Great informative post. I would say sucks for France and other countries but there is only one Facebook. They own the internet here also. Countries are missing out on reveues but not from a lot of entities
Macron is a really smart guy, probably the smartest of the first world leaders in addition to gutsy. Do not blindly let tech do whatever they want, tax them appropriately, they have been using overseas loopholes for years and will continue to do so until all major players put pressure on them. Liz Warren has mentioned doing this domestically as well, nothing would help the bottom 80% in America more. It's onyl a matter of time before the general public catches on to the games tech monopolies play, right now they feel "maybe" they can get hired or get a piece of the pie and there's no obvious oil spills/health hazards from it so they let it slide.
https://www.nytimes.com/2019/07/11/business/france-digital-tax-tech-giants.html According to this article it's about 24 companies and $350MM in tax revenue $350 million aint solving France's budget problems France had $1.4 trillion in expenditures in 2016
I was under the impression the wealth tax was on personal taxes of the super wealthy, not corporate entities. Taxing large corporate balance sheets would be a very different phenomena than taxing individuals with big balance sheets.
individuals, businesses, corp, etc. are all tax entities. they each have a distinct tax id# issued by the IRS. as such, they're all subject to IRS tax laws i can give u some eg of the unwanted consequences of the wealth tax applicable to individuals, who are far from being wealthy my parents are in their 70s, living in the modest house in the Barrio section of LA that they purchased ~ 40+ yrs ago. at the time, they paid $ 20K for the house; now houses in the neighborhood are selling ~~ $ 370K. should the wealth tax become law, my parents, who are living off social security and personal savings, would be subject to the tax on the $350K realized gain on their home, even if they're not selling it.
I understand the argument about taxes should be on income. @adoo, the situation with your parents really is a great example of the problem taxing assets. Income is able to be earned because the government provides safety and structure ie streets. Does anyone know if property taxes have ever been legally challenged?
I'm pretty sure that would be well under any wealth threshold. And, I'm pretty sure homesteads would be exempt and the IRS would keep the one time sale exclusion. Remember any changes would have to make it through the House and Senate. The easiest wealth tax to me would just be taxing Exchange transactions, stock and bond sales. Easy to track, easy to collect, applied across all platforms it wouldn't effect the market that much.
Some links would be useful. I'm looking at Warren's website: https://elizabethwarren.com/plans/ultra-millionaire-tax. It says it applies "only to households with a net worth of $50 million or more." Now this law hasn't been written and will likely never be passed anyway. If it was passed, many things would probably change between her vision and its actualization, but I don't see where she is even considering that (a) it would apply to businesses, or (b) that it'd be of any concern to someone with a home worth less than a half million dollars. So, if you can show me the description of the policy principles of this wealth tax from which you get your understanding, that would be the most useful thing.
When you want to eliminate the globalism what do you expect? Trade gets harder and innovation stagnates.
Everyone probably needs to flesh out the definition of the 'generalized' terms they use. You can't understand the basis of the position without definitions. But since Commerce is now global (fungible oil, containerized manufacturing etc.) and climate change is global, the management of global relations seems paramount. The old market saw is "a rising tide lifts all boats". Expanding information technology, renewable energy, farming efficiencies, worker's rights, access to healthcare, sanitation, recycling and sustainability seems like a benefit to American's too.
You globalism complainers need to find another issue. If you stop Mexicans from coming here GM will build the plant in Mexico. They already did forty years ago. This battle has long been over
