multinationals shifting profit to lower-taxing countries cost the nation's Treasury $11 billion in lost tax earnings in 2020.

[danieldemol]

'
A new global report suggests Australians hold more than $370 billion in known foreign tax havens and that multinationals shifting profit to lower-taxing countries cost the nation's Treasury $11 billion in lost tax earnings in 2020.

Key points:​

• A report suggests multinational profit-shifting deprived Australia of $11 billion in tax in 2020
• More than $370 billion is held by Australians in 'tax haven' countries
• Tax evasion is falling, but global billionaires have an effective tax rate of 0-0.5 per cent of their wealth'

Source: The cash to fix the climate crisis and cost-of-living pressures is there if tax evasion is stopped

From the look of the recommendation in the report it seems like a good idea to support an intergovernmental taxation panel to force those who are benefiting the most from society to pay their fair share back to it.

Thoughts?

 

[wellwisher]

Instead of any government using force to cheat in the free market, the Government needs to learn to compete for that extra tax revenue, with lower taxes and less bureaucratic red tape that adds to corporate expenses.

That was Trump's solution and he added tax revenue to the coffers, with a tax cut. The borrowing and spending was the source of the growing deficit, not less tax revenue. The reason you get more revenue is that the Government earns about -10% rate of return while the free market get +3%. If you give to the smart people, there is more GNP and tax revenue. The analogy is the husband/wife gets a raise and then wife/husband buys new furniture that cost more than the raise. The latter are our stupid leaders.

The incompetent people in government, have created a huge national debt, with a negative rate of return of about -10%. They should not be telling business, who need to show profit, how so do the job the government does not know how do. Stupid people with power cannot help smart people when it comes to the needs of the free market competition. Maybe we need a competency test for our leaders in economics.

 

[Revoltingest]

Thoughts?

Economic liberty, ie, the ability to move one's
business & money, results in competition.
This is good. It tells countries when they're
fleecing companies a wee bit too much.
Better taxation policy is needed.

 

[danieldemol]

Economic liberty, ie, the ability to move one's
business & money, results in competition.
This is good. It tells countries when they're
fleecing companies a wee bit too much.
Better taxation policy is needed.

So you think a tax rate of more than 0.5% is "too much"?

Personally I think those who benefit the most from society should be paying at least equal a percentage as what the poor have to pay.

In fact I think paying a higher percentage is closer to justice and besides the revenue is needed to address issues such as climate change .

 

[Revoltingest]

So you think a tax rate of more than 0.5% is "too much"?

I've not commented on what tax rate(s) should be.
Taxation policy is far too complex to be distilled
to a dimensionless number. And this is especially
so when dealing with double taxation of corporations.

Personally I think those who benefit the most from society should be paying at least equal a percentage as what the poor have to pay.

A greater percentage.

In fact I think paying a higher percentage is closer to justice and besides the revenue is needed to address issues such as climate change .

I addressed a different issue in my post.

 

[danieldemol]

I've not commented on what tax rate(s) should be.
Taxation policy is far too complex to be distilled
to a dimensionless number.

Its 11billion in Australia so not sure why you describe it as dimensionless

A greater percentage.

Agreed.

I addressed a different issue in my post.

I see that as a deficiency of your post, not a blessing. Basically in my opinion the climate issue needs addressing, the billionaires have the money to address the issue but have not done as much as they need to, so its time for governments to step in.

 

[Revoltingest]

Its 11billion in Australia so not sure why you describe it as dimensionless

I responded to your "0.5%".
No specification what it's a percentage of, eg, what kind of net income.

I see that as a deficiency of your post, not a blessing.

One can't address everything another
poster might want in a single post.

Basically in my opinion the climate issue needs addressing, the billionaires have the money to address the issue but have not done as much as they need to, so its time for governments to step in.

OK.

 

[JIMMY12345]

'
A new global report suggests Australians hold more than $370 billion in known foreign tax havens and that multinationals shifting profit to lower-taxing countries cost the nation's Treasury $11 billion in lost tax earnings in 2020.

Key points:​

• A report suggests multinational profit-shifting deprived Australia of $11 billion in tax in 2020
• More than $370 billion is held by Australians in 'tax haven' countries
• Tax evasion is falling, but global billionaires have an effective tax rate of 0-0.5 per cent of their wealth'

Source: The cash to fix the climate crisis and cost-of-living pressures is there if tax evasion is stopped

From the look of the recommendation in the report it seems like a good idea to support an intergovernmental taxation panel to force those who are benefiting the most from society to pay their fair share back to it.

Thoughts?

Trumps ambitions and aims are laudable.Keep manufacturing in USA.The reality is companies need to pay manufacturing workers in USA say 30-50 k in dollars.Lots of East European countries and other will do it for one third or less.

I expect Trump to be voted in .However There is no way given simple economics that he or any politician can prevent USA manufacturing jobs from evaporating eg Harley Davidson.They may promise but they know its just a electoral ploy.

 

[danieldemol]

Trumps ambitions and aims are laudable.Keep manufacturing in USA.The reality is companies need to pay manufacturing workers in USA say 30-50 k in dollars.Lots of East European countries and other will do it for one third or less.

I expect Trump to be voted in .However There is no way given simple economics that he or any politician can prevent USA manufacturing jobs from evaporating eg Harley Davidson.They may promise but they know its just a electoral ploy.

You are reducing all of Trump's ambitions and aims to one of them in spite of the in my view fact that a number of them (such as the ambition to overturn democracy and mistreat women and LGBT folk) are horrendous in my view.

Besides, multinationals and billionaires wouldn't be able to hide money overseas if the people of those overseas countries conspired with our people to devise an international intergovernmental panel to force them to pay their fair share back to us - the people in my opinion.

What does it benefit the people of those other countries if billionaires don't pay taxes in those countries either? Very little in my opinion.

So you can vote all of Trump's horrendous policies in because you admire only one of them which you consider unattainable anyway if you want to, but if I were a US citizen I sure would not be joining you in that.