“First, a corporation would pay that global minimum tax only on profits above a “routine” rate of return on the tangible assets — such as a factory — that it has overseas. So the more equipment a corporation has in other countries, the more tax-free income it can earn.”
“Second, the Senate bill sets the ‘routine’ return at 10 percent — far more generous than would typically be the case….As a result, a U.S. corporation that builds a $100 million plant in another country and makes a foreign profit of $20 million would pay roughly $1 million in tax versus $4 million on the same profits if earned in the United States … ”
“Finally, the minimum levy would be calculated on a global average rather than for individual countries where a corporation operates. So a U.S. multinational could lower its tax bill by shifting profits from U.S. locations to tax havens such as the Cayman Islands.”
Does the ending of the Individual Mandate mean that ACA is now in a death spiral?
John Roberts was heralded as the savior of Obamacare with his 2012 ruling that the penalty for not having insurance was a “tax”.
Were we all fooled by that? We now know that the ruling was what sunk the Mandate when tax cuts came on the table.
I think the Trump tax cuts will go the way of Obamacare. Any major legislation that is passed with ZERO bipartisan support is doomed when the political pendulum swings from extremes.
Who said that repeating things that do not work was the ultimate form of insanity?
I did some more calculations and married couple filing jointly with two children under 17 would have to make more than 59k to pay any net taxes after the child tax credit. That is only about 2k above the household median income for the US as a whole. While it may expire in 2026 recall the financial cliff of late 2012 when the bush tax cuts were going to expire for the same reason:https://en.wikipedia.org/wiki/United_States_fiscal_cliff (due to the reconciliation rules).
The Republican Tax Bill Will Send More Jobs Overseas
Kevin DrumDec. 18, 2017
http://www.motherjones.com/kevin-drum/2017/12/the-republican-tax-bill-will-send-more-jobs-overseas/#
“First, a corporation would pay that global minimum tax only on profits above a “routine” rate of return on the tangible assets — such as a factory — that it has overseas. So the more equipment a corporation has in other countries, the more tax-free income it can earn.”
“Second, the Senate bill sets the ‘routine’ return at 10 percent — far more generous than would typically be the case….As a result, a U.S. corporation that builds a $100 million plant in another country and makes a foreign profit of $20 million would pay roughly $1 million in tax versus $4 million on the same profits if earned in the United States … ”
“Finally, the minimum levy would be calculated on a global average rather than for individual countries where a corporation operates. So a U.S. multinational could lower its tax bill by shifting profits from U.S. locations to tax havens such as the Cayman Islands.”
Does the ending of the Individual Mandate mean that ACA is now in a death spiral?
John Roberts was heralded as the savior of Obamacare with his 2012 ruling that the penalty for not having insurance was a “tax”.
Were we all fooled by that? We now know that the ruling was what sunk the Mandate when tax cuts came on the table.
I think the Trump tax cuts will go the way of Obamacare. Any major legislation that is passed with ZERO bipartisan support is doomed when the political pendulum swings from extremes.
Who said that repeating things that do not work was the ultimate form of insanity?
Yawn . . .
I did some more calculations and married couple filing jointly with two children under 17 would have to make more than 59k to pay any net taxes after the child tax credit. That is only about 2k above the household median income for the US as a whole. While it may expire in 2026 recall the financial cliff of late 2012 when the bush tax cuts were going to expire for the same reason:https://en.wikipedia.org/wiki/United_States_fiscal_cliff (due to the reconciliation rules).
On another topic women now make up 50.7 % of the first year medical student enrollment :http://www.insidehighered.com/quicktakes/2017/12/19/women-are-majority-new-medical-students. Women up 3.2% men down .3%