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this post was submitted on 17 Mar 2024
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politics
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This is good. Increasing corporate taxes means they contribute more to society. They are taxed before they distribute money to shareholders in the form of dividends or buybacks. It encourages them to hire more employees or invest in new technologies.
Unfortunately, it also encourages them to move their “headquarters” to places like the Cayman Islands or Ireland where they have more “favorable” corporate tax laws. The global minimum corporate tax might help, but has no teeth unless all countries sign on or all adherents agree to some kind of financial cost for countries who refuse it.
That said, it’s good to see a US politician, especially a neo-dem like Biden make a real push against trickle-down bullshit.
This "threat" stings less and less over time - i.e., if we get nothing from them now in taxes, then how would them moving away change anything? Like, would we pay higher amounts for food maybe, or not be able to buy a house anymore, or have lesser access to medical care as a result?
Also, we cannot change how others act, only what we ourselves do. e.g. perhaps if they become honest about being non-taxpaying corporations, we could do things like pass laws restricting the amount of money that such entities could contribute to politicians?
Ultimately, would it be so bad if like "Apple" were a non-American company anymore, and we could incentive our own USA-backed companies instead? (or if Apple does pay appropriate taxes, then substitute with some other company example here) Likewise, Google already is losing its ability to "find stuff", b/c of its chasing after pure profiteering. Let them go, I say, b/c while that may induce some pain in the short-term, it is the only way that we will heal.
But, I have been wrong before, and you should not base any real decisions off of my opinion:-).