The labor share of US national income has been declining for years, representing a worrying trend for workers and a contribution to rising income inequality. This is exacerbated by a worldwide trend of governments shifting relative
tax burdens away from corporations 2/10
U.S. corporate profits are at historic and comparative highs. The U.S. corporate sector is the most successful in the world: it hosts 37% of the Forbes 2000 companies by profit while the US accounts for 24% of world GDP. But corporate revenue has not seen a similar bonanza 3/10
International tax rules have facilitated this trend. More U.S. profits are housed in tiny tax havens than in the economies of China, India, Japan, France, Canada, and Germany combined. Bermuda, a country of 64,000 people, shows 10% of all reported U.S. MNEs foreign profit. 4/10
What's the plan to fix it?
1โฃ Raise corporation tax rate to 28% "In addition to raising revenue to fund urgent fiscal priorities, raising the CT rate would also help attenuate inequality. The corporate income tax is one of the most progressive taxes in our tax system" 5/10
2โฃ Introduce a global minimum tax of 21% on US MNEs foreign profits on a country by country basis
3โฃ Introduce anti profit shifting rule (SHIELD) at a rate of 21% UNTIL there is a new rate agreed upon in the multilateral agreement at the @OECDtax 6/9 home.treasury.gov/system/files/1โฆ
4โฃ Patent Box is not an effective way to encourage research and development (R&D) in the US. It does not incentivize new domestic investment in R&D -it merely provides large tax breaks to companies with excess profits who are already reaping the rewards of prior innovation..
7/10
so the US Patent Box (FDII) which provides a preferential 13% tax rate will be REPEALED. Instead, $180 billion direct investment in R&D as part of American Jobs Plan. 8/10
5โฃ A 15% minimum book tax will apply to all large businesses to guarantee at least a minimum level of contribution irrespective of tax allowances (stock options etc) No more companies paying 0 federal taxes, despite reporting billions of $ in profits 2 shareholders. Clever. 9/10
Additional revenue from these and other measures will be used to fund the American Jobs Plan, a comprehensive proposal worth 1% of GDP aimed at increasing investment in infrastructure, the production of clean energy, the care economy, and other priorities. 10/10
La stima per il gettito addizionale per gli ๐บ๐ธ dell'imposta minima globale sono $30 miliardi all'anno, parte di un pacchetto di $1600 miliardi di imposte addizionali sulle imprese previste nei prossimi dieci anni, grazia anche all'aumento dell'aliquota nominale dal 21 al 28%? 2/n
Una tassazione minima globale introdotta dall'Italia con un aliquota del 21% andrebbe a tassare i profitti delle multinazionali italiane registrati nei paradisi fiscali. Gettito addizionale stimato dalla nostra ricerca tra i โฌ7-8 miliardi all'anno. 3/n taxnotes.com/tax-notes-inteโฆ
#assegnounicouniversale o in base al reddito? Giustamente c'e' chi lamenta il fatto che non mettere limiti di reddito/ patrimonio per accedervi equivalga ad una riduzione delle imposte per il ceto alto PERO', c'e' un gran pero' ๐๐๐1/n
I benefici universali dimostrano solidarieta' tra ricchi e poveri, tra le famiglie con figli e senza figli e questo principio faceva parte dell'idea di welfare state di Beveridge, con diritti universali garantiti a tutti. 2/n
Per anni il Regno Unito ha avuto"child benefits" universali. Atkinson, massimo esperto di disuguaglianze era a favore di child benefits universali, uguali per tutti ma dove l'equita' nella distribuzione viene garantita da una tassazione molto progressiva. 3/n
What is the crux of the matter? The UN tax committee has recently voted a solution to tax automated digital businesses to be part of the United Nations Model Double Taxation Convention, which countries can use to negotiate double taxation treaties 2/n
It provides a simpler option to tax digital services (either through a withholding tax or formulary apportionment) and importantly an alternative to what currently being discussed at @OECDtax Inclusive Framework ft.com/content/c2a680โฆ 3/n