Good day all. The Republicans are working on a major overhaul of the United States tax code. This is, of course, a very complicated issue, and we have seen news reports of some real boneheaded things that have been included. However, there are some things to like, unless you’re in Europe.
President Trump, during and after the campaign last year said he wanted to overhaul the tax code. He set Congress to the task, (President Trump is not a micromanager unless he has to be), and the Congress began moving forward. The GOP(e) in the house came up with a plan and passed it, with much whining and complaining from the Communists Democrats. The Senate GOP(e) came up with their own plan, and as expected, managed to shoot themselves in the foot several times. (McConnell is a moron)
The Democrats generally hate both plans since it doesn’t give them what they want. 100 percent confiscation of all money of anyone who isn’t a member of the Democrat Progressive Elite, open borders and absolute totalitarian rule by the government over all aspects of American life.
Finally, another group not loving the plans coming together are the Europeans. They are complaining that any changes in the tax code that benefits America is a violation of several treaties. Here are some of the details from… CNN?
Germany, France, Britain, Spain and Italy have written to Treasury Sec. Steven Mnuchin, arguing that tax bills passed by the House and Senate run afoul of treaties and could distort international trade.
“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,” the letter states. It was signed by the countries’ finance ministers.
How amusing! The Europeans seem to think that they actually have any say over how the United States handles our domestic affairs. I wonder what they see is the problem with the proposed changes Congress is working on.
The letter argues that proposed changes to the U.S. tax code could give American companies an advantage over foreign rivals.
The ministers objected specifically to a new 20% tax on payments from U.S.-based multinationals to their foreign affiliates, saying the measure in the House bill could “discriminate in a manner that would be at odds with international rules.”
They said the provision could also tax the profits of foreign businesses that do not have a permanent base in the U.S.
Wait. Are you saying that right now, if a foreign based company does business in the United States, they don’t pay taxes on money made in the United States? I seem to recall a number of investigations in Europe of American companies allegedly not paying taxes owed in Europe. So, the European governments are not happy that we’re also going to start collecting taxes on foreign based companies, just like they do? (I may be misunderstanding, so feel free to make comments below. A/W)
A second measure also drew objections. It would subject cross-border transfers within banks and finance companies to a 10% tax. “These two … present [World Trade Organization] problems, said Rebecca Kysar, a professor at Fordham University. She said the measures could be considered to be discriminatory.
I think Ms. Kysar may want to consider that the United States has generally been screwed, blued and tattooed when it comes to the WTO. Most Americans don’t know of it’s existence, and anyone who really looks into it, generally doesn’t like what they see.
The finance ministers said they opposed another measure in the Senate bill that could benefit American companies by subsidizing their exports. Kysar said the more income a U.S. company makes from exports, the greater the share of its income will be taxed at 12.5% instead of the general corporate rate of 20%.
And this is different from how the European governments basically hand cash to companies to allow them to underbid American companies? Please elaborate Ms. Kyser, if you can. What I see here is not a subsidy, it’s just providing incentives to American companies to sell as much product as they can. Oh wait, free enterprise. I suspect you aren’t all that great a fan of it.
The letter comes at a crucial stage in the legislative process.
And was circular filed no doubt.
The House and Senate have passed competing versions of the tax bill. Their task now is to reconcile major differences between the two measures.
The Senate version has some really bad ideas in it. The House version also has some issues, since it has Paul Rino’s fingerprints all over it. Neither side has any real clue on what needs to be done, only that the Establishment Uniparty members must protect their benefactors in the Chamber of Commerce. Still, it is a start, and anything that the Europeans don’t like is probably a good idea. We shall see of course what these morons come up with. Hopefully it won’t be so bad that President Trump is forced to shove it up their collective asses veto it.
Thatisall
~The Angry Webmaster~
[yasr_visitor_votes size=”large”]
The Lying Weasels in the senate have no authority to propose a tax bill.
From the Constitution.
Thus only the Thieving Varmints of the House can do so.
That section was voided by Chief Justice John Roberts when he ok’d Obamacare’s mandate. :<