to the 6.2% that any worker making less than $168,600 pays,” Curchin wrote. “The burden of paying for Social Security rests on working class people in this country.”

https://www.commondreams.org/news/millionaires-social-security

So yes the benefit can be saved….just let those that pretend to care about the Middle Class work on a bill where everybody pays the same.

Can Social Security be saved?

Not if the dullards elect Trump in November….

The Republican Study Committee, which claims 175 of the House’s 219 Republican members of Congress, released their annual budget proposals last summer, and, sure to form, they also called for the setup of draconian cuts to Social Security.

Weirdly, the title of the section of their budget that cuts Social Security is titled Preventing Biden’s Cuts to Social Security. If you’re baffled by that because Biden has never called for cuts to Social Security, you live in the reality-based world.

In other words: “the system is going broke and we’re going to gut it, but not for the older voters the GOP needs: we’ll just stick Millennials, Gen Z, and Gen X with the pain.”

Having been sponsored by billionaires and bankers who’ve been lusting for decades over the trillions in cash in the Social Security trust fund, it makes perfect sense that it would also contain explicit threats to Social Security.

https://www.alternet.org/social-security-trump/

This is for all the old farts that will undoubtedly vote for Trump….if you like your retirement and your Social Security then pl;ease look elsewhere to place your vote for you will be eternally sorry if you choose wrongly.

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“lego ergo scribo”

Peanuts For The Peasants

A pathetic tax deal.

Last week the miracle of miracles took place….in the House there was an amazing come together moment on a tax deal….bipartisanship at long last.

The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for businesses, a combination that gives lawmakers on both stripes coveted policy wins, the AP reports. Prospects for the measure becoming law are uncertain with the Senate still having to take it up, but for a House that has struggled to get bills of consequence over the finish line, the tax legislation could represent a rare breakthrough. The bill passed by a vote of 357-70.

Speaker Mike Johnson, R-La., threw his support behind the bill on Wednesday morning. He spent part of the previous day meeting with GOP lawmakers who were concerned about particular features of the bill, namely the expanded child tax credit. Some were also unhappy that it failed to address the $10,000 cap on the total amount of property taxes or state or local taxes that consumers can deduct on their federal returns. Raising the cap is a top priority of lawmakers from the Republican members of the New York congressional delegation, whose victories in 2022 helped the GOP take the majority. Johnson committed to moving a bill that addresses the cap, but there is no bill text yet and legislation would have to move through the House Rules Committee, which leaves the timing very much in flux.

Democrats focused on boosting the child tax credit. The tax credit is $2,000 per child, but not all of that is refundable. The bill would incrementally raise the amount of the credit available as a refund, increasing it to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. The bill also adjusts the topline credit amount to temporarily grow at the rate of inflation. Households benefitting as a result of the changes in the child tax credit would see an average tax cut of $680 in the first year, according to estimates from the nonpartisan Tax Policy Center. “What’s in front of us tonight is pretty simple,” said Rep. Richard Neal, D-Mass. “Sixteen million children will benefit from the improvement to the child tax credit. That’s a fact.”

As usual the Dems caved to the GOP.

This bill saves the people peanuts while giving business all the benefits…..this is the pathetic Dems looking for some small win they can take on the campaign trail.

U.S. Rep. Rashida Tlaib is calling on her fellow Democrats to “stay at the table and demand a better deal for our children” instead of supporting the Tax Relief for American Families and Workers Act, a bill that pairs a partial expansion of the child tax credit with major tax breaks for corporations and the wealthy, which was expected to reach the House floor for a vote Wednesday evening.

Tlaib (D-Mich.) echoed the concerns of Rep. Rosa DeLauro (D-Conn.), a longtime champion of an expanded child tax credit (CTC), saying Democrats and Republicans have negotiated a bill that “gives billions of dollars in tax breaks to the rich, while leaving behind millions of children living in poverty.”

https://www.commondreams.org/news/tlaib-ctc

The only thing that can squash this piece of manure is the Senate….are they going to be as pathetic as the House Dems?

Special interests should be working overtime and spending like a drunken sailor to get this passed in the Senate.

The typical bi-partisan deal……peons get little…..corporations get it all.

We will see.

I Read, I Write, You Know

“lego ergo scribo”

Closing Thought–09Jan24

Do you pay your taxes?

Of course you…..but there are some that get a free ride on their taxes…..

An analysis released Wednesday shows that in 2022, the wealthiest people in the United States collectively held a “staggering” $8.5 trillion in wealth that is not—and might never be—subject to taxation.

Examining recently released data Federal Reserve data for 2022, Americans for Tax Fairness (ATF) found that the roughly 64,000 U.S. households with at least $100 million in wealth—less than 0.05% of the population—controlled more than one in every six dollars of the country’s “unrealized gains,” profits that aren’t taxable until the underlying asset, such as a stock position, is sold.

“But the ultra-wealthy don’t need to sell to benefit: They can live off low-cost loans secured against their growing fortunes. And once inherited, such gains disappear completely for tax purposes,” ATF’s Zachary Tashman and William Rice explained in the new analysis. “While most Americans predominantly live off the income they earn from a job—income that is taxed all year, every year—the very richest households live lavishly off capital gains that may never be taxed.”

That small, ultra-rich fraction of U.S. society is sitting on more unrealized capital gains than the bottom 84% of the country—roughly 110 million households—combined, Tashman and Rice noted.

Most of the typical U.S. household’s unrealized capital gains are in the form of their homes, which face state and local property taxes. But 93% of the unrealized gains of America’s wealthiest are tied up in businesses, stock portfolios, and mutual funds, ATF found. As a result, mega-rich individuals such as Tesla CEO Elon Musk—the wealthiest man on the planet—wind up paying little to nothing in federal income taxes.

https://www.commondreams.org/news/rich-untaxed-wealth

This country has a debt of $34 trillion….

In September, the United States broke its national debt record, reaching $33 trillion. Now, just three months later, a new record has been set. CNN Business notes that, per year-end figures released by the Treasury Department last month, our government’s debt shot up to $34.001 trillion on Dec. 29, which Maya MacGuineas, head of the watchdog group Committee for a Responsible Federal Budget, calls “a truly depressing ‘achievement.'” She adds in a Tuesday statement: “Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing.”

Here is a couple ideas…..stop funding every goddam war on the planet…..tax the bastards that are escaping their debt to the country and find and return all the offshore cash these rich bastards have squirreled away.

So yeah I am all for a ‘billionaire tax’.

I Read, I Write, You Know

“lego ergo scribo”

The Rent Is Too Damn High

Land Value Tax

An idea that is coming of age?

About 15 years ago here on IST, I wrote about the idea of Land Value taxation…..not much of an interest in those dark days…..but I still thought it was an excellent idea then as I do now.

But let my post explain what LVT is all about….

Land Value Taxation–An Answer To The Problem

Then there was this post as well….

Ever Hear Of Land Value Taxation?

Rent in my area is out of sight…..a one bedroom apartment can go for as much as $900….a friend of mine lives in a pretty good area and rents his 3 bedroom house for $1000 a month his land lord just dropped a bomb in his lap….his rent next month will go up to $1400 a month….like I said a nice area but not that damn nice.

Is their a cure for these astronomical rising rents?

Why yes there is.

Cities and towns across America are dealing with either an abundance of underused land or a shortage of housing — or both.

Economists and policymakers are increasingly promoting a relatively simple policy that could go a long way to addressing both of these crises, simultaneously bringing housing costs down in the most expensive places and boosting investments in struggling communities.

It all started in 1879 when the American political economist Henry George published a bestselling book: “Progress and Poverty.” The opus, decrying industrial capitalism and the oppression of the working class, made George a popular hero and, eventually, spawned a whole school of thought called Georgism.

The ideology is centered on the idea that natural resources should be shared by everybody, rather than monopolized by the wealthy elite. Fast-forward nearly 150 years, and a Georgist proposal — land-value taxation — is being promoted by urbanists and pro-development advocates as a solution to the housing affordability crisis and much more.

The idea is to tax landowners annually based on the value of their land and reduce or eliminate taxes on any developments made to it, such as apartments, office buildings, or retails stores.

The principle is: “tax what you take out of the natural world, not what you make,” said Stephen Hoskins, research director at Resource Justice and a self-described Georgist.

https://www.businessinsider.com/real-estate-costs-lower-rents-housing-prices-land-value-tax-2023-11

Yes it is a great idea and people like me have been writing that for well over 50 years.  It was a great idea in 1879 and it is an even greater idea today.

I you want answers to the problem of constantly rising rent then LVT is that answer and possibly an answer to other problems as well.

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I Read, I W rite, You KNow

“lego ergo scribo”

 

Second Amendment Week

Here in Mississippi we have a special tax free week for the buying of guns and ammo…..and we are in the middle of that tax free week.

A sales tax holiday is an annual event during which the Mississippi Department of Revenue allows certain items to be purchased sales-tax-free at any participating retailer within the state.

Mississippi allows you to purchase the following items tax-free during their annual sales tax holidays: $100 worth of clothing and footwear in July; all firearms, ammunition, archery, and certain hunting supplies in September.  (we got started early this year)

The September firearms and hunting supplies sales tax holiday is officially called the Mississippi Second Amendment Weekend (MSAW).

This is not something new….Mississippi has had an annual “Second Amendment” sales tax holiday since 2014. This tax holiday is meant to encourage participation in the upcoming hunting season, and enables sportsmen to purchase guns, ammunition, and other hunting supplies tax-free. 

There you go an incentive for people to buy more guns and ammo….just what this state needs….more idiots packing heat in a time when we have a major problem with gun violence….it all seems so logical (sarcasm)….

I do not know if other states have this benefit for gun lovers….I just know that my state does not need an incentive to sell more guns.

But what can I expect from a deep Red State where logic is a dirty word.

I Read, I Write, You Know

“lego ergo scribo”

Fair Tax Act Of 2023

This post is for all who have no idea what the ‘Act’ is all about….those that spend all their time on TicTac or Twatter….or are more concerned with what new song some skinny blonde porks out or what celeb was wearing a sheer dress….the Act will effect all of us mere mortals and you should be aware before you start some dialog with little knowledge.

First of all….what is the Fair Tax Act of 2023?

This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions.

Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines.

The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury.

Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund.

No funding is authorized for the operations of the Internal Revenue Service after FY2027.

Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.

https://www.congress.gov/bill/118th-congress/house-bill/25

Now a break down how this act would work and effect you…..

Imagine this: Instead of paying federal taxes to the IRS, you pay them to your local cafe every time you buy a latte or to your supermarket when you make a grocery run — or to countless other businesses when you make purchases.

That’s a future proponents of the Fair Tax Act would like to see. The idea of implementing a national sales tax in lieu of our current federal tax apparatus is once again gaining steam after Rep. Buddy Carter (R. Ga.) introduced the bill to the House of Representatives earlier this month, and House Speaker Kevin McCarthy has agreed to bring the bill to a vote.

“This bill will eliminate the need for the [IRS] entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carter said in an announcement.

The Fair Tax Act is unlikely to become law due to opposition from Democrats, and President Joe Biden has already said that he will veto the bill if it does manage to pass both the House and the Senate.

Still, the proposal has many wondering what a national sales tax or “fair tax” would look like.

https://money.com/fair-tax-act-national-sales-tax/

I love it when we are told that it is for us that this type of screwing is pointed to….but in reality it is aimed for the rich to pay less taxes than they pay now (and some pay no tax at all)

DO NOT BUY the hype…none of this is for you.

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I Read, I Write, You Know

“lego ergo scribo”

Are House Republicans Idiots?

My first thought is ….yes….but then I have never trusted the GOP.

But I guess I need to quantify my answer.

It appears that the House GOP has zeroed in on the deficit (something they do every time they are in control but never succeed) and in this era they are at it again.

Their answer to the deficit is to close down the IRS and eliminate the income tax….

Republicans in the House of Representatives will vote on a bill that would abolish the Internal Revenue Service (IRS), eliminate the national income tax and replace it with a national consumption tax.

Fox News Digital has learned that the House will be voting on Georgia Republican Rep. Buddy Carter’s reintroduced Fair Tax Act that aims to reel in the IRS and remove the national income tax, as well as other taxes, and replace them with a single consumption tax.

The vote on the bill was made as part of the deal between House Speaker Kevin McCarthy, R-Calif., and members of the House Freedom Caucus and was pushed forward in his quest for the gavel last week.

“Cosponsoring this Georgia-made legislation was my first act as a Member of Congress and is, fittingly, the first bill I am introducing in the 118th Congress,” Carter said in a press release exclusively obtained by Fox News Digital.

“Instead of adding 87,000 new agents to weaponize the IRS against small business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” Carter continued.

“Armed, unelected bureaucrats should not have more power over your paycheck than you do,” he added.

“As a former small business owner, I understand the unnecessary burden our failing income tax system has on Americans,” said Rep. Jeff Duncan, R-S.C., in a statement. “The Fair Tax Act eliminates the tax code, replaces the income tax with a sales tax, and abolishes the abusive Internal Revenue Service. If enacted, this will invigorate the American taxpayer and help more Americans achieve the American Dream.”

https://www.foxnews.com/politics/house-republicans-vote-bill-abolishing-irs-eliminating-income-tax

This is not going to work…..the wealthy still get off scott free on taxes…..

I have a few suggestions to fight our deficit…..

1–Reduce defense budget by 1/3

2–Reduce foreign aid by 1/3

3–Design a tax structure that includes all people including corporate income

4–A fee on stock trades over $1 million.

5–A real program that would find and return hidden assets in offshore accounts.

One finally question for Republican voters….

When will Republican voters figure out how badly they’re getting screwed by Republican politicians?

When will Republican voters figure out how badly they’re getting screwed by Republican politicians?

https://www.rawstory.com/gop-voters-2659070034/

Good question that deserves an immediate answer.

House Republicans are set to vote on the Fair Tax Act introduced by Rep. Earl L. “Buddy” Carter (R-GA) which seeks to eliminate all personal and corporate income taxes, the death tax, gift taxes, and the payroll tax while also eliminating the need for the Internal Revenue Service, according to a release.

What Happened: First introduced toCongress in 1999 by former Georgia Congressman John Linder, the Fair Tax would repeal the current tax code and replace it with a single national consumption tax that “is pro-growth and allows Americans to keep every cent of their hard-earned money.”

“Instead of adding 87,000 new agents to weaponize the IRS against small business owners and middle America, this bill will eliminate the need for the department entirely by simplifying the tax code with provisions that work for the American people and encourage growth and innovation,” said Carter. “Armed, unelected bureaucrats should not have more power over your paycheck than you do.”

The Deal: According to Fox News, which first reported the story, the vote on the bill was made as part of the deal between House Speaker Kevin McCarthy (R-Calif.), and members of the House Freedom Caucus and was pushed forward in his quest for the position last week.

“As a former small business owner, I understand the unnecessary burden our failing income tax system has on Americans. The Fair Tax Act eliminates the tax code, replaces the income tax with a sales tax, and abolishes the abusive Internal Revenue Service. If enacted, this will invigorate the American taxpayer and help more Americans achieve the American Dream,” said Rep. Jeffrom their mouths is pure horse manuref Duncan, also one of the original co-sponsors of the bill.

Almost every word coming from their mouths is pure horse manure…..and yet there will be cheers for their forward thinking (that is sarcasm in case you missed it)

I Read, I Write, You Know

“lego ergo scribo”

Fighting Inflation….A Typical Solution

We all are suffering the ravages of inflation….well most of us mere peasants that is….Most of us need some help….with that said the IRS has stepped up to help out….

The Internal Revenue Service on Tuesday announced the adjustments that will be in effect for 2023 tax rates in response to soaring inflation, meaning some taxpayers could see a lower tax bill. As the New York Times reports, typically when tax rates are adjusted for inflation, the adjustments are “incremental.” Not so this year. All seven income brackets will be adjusted, with the largest shift seen at the highest level of earnings. The top income tax rate, 37%, will apply to those who earn $578,125 ($693,750 for married couples filing jointly), a big increase from this year’s threshold of $539,900 for individuals. Those who no longer meet the cutoff for the highest rate will be taxed at the next level down, 35%, and so it goes down the line to the lowest tax rate, 10%. (For details on each level see Kiplinger.)

Axios explains why this happens: “The IRS adjusts tax brackets every year to ward off ‘bracket creep’—when your salary rises to keep up with inflation, propelling you into a higher tax bracket.” For example, someone earning $34,000 per year, if being taxed at the 1980 level, would be taxed at a 49% rate. But, per the Times, those whose salaries have been adjusted to match rising inflation (which is not the case for many in the US) won’t benefit from the adjusted tax rates. The inflation adjustments were not carried out prior to 1985. In addition, in 2023 the standard deduction will increase $900 from this year to $13,850 for individuals; for couples, it will go up $1,800, to $27,700. Other adjustments include benefits for tax-free public transit and parking costs, the worth of the earned-income tax credit, and estate tax changes.

Please stop helping us out.

Just once I would like to see a corporation pay some taxes….I know I know they are the highest taxed in the world (well that is the lie we are fed to make giving them hand-outs look magnanimous)….

If I pay 35% on my income so should the corporations….it is that simple.

I Read, I Write, You Know

“lego ergo scribo”

Defense Firms Whine

The purveyors of destruction are whining about the possibility they will be paying their taxes….

Defense companies are warning investors they could owe billions of dollars in additional taxes this April unless Congress repeals or defers a law that would tax research and development expenses.

Some say it will discourage American companies from making research-and-development investments at a time when the U.S. is increasingly competing with China both militarily and commercially.

“We firmly believe, and everybody we talk to in Washington understands, it is bad public policy,” Raytheon Technologies CEO Greg Hayes said Wednesday at a Barclays investment conference. “It discourages investment in innovation.”

Companies have been able to write off R&D expenses since 1954, but the 2017 Tax Cuts and Jobs Act requires companies to begin claiming R&D expenses on their taxes. The annual claims must be spread over a five-year period beginning in 2021. 

“The requirement for companies to capitalize and amortize R&D expenses amounts to a significant tax increase, which will negatively impact innovation,” the National Defense Industrial Association, a trade group that represents more than 1,500 large and small firms, said in a recent assessment of the defense industry.

https://www.nextgov.com/cio-briefing/2022/02/defense-firms-brace-billions-dollars-new-taxes-and-hope-congressional-relief/362494/

Seriously?

Since 9/11 the defense industry has generated $7.35 trillion in revenue.

Gone are the days when most of the defense budget was spent directly on soldiers. Since 9/11, war has become “modernized” — which means it’s fought with extremely expensive weapons bought from highly profitable private-sector companies.

Then there are those attractive packages for the industry’s CEOs…..

A Project On Government Oversight analysis of executive compensation at the top five Pentagon contractors – Lockheed Martin, Boeing, General Dynamics, Northrop Grumman, and Raytheon – found that the average compensation package of a CEO at one of these firms was approximately $21.5 million last year, according to the firms’ Securities and Exchange Commission filings. Total compensation is the sum of base salary, bonuses, stock awards, option awards, incentive compensation, deferred compensation (including changes in pension value), and all other compensation.

Sorry for the wandering diatribe but my point is that the taxpayer is basically subsidizing these packages…..

A Project On Government Oversight analysis of executive compensation at the top five Pentagon contractors – Lockheed Martin, Boeing, General Dynamics, Northrop Grumman, and Raytheon – found that the average compensation package of a CEO at one of these firms was approximately $21.5 million last year, according to the firms’ Securities and Exchange Commission filings. Total compensation is the sum of base salary, bonuses, stock awards, option awards, incentive compensation, deferred compensation (including changes in pension value), and all other compensation.

Publicly held U.S. corporations, ranked by DoD contracts CEO pay, 2020 Pentagon contracts, 2020
LOCKHEED MARTIN $23,360,369 $75,212,351,608
RAYTHEON TECHNOLOGIES $19,407,572 $27,405,894,269
GENERAL DYNAMICS $19,328,499 $21,842,409,577
BOEING $21,074,052 $21,737,405,195
NORTHROP GRUMMAN $20,807,144 $12,334,259,578
HUNTINGTON INGALLS INDUSTRIES $6,440,417 $7,786,450,023
HUMANA $16,489,639 $6,922,421,962
L3HARRIS TECHNOLOGIES $15,452,653 $6,165,347,736
GENERAL ELECTRIC $73,192,032 $4,408,978,372
LEIDOS HOLDINGS $12,319,624 $3,127,617,234
CENTENE $24,956,777 $3,108,731,869
MCKESSON $15,435,470 $2,847,873,788
OSHKOSH $8,106,122 $2,497,907,347
SAIC $6,936,702 $2,379,197,494
FLUOR $11,236,632 $2,320,386,199
BOOZ ALLEN HAMILTON $8,095,433 $2,308,782,906
AMERISOURCEBERGEN $14,295,140 $2,143,834,610
AECOM $9,320,888 $1,971,579,509
TEXTRON $17,770,781 $1,964,808,269
KBR $9,864,381 $1,963,741,418
TOTAL $353,890,327 $210,449,978,961
AVERAGE

My point is if they can find the cash to pay these CEOs millions then they can find the  cash to pay their damn taxes….I have to then they should also.

CEO pay is obscene…..Taxpayers should not have to subsidize sky-high compensation levels for military contractor CEOs that perpetuate the profit motive for war.

When will enough be enough?

I Read, I Write, You Know

“lego ergo scribo”

That Global Minimum Tax

Biden’s Sec Treasury recently proposed a policy that I can get on-board with (there are some few that I can support)…….

https://lobotero.com/2021/06/09/global-minimum-corporate-tax/
Now it appears that more and more countries are signing on to this policy…..
Some 130 countries have backed a global minimum tax as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to countries with low rates. The agreement announced Thursday by the Organization for Economic Cooperation and Development also provides for taxing the largest global companies in countries where they earn profits through online businesses but may have no physical presence. The agreement followed a proposal from President Biden for at least a 15% rate, an initiative that propelled the talks toward meeting a deadline for a deal by the middle of this year. The deal now will be discussed by the Group of 20 countries at meetings later this year, the AP reports, in hopes of finishing the details in October and implementing the agreement in 2023.
 
Under the deal, countries could tax their companies’ foreign earnings if they go untaxed through subsidiaries in other countries. That would remove the incentive to use accounting and legal schemes to shift profits to low-rate countries, since the profits would be taxed at home anyway. Not all of the 139 countries that joined the talks signed on to the deal. The proposal to tax countries where they have sales but no physical presence, which would require countries to sign up for a multilateral convention, excluded extractive companies such as oil and mining and regulated banks. The deal now faces more technical work and review by the Group of 20 countries. In the US, Biden has proposed a 21% minimum rate on overseas earnings of big US companies to deter them from shifting profits to tax havens. Biden’s US tax would need to be approved by Congress.
Like I said….I believe this is a much needed tax policy….
 
We will see just how effective it truly is or is this just a tactic to quell some larger issues.
 
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“lego ergo scribo”