March 30, 2012

"Global Minimum Tax" Not What I Thought It Was, Or Implied It Was
— Ace

I was wondering why this wasn't getting bigger play. Some commenters sort of knocked it down, but I didn't understand their reasoning.

Now I get it.

The "global minimum tax" would be levied by the IRS on American companies with foreign components abroad. So if Mexico, say (I'm making up numbers) taxes business at 25%, thus encouraging US companies to move a plant over there, Biden's regime would impose some higher tax, who knows, 35%, with the 10% excess imposed by the IRS and going to the US treasury.

There’s no foreign agency involved. It’s just a new tool for the IRS to reach an American company’s profits no matter where in the world they might be invested. In theory, that’ll eliminate the competitive advantage other nations have over the U.S. by undercutting our corporate tax rates.

But it's still stupid:

In practice, it could lead to more American corporations being sold to foreign investors: Because the U.S. only taxes the profits of U.S. companies, one way to dodge the new “global minimum tax” would be to invite a takeover by a foreign company. Which, depending upon how high the new minimum tax is and how many companies flee, could mean less overall tax revenue than before. But then, what’s another $100 billion in the hole when you’re already running deficits in the trillions?

The simple fact is that our rates or too high to be competitive. Rather than lowering our rates, Team Obama's answer is what it always is: Let's raise rates even higher, even on plants in foreign companies.

The competitive disadvantage imposed by high American corporate tax rates can be abated by either lowering the rates, or by jacking up the effective tax rates on foreign plants.

Color me shocked Obama's choosing the "Higher Taxes" route again.

Romney attacked:

“Raising taxes on American job creators is apparently not enough to satisfy President’s Obama’s trillion-dollar spending addiction. Instead of promoting pro-growth tax policies that provide businesses with the economic freedom to grow and prosper, he is backing a ‘global tax’ that would harm American competitiveness,” Romney said in a statement released by the campaign. “My plan to reform the tax code by cutting rates and encouraging reinvestment here in America is the right way to jumpstart an economic recovery and create new American jobs.”

Romney's a smart guy. I assumed that he, unlike me, knew what Biden was talking about.

Note he doesn't allege the misinterpretation I had. He's factually accurate. Nevertheless, he puts that "global tax" on the table. He doesn't define it. Just leaves it at "global tax."

So people can draw their own conclusions. And if they draw a conclusion that's not quite accurate, so be it. He hasn't tied himself to that conclusion, but he... leaves it out there.

It's not his job to teach Joe Biden how to speak.

Posted by: Ace at 11:58 AM | Comments (97)
Post contains 502 words, total size 3 kb.

1

"The "global minimum tax" would be levied by the IRS on American companies with foreign components abroad."

 

Yeah, Ace....that's what I thought. ....The Left has been trying to do something like this for a while now.

 

 

Posted by: wheatie at March 30, 2012 12:03 PM (dEMjC)

2 The Dems are looking for wedge issues and failing miserably.

Posted by: Dr Spank at March 30, 2012 12:03 PM (KNvk+)

3 I mentioned this in another thread, businesses move off shore or locate to a foreign country because it allows them to remain IN business.  You cannot prosper if you are taxed and regulated into oblivion.  Can't understand why this is ignored by so many.

Posted by: irongrampa at March 30, 2012 12:03 PM (SAMxH)

4 I doubt they wouldn't even have to be taken over by a foreign company.  Just move lock, stock and barrel overseas and become a foreign company who sells shit in the US.

Posted by: Hollowpoint at March 30, 2012 12:04 PM (SY2Kh)

5 Biden 2016: The Taxening

Posted by: Dr. Varno at March 30, 2012 12:04 PM (FjlRV)

6 let me explain how the ecomony works you idiots

if you want the goverment to save bears and children

it costs mony

companies have the mony because of buisness

if they don't not have a tax the goverment cant get the mony

wake up you clowns

#JusticeForCleavon

Posted by: Jose Canseco's Gristle Encased Head at March 30, 2012 12:04 PM (+lsX1)

7 You forgot the Higher Taxes AND Higher Spending mode.

Posted by: Blaster at March 30, 2012 12:05 PM (Fw2Gg)

8 >>Color me shocked Obama's choosing the "Higher Taxes" route again.

Just for companies whose execs don't give him money, of course.

Posted by: HeatherRadish at March 30, 2012 12:05 PM (ZKzrr)

9 Barack Obama is a stuttering clusterf*ck of a miserable tyrant.

Posted by: AllenG (Dedicated Tenther) SMOD 2012 at March 30, 2012 12:06 PM (8y9MW)

10 And Slow Joe is still a retard person of intellectual disability.

Posted by: Iowa Bob at March 30, 2012 12:06 PM (RJ+Yj)

11 The competitive disadvantage imposed by high American corporate tax rates can be abated by either lowering the rates, or by jacking up the effective tax rates on foreign plants.

Foreign plants owned by American companies ... making those companies less competitive, which alleviates the competitive disadvantage by, uh, the magic of Marx.

Posted by: Waterhouse at March 30, 2012 12:07 PM (eexx8)

12 #JusticeForCleavon

The new sheriff is a n [BONGGGGGGGGG]


Posted by: grognard, SMOD-Squad at March 30, 2012 12:07 PM (NS2Mo)

13 Olbermann is OUT?!?! Olbermann is OUT?!??! per Drudge; Spitzer is replacing him. yes no one should care, sorry to go OT again - Dems have no idea how commerce works. in health providing or in manufacturing, or really anything other than lawyering.

Posted by: BlackOrchid at March 30, 2012 12:07 PM (SB0V2)

14

Okay, let's review....

 

All the things that the Dems/Libs love to do to Businesses.....have caused said Businesses to move their operations to other countries.

 

So to punish Businesses for doing this....those same Dems/Libs now want to levy another Tax on them, for doing what the Dems/Libs drove them to do in the first place.

 

Have I got that right?

Posted by: wheatie at March 30, 2012 12:07 PM (dEMjC)

15 How much do you want to bet there would be waivers for companies that are sufficiently "civic minded?"  That being defined as "willing to be extorted by Barack Obama."

Posted by: AllenG (Dedicated Tenther) SMOD 2012 at March 30, 2012 12:08 PM (8y9MW)

16  ace , thanks for the clarity, i felt like i was going to have to give some credence to ideas i srsly did not want to.
walking away from the edge, sitting down smoking a cig.

Posted by: willow at March 30, 2012 12:08 PM (TomZ9)

17 Have I got that right?


Shakeshakeshake
...
...
...
Racist.

Posted by: AoSHQ Offical Magic 8-Ball (AllenG Edition) at March 30, 2012 12:09 PM (8y9MW)

18 Worst. Administration. EVER.

Posted by: Sponge at March 30, 2012 12:09 PM (UK9cE)

19 Have I got that right?

Posted by: wheatie at March 30, 2012 05:07 PM (dEMjC)

Yep.

It's the same underlying principle that caused the creation of the Berlin Wall.

This idea is the same thing.  With socialism, all who flee the oppression must be prevented from doing so, at all costs, or the house of cards crumbles.

Very soon, they will make it very difficult to move across state lines.  Or they will try to do so.

Posted by: grognard, SMOD-Squad at March 30, 2012 12:10 PM (NS2Mo)

20 So to punish Businesses for doing this....those same Dems/Libs now want to levy another Tax on them, for doing what the Dems/Libs drove them to do in the first place.

Have I got that right?


Pretty much, and congrats- you get a solid B+ in Liberal Logic 101.

Posted by: Hollowpoint at March 30, 2012 12:10 PM (SY2Kh)

21 pioneers payed about a 20% tax but their was still alot of bears

now companys dont want too pay much tax and the bears are dieing

think about it idiots

#JusticeForRadon

Posted by: Jose Canseco's Gristle Encased Head at March 30, 2012 12:10 PM (+lsX1)

22 Can't understand why this is ignored by so many.

shakeshakeshake
...
...
...
Hope and Change

Posted by: AoSHQ Offical Magic 8-Ball (AllenG Edition) at March 30, 2012 12:10 PM (8y9MW)

23 FYI, Olberman fired from Current

Posted by: Buzzsaw90 at March 30, 2012 12:10 PM (SO2Q8)

24 You can run but you can't hide (from the IRS).  The privilege of being a US citizen carries with it the right to be hounded for excessive confiscatory taxes no matter how you try to shelter your had earned money even if you have already paid taxes on it.  Try to open a legitimate account in the Caymans or Canada.


My (well-connected) CPA friend told me he is sure that the only reason that the Bush "tax cuts" aka "existing tax law" were not canceled last year is that the Congress critters were still trying to restructure all their own holdings, estates, overseas accounts, and assets to shield them from what they were going to let the IRS do to the rest of us.

Posted by: Hrothgar at March 30, 2012 12:10 PM (i3+c5)

25

OT:  Current TV has terminated its relationship with Keith Olberman.  He is being replaced by the always despicable Eliot Spitzer.

Good grief, how bad do you have to be to be replaced by Client #9? 

Posted by: Cheri at March 30, 2012 12:11 PM (G+Wff)

26 The IRS already treats US Citizens like slaves, taxing income that they earn outside of the country, why not companies?

Posted by: kdny at March 30, 2012 12:11 PM (63qg4)

27

So, it's like raising taxes on oil companies to make gasoline cheaper.

At least they are consistent in their idiocy.

Posted by: toby928 at March 30, 2012 12:11 PM (GTbGH)

28 "Rather than lowering our rates, Team Obama's answer is what it always is: Let's raise rates even higher, even on plants in foreign companies."

Obie and the Democrats gotta support their trillion dollar spending addiction somehow.

Posted by: Blacque Jacques Shellacque at March 30, 2012 12:12 PM (TsNVA)

29 New Bond girl is ugly.

Posted by: Lord Monochromicorn at March 30, 2012 12:12 PM (FvbE9)

30 anyway, i imagine business owner will just forget about acting like they're an American company, and make decisions to assist in their financial survival.

o well we don't need jobs, we just need printing press's printing money for govt workers paychecks and healthcare ins and pensions.

Posted by: willow at March 30, 2012 12:12 PM (TomZ9)

31 Very soon, they will make it very difficult to move across state lines. Or they will try to do so.

Posted by: grognard, SMOD-Squad at March 30, 2012 05:10 PM (NS2Mo)


Sounds like interstate commerce to us!

Posted by: House Vays undt Means Committee at March 30, 2012 12:12 PM (i3+c5)

32 Olbermann-- Ha-ha! /muntz

Posted by: nickless at March 30, 2012 12:12 PM (MMC8r)

33 Somehow, VP from state that brought us the Delaware Corporation, designed to reduce business burdens imposed by other states, so as to attract investment, incapable of putting 2 and 2 together similarly at global level. Color me shocked.

Posted by: Kevin in ABQ at March 30, 2012 12:12 PM (4doyf)

34

Tax it until you kill it, Biden. Good democrat.

Posted by: rectal exam at March 30, 2012 12:12 PM (O7ksG)

35 FYI, Olberman fired from Current

Posted by: Buzzsaw90 at March 30, 2012 05:10 PM (SO2Q



That is going to bum out about 3 or 4 people

Posted by: TheQuietMan at March 30, 2012 12:12 PM (1Jaio)

36 BlackOrchid at March 30, 2012 05:07 PM (SB0V2)

Actually, that should be spelled "shystering".

Posted by: Grandma Mimi at March 30, 2012 12:13 PM (GHxIi)

37 Good grief, how bad do you have to be to be replaced by Client #9?

Atleast he's probably got more interesting stories than Olberman.

Posted by: Retread at March 30, 2012 12:13 PM (joSBv)

38 Olbermann? Flaming skull? SJGR? I see a trifecta.

Posted by: MJ at March 30, 2012 12:13 PM (/x4oj)

39 The destruction of all private economic activity is a bonus for Socialist Democrats. Power.

Posted by: rectal exam at March 30, 2012 12:13 PM (O7ksG)

40 "Global Minimum Tax" Not What I Thought It Was, Or Implied It Was I am not entirely clear that a statement by Ace or biden?

Posted by: yankeefifth at March 30, 2012 12:14 PM (Z9EHQ)

41 Maybe Client #9 will have some very revealing guests on his show!

Posted by: Hrothgar at March 30, 2012 12:14 PM (i3+c5)

42 anyway, i imagine business owner will just forget about acting like they're an American company, and make decisions to assist in their financial survival.

Yes.  As many as can will sell to a foreign investor, and then "restructure" under foreign law.  Then (oh, won't this be fun) they'll raise taxes on any sales of business assets (stocks, bonds, equipment, anything) to prevent companies from doing that.

Posted by: AllenG (Dedicated Tenther) SMOD 2012 at March 30, 2012 12:15 PM (8y9MW)

43 Why can't libtards understand that when you raise taxes, you're 1) going to make less most likely and 2) companies will do whatever they can to avoid paying it and we all get fucked in the long run?

Posted by: Sponge at March 30, 2012 12:15 PM (UK9cE)

44 Ace, the Global Tax is just a scheme to get the public comfortable with the idea of a Global Superstate. 

It will start as a US tax on international activity.  (God forbid somebody include taxes in their calculations about how to make a fucking profit!) 

But once people are used to Global Tax, then imposing a REAL Global Tax will be no big deal.

(I'm sorta kidding, but not really kidding.  I wish I were kidding.)

Posted by: Phinn at March 30, 2012 12:15 PM (KNtHw)

45 Dan Rather frequents Kenneth- while discussing Maddow's control of her hole in bed- FLANNEL! Andy Sullivan wears it. The bear is deed. Sully killed it riding the bear back.

Posted by: Jose "Huggies" Canseco at March 30, 2012 12:15 PM (r2PLg)

46 OT

5:13 p.m. | Updated | Current TV said Friday afternoon that it had terminated the contract of its lead anchor Keith Olbermann, scarcely one year after he was hired to reboot the fledgling channel in his progressive political image.

Mr. Olbermann did not immediately respond to a request for comment. Current indicated that he had failed to honor the terms of his five-year, $50 million contract, giving the channel the right to terminate it.

 

HAHAHAH!!! DIPSHIT

Posted by: The Jackhole at March 30, 2012 12:15 PM (nTgAI)

47 Bring out the man who pays for sex!

Posted by: nickless at March 30, 2012 12:16 PM (MMC8r)

48 one thing about this. well not the tax per se but, How in the world is it ever going to be possible to compete with china or bangladesh in any way?

if they can steal ideas , tweak the packaging , sell them back to us for a 10% discount, while their workers are slave labor , just glad to not be starve. what's is the answer?

Posted by: willow at March 30, 2012 12:16 PM (TomZ9)

49
  The only cure for this situation is to remove--through electoral process-the individuals responsible.  By remove, I mean smash them into sniveling impotence-at the ballot box.

 They must not even be allowed the role of spoiler.  Reversing the damage is going to take several election cycles, I'm afraid. But it must be done.

Posted by: irongrampa at March 30, 2012 12:16 PM (SAMxH)

50

All this stuff these days looks like serve and volley to me.  In other words, no one is seriously proposing things they expect to be enacted, it's all about seeing how your opponent reacts. 

 

As I tried to say in one of the morning threads, and people like Gabe seem to want to either pretend they don't understand, or they're really dumb, is that Team Romney is trying to avoid at all costs, saying anything mean about Barack Obama and his administration.  So they temper their language in ways that aren't designed to be a kill shot, but instead just knock the ball back over the net. 

 

Maybe that's smart politics, I don't know, but every time one of these exchanges seem to occur, it appears it's initiated by Team Obama.  When does Team Romney go on offense? 

Posted by: BurtTC at March 30, 2012 12:17 PM (TOk1P)

51 Biden's toothy grin is creepy.

Posted by: LASue at March 30, 2012 12:17 PM (I1icO)

52 Hmmm.  All this talk about taxes...

Posted by: average American voter at March 30, 2012 12:17 PM (wAQA5)

53

19....Very soon, they will make it very difficult to move across state lines. Or they will try to do so.

 

Oh....I think that's already started. .....Remember that thing that the NLRB did to try to keep Boeing from opening a plant in a right-to-work state?

 

But if you're talking about individuals....not companies....then, yeah. .....We will have to wait for Barky's Fully Flexible second term for that to kick in.

 

In fact....if Barky does get a second term....we will all have to become Fully Flexible -- to bend over and assume the positions that he will need us to be in for all that Fully Flexible ass reaming that will be going on.

Posted by: wheatie at March 30, 2012 12:17 PM (dEMjC)

54 if they can steal ideas , tweak the packaging , sell them back to us for a 10% discount, while their workers are slave labor , just glad to not be starve. what's is the answer? It's actually kind of a PITA to work with India/Bangladesh/China. I think companies would be willing to stay stateside if it wasn't QUITE so painful for them. It doesn't have to be equivalent!

Posted by: BlackOrchid at March 30, 2012 12:17 PM (SB0V2)

55 >>> The only cure for this situation is to remove--through electoral process-the individuals responsible. By remove, I mean smash them into sniveling impotence-at the ballot box.

It's not the only way, but the other way involves a LOT more ammo than I have at the moment. 

But ammo can be bought. 

Just sayin'.

Posted by: Phinn at March 30, 2012 12:18 PM (KNtHw)

56 I didn't read Biden's full line of thought-vomit, but the left has (and likely will again soon) complain that overseas operations have an unfair advantage because of less stringent (less costly) environmental, safety and labor laws.

Never does it cross their mind to even consider the possibility of reducing the expense of regulatory burden on domestic employers.  Their "solution" is always to impose tariffs or taxes to offset the competitive advantages the other countries have.

Posted by: Hollowpoint at March 30, 2012 12:18 PM (SY2Kh)

57 In a letter to viewers, the channel’s founders Al Gore and Joel Hyatt said Friday, “We created Current to give voice to those Americans who refuse to rely on corporate-controlled media and are seeking an authentic progressive outlet.  We are more committed to those goals today than ever before. Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it.”



That corporate controlled media like NBC, ABC, CBS, CNN. Those non-progressive networks?

Posted by: TheQuietMan at March 30, 2012 12:18 PM (1Jaio)

58 If I win the Lotto- I wear short shorts--hug my nuts. While playing ball...hit it hard with my head for a homer! Cameras follow me SEE Crest!!

Posted by: Jose at March 30, 2012 12:18 PM (r2PLg)

59 Tonight, Keith is gonna take a long, relaxing bath. In Whitney's tub.

Posted by: Dr. Varno at March 30, 2012 12:18 PM (FjlRV)

60 Hmmm. Gas sure is expensive...

Posted by: average American voter at March 30, 2012 12:19 PM (wAQA5)

61 Nothing like punishing companies and individuals that start a business in the United States.  That's a WINNING proposition.  FOR SURE!!!!!

Joe, you're a goddamn GENIUS!!!!!!!

Posted by: Sponge at March 30, 2012 12:19 PM (UK9cE)

62 most kids dont even use globes anymore

becuase of the internet and gps is already in cars

maybe you morons should worry about something

than a globe tax

like the enviroment and bears that needing help

get a clue idiots

#JusticeForPradong

Posted by: Jose Canseco's Gristle Encased Head at March 30, 2012 12:19 PM (+lsX1)

63 Black Orchid, perhaps if we get a Republican senate, and President that actually starts tearing about all the regs and taxing, but will they? can they?

Posted by: willow at March 30, 2012 12:20 PM (TomZ9)

64 Maybe Client #9 will have some very revealing guests on his show!

Posted by: Hrothgar at March 30, 2012 05:14 PM (i3+c5)



He'll have been with more hookers than he'll have viewers

Posted by: TheQuietMan at March 30, 2012 12:20 PM (1Jaio)

65 Trust me, I lurk here much more than I comment.....but I need some help here.

Just saw the link on Drudge about NBC editing the 9-11 tape of Zimmerman to sound like "He has something in his waistband, he's black" with no audible pause.

As I was reading the link, damn if my CBS affiliate didn't play the very same audio cut on the 5:00 news.

Being in Baltimore, it wouldn't be hard to build the case that the local media is trying to fan the flames of racial hatred.

Posted by: Village Idiot's Apprentice at March 30, 2012 12:20 PM (l67lc)

66 if they can steal ideas , tweak the packaging , sell them back to us for a 10% discount, while their workers are slave labor , just glad to not be starve. what's is the answer?

A couple of things:  One, our stuff is better.  The problem with virtual slave labor is that it isn't exactly highly motivated.

Two, it's a pain-and-a-half to import stuff from overseas, especially high tech gear.  The fact that companies can do that and still see a profit means that our taxes are way, way too high.

Posted by: AllenG (Dedicated Tenther) SMOD 2012 at March 30, 2012 12:21 PM (8y9MW)

67 Never does it cross their mind to even consider the possibility of reducing the expense of regulatory burden on domestic employers. Their "solution" is always to impose tariffs or taxes to offset the competitive advantages the other countries have.

Posted by: Hollowpoint at March 30, 2012 05:18 PM (SY2Kh)

well right but CAN we do it ? will Romney?

Posted by: willow at March 30, 2012 12:21 PM (TomZ9)

68 Bring out the man who pays for sex!

Every man pays for sex, it's only the currency that differs.

Those who pay with cash simply get the added bonus of having her leave afterwards.

Posted by: Hollowpoint at March 30, 2012 12:22 PM (SY2Kh)

69 It's all our job to teach Biden how to speak. Shared sacrifice.

Posted by: JonathanEllis at March 30, 2012 12:23 PM (BdzEV)

70

68 -

 

It's not a defense of such tactics, but more likely than not, somebody just picked up the copy over the wire somewhere, and sent it on through without paying any attention to what they were getting.  In other words, I don't think it's a conspiracy between outlets of different networks to spread the same lies, it's that they don't care enough to look at and question what they're putting out before they put it out. 

Posted by: BurtTC at March 30, 2012 12:23 PM (TOk1P)

71 Being in Baltimore, it wouldn't be hard to build the case that the local media is trying to fan the flames of racial hatred.

They have been. The few nights I've had one of the alphabet network channels on in the 10 to 11 pm hour the tease for the local news has been local Justice For Trayvon rallies in and around the city.

Posted by: Retread at March 30, 2012 12:24 PM (joSBv)

72 The idea is to lower the US corporate tax rate to around 25% to encourage repatriation and discourage location tax avoidance.  Ireland lowered their corporate rate to 12.5% in the 90's and became the Celtic Tiger and is now the Celtic Can't Afford Shit.

Posted by: Clarence at March 30, 2012 12:25 PM (z0HdK)

73

Good to see that the Romney campaign is on top of things and not letting any of this go by.  Looks like Biden's buffoonery is in keeping with what we saw from the rest of Obama's team this week ... http://bit.ly/qVdDUt

Posted by: ombdz at March 30, 2012 12:26 PM (2DpoY)

74 I foresee a rush of companies willing to relocate their headquarters outside the reach of the US. To be followed by their employees, to be followed by their customers, etc., etc..

Posted by: Joe Mama at March 30, 2012 12:27 PM (OokNw)

75 I require you to be....flexible....to assume the positions I have been saving for my second term.

Posted by: Fully Flexible Barry2 at March 30, 2012 12:27 PM (dEMjC)

76 all of this zimmerman stuff is an effort to get the african Americans into the ows game. the lowsers in ows do not have enough thug in them to get to the crisis level. even the union thugs are only good for a few beatings. zero and his team want riots and this is how they think they are going to them. there is no other reason for all of the local media in nyc to be running this story as a lead story every day for the last week.

Posted by: yankeefifth at March 30, 2012 12:28 PM (Z9EHQ)

77 The idea is to lower the US corporate tax rate to around 25% to encourage repatriation and discourage location tax avoidance. Ireland lowered their corporate rate to 12.5% in the 90's and became the Celtic Tiger and is now the Celtic Can't Afford Shit.

Posted by: Clarence at March 30, 2012 05:25 PM (z0HdK)



What's Ireland's tax rate now?

High enough to get Bono and U2 to move their freekin recording studios to another country.  The rent is just too damn high!!!!

Posted by: Sponge at March 30, 2012 12:28 PM (UK9cE)

78 well right but CAN we do it ? will Romney?

Allow me sum up the MSM / leftist (BIRM) line whenever it's suggested that our regulatory scheme makes us uncompetitive.  Sadly, 51%+ of the populace will buy into it:

Why do you hate the environment?  Won't you think of The Children? 

You really want Greedy Corporations to plunder our resources, poison our water, and pollute our air so the rich CEOs can get their huge bonuses? 

Our workers shouldn't have to endure unsafe working conditions and be treated like slave labor just to appease their corporate masters.

Posted by: Hollowpoint at March 30, 2012 12:29 PM (SY2Kh)

79 TAX Dr pepper damnit. It hates trains

Posted by: Sheriff Choo Choo Biden at March 30, 2012 12:31 PM (nTgAI)

80 and another thing. someone and nbc and abc needs to lose a job over the way they are covering this story. does anyone remeber the tailwind story where cnn claimed the US was using nerve gas in vietnam? it was a poorly researched, sourced, and reported story. sure they ran the story on the air, however, when it was disproved and ridiculed someone got fired, several someones if I recall correctly. same thing needs to happen here. start with whoever edited the tape of zimmerman's call and the person that signed off on airing the edited call.

Posted by: yankeefifth at March 30, 2012 12:31 PM (Z9EHQ)

81 There will be no such thing as Right-to-Work in any state of the union....in my second term.

Posted by: Fully Flexible Barry2 at March 30, 2012 12:32 PM (dEMjC)

82 Teaching Joe Biden how to speak is God's work.

Posted by: SFGoth at March 30, 2012 12:33 PM (dZ756)

83 Hollowpoint, so its unlikely then. Unless who we have can be better at messaging. one can hope, but ... still seems a grim .

Posted by: willow at March 30, 2012 12:35 PM (TomZ9)

84 of course , if we did as Walker did , perhaps we can overwhelm the left and they cannot rouse themselves quickly enough . hadn't another state also cut the budget simultaneously while walker was keeping all the unions busy in wisconsin?

Posted by: willow at March 30, 2012 12:39 PM (TomZ9)

85 I pity the poor schmuck whose job it is to teach that cretin how to speak.

Posted by: Boulder Toilet Hobo at March 30, 2012 12:40 PM (QTHTd)

86 Haven't the American Taxpayers suffered enough from the global tax on Biden's brain matter?

Posted by: Fritz at March 30, 2012 12:44 PM (KWdVT)

87 Don't beat yourself up too much, Ace. You know that these socialists DREAM about a One World government, and using to tax the life out of every remaining speck of "pursuit of happiness" left on Earth. So while that's not what the real proposal was, that's what they tried to make it sound like, to appeal to their most loyal supporters - plus I'm sure it acts as a sort of "pretend" global tax for them.

Posted by: Optimizer at March 30, 2012 01:05 PM (As94z)

88 What we really need is a tax on all foreigners living abroad.

Posted by: M. Python at March 30, 2012 01:28 PM (Ld6wA)

89 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at March 30, 2012 01:31 PM (vd4t0)

90 That "companies being sold overseas thing" is no joke. Folks need to look at what happened to the American Merchant Marine fleet during the Civil War (after the Alabama got on the prowl), as well as what happens with "flags of convenience". Sure, the libs will be able to extract some penalties here and there if this happens, but I don't think they are actually going to be able to break people on this. Capital will flow where it is most profitable. Human nature. The Dems are tilting at windmills. Christianity over a period of two thousand years couldn't make all the people just *go* and *sit* in church once a week for an hour, despite some occasionally draconian inducements. Democrats think *they* are going to be the ones to finally defeat human nature? Right.

Posted by: Horatius at March 30, 2012 01:32 PM (x7d3W)

91 So with the minimum global tax all US companies would become foreign.
And if we raise the taxes high enough on the "rich", we could have all entertainment and sports move off shore as well.

Shoot! Why doesn't Obama just sell the whole country to China and be done with it.

This Administration has no idea what or how economics works.  They are simply pathetic assholes.

Posted by: Islamic Rage Boy at March 30, 2012 01:52 PM (e8kgV)

92 I'm open to receiving bids from any moron who wants me to register your shell corporation here. And I'll keep my commission to a full, yes, a full 2% below whatever the difference is between the U.S. and Canadian corporate tax rates.

Posted by: andycanuck at March 30, 2012 01:54 PM (6RnvM)

93 I kinda liked Kerry's "global test" better.

Seriously though, what a lame-brained idea.

Rather than rid the tax code of all the special crony loopholes and dropping the corporate tax to competitive levels, let's drive the US based companies overseas instead.

Posted by: Buttclapper at March 30, 2012 01:58 PM (Q63S1)

94 "In practice, it could lead to more American corporations being sold to foreign investors..."

In reality, it could lead to more American corporations simply moving their headquarters out of the US to avoid as much taxation as possible, meaning less revenue to the US treasury. The Law Of Idiotic Liberal Consequences.

Posted by: William Teach at March 30, 2012 02:44 PM (Pq9u/)

95 Great -- so American companies will simply move offshore in entirety. In retaliation, both factions of the Running Things Party will, in the true spirit of bipartisanship, pass Son of Smoot-Hawley and engineer a real international trade crash.

When goods and services do not cross borders -- armies do. Moloch hungers and perforce will be fed: if necessary, with thy children and mine.

Posted by: Ken at March 31, 2012 07:21 AM (7yb9x)

96 anyway, i imagine business owner will just forget about acting like they're an American company, and make decisions to assist in their financial survival. o well we don't need jobs, we just need printing press's printing money for govt workers paychecks and healthcare ins and pensions.

Posted by: yudali at April 03, 2012 10:12 AM (Y4sIN)

97 I think most people missed the whole bit about LOWERING the tax rate by 20% at the same time. In other words the tax rate on business in the US will be lowered, the difference being companies that go abroad will have to pay those taxes as well.

So assuming the present tax rate is the 35% mentioned, it would be lowered to 28%. US companies outsourced to Mexico with their supposed 25% tax rate would then have to pay an additional 3% to the US. This would make their total tax rate, inside or outside the US, 28%. Thus the global minimum tax!

I'm not sure what all this "companies will just be sold abroad then" nonsense is all about. What American business owner would move all his operations abroad to avoid 3% extra tax? Heck, selling their companies would mean they'd no longer get their snazzy bonuses and CEO salary! Why would anyone do that?! (Do people seriously think our CEOs are going to actually move to some other country?)

Posted by: Anonymiss at April 12, 2012 02:21 PM (IzG4m)

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