4 ms·

It’s a start. Yes, it seems insufficient in so many ways, but it is a huge step in the right direction. Getting countries like Ireland, who are getting rich h

It’s a start. Yes, it seems insufficient in so many ways, but it is a huge step in the right direction. Getting countries like Ireland, who are getting rich helping big tech legally avoid taxes, to sign on was very difficult. I think Yellen deserves a lot of credit for this.

disgruntledphd2 3y ago
Can you point me to where the US ratifies this minimum tax? Note that Ireland has already implemented this, and I'd estimate the chance of it being made into US law as less than 10%.
- tyree731 3y ago
  IIRC it was part of the Inflation Reduction Act.
- mikeyouse 3y ago
  It already is law in the US - CAMT; > The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. https://www.irs.gov/newsroom/irs-clarifies-rules-for-new-corporate-alternative-minimum-tax# https://www.irs.gov/newsroom/irs-clarifies-rules-for-new-cor...
  - disgruntledphd2 3y ago
    Oh wow, I somehow missed that. I'm surprised, as generally these kinds of tax measures don't make it past the Senate. That's definitely good news.
RyanAdamas 3y ago
"Trickledown Taxation" is just as much a myth as Supply Side Economics.
- systemvoltage 3y ago
  It’s crazy that so many people are duped by a political slogan 40 years old and still going strong. SSE has both pros and cons. It’s far more nuanced than that.
exabrial 3y ago
"It's a start" = a broken implementation that never gets fixed. It's not a start. it's worse than a start.
- Supermancho 3y ago
  > "It's a start" = a broken implementation that never gets fixed. This is not helpful, except to those that benefit from a lack of controls. Pursuing the perfect law is ridiculous, conceptually. The history of the US has been predicated on eventual alignment with populist goals. Some Americans have heard of "the amendments" to a specific document, to this aim.
hellojesus 3y ago
I hope she dies for this. Countries should compete, not collude to steal all the property from their citizens.

disgruntledphd2 3y ago

Can you point me to where the US ratifies this minimum tax? Note that Ireland has already implemented this, and I'd estimate the chance of it being made into US law as less than 10%.

tyree731 3y ago
IIRC it was part of the Inflation Reduction Act.
mikeyouse 3y ago
It already is law in the US - CAMT; > The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. https://www.irs.gov/newsroom/irs-clarifies-rules-for-new-corporate-alternative-minimum-tax# https://www.irs.gov/newsroom/irs-clarifies-rules-for-new-cor...
- disgruntledphd2 3y ago
  Oh wow, I somehow missed that. I'm surprised, as generally these kinds of tax measures don't make it past the Senate. That's definitely good news.

RyanAdamas 3y ago

"Trickledown Taxation" is just as much a myth as Supply Side Economics.

systemvoltage 3y ago
It’s crazy that so many people are duped by a political slogan 40 years old and still going strong. SSE has both pros and cons. It’s far more nuanced than that.

exabrial 3y ago

"It's a start" = a broken implementation that never gets fixed. It's not a start. it's worse than a start.

Supermancho 3y ago
> "It's a start" = a broken implementation that never gets fixed. This is not helpful, except to those that benefit from a lack of controls. Pursuing the perfect law is ridiculous, conceptually. The history of the US has been predicated on eventual alignment with populist goals. Some Americans have heard of "the amendments" to a specific document, to this aim.

hellojesus 3y ago

I hope she dies for this. Countries should compete, not collude to steal all the property from their citizens.