The Fed Gov taxes US citizens on its income earned anywhere in the world. I think it’s the only one. Not sure how that would work with a corporation that can move anywhere freely. That being said, I think he mainly means tariffs and duties.
That's not entirely true. There is a foreign income tax exclusion if you meet the requirements. There are plenty of ways to tax corporations, but all we hear about is cutting their taxes from the incoming administration.
We are talking about two different taxpayers. US corps cannot invert out of the US “freely” under Sec 7874. US corps are taxed on worldwide income through subpart F and GILTI. Trump is talking about a foreign entity that the US only has situs over transactions within the US — US Govt has no situs over a foreign entity’s worldwide income. That is the tax base of the jurisdiction the entities are organized.
Reminder we’re currently running a $1.8T deficit/yr. and just the interest payment on our total debt is $890B/yr. For perspective our defense budget is $850B/yr.
Interesting. Looked this up. Presumably the only way this works is because the companies want/need access to the US market.
Trickle down my man. It works you just haven't waited long enough. By 2125 America should be seeing the fruits of trickle down policies
Suddenly it matters.... Lol! (Seems for 3 years in the Ukraine thread, money was magical unicorn fairy dust that sprang eternally, who knows or cares from whence...).
"If we just keep doing the same shit over and over again, we can expect the debt to magically disappear. In fact, if we spend more faster bettter, we can expect it to dissappear like way sooner dudes...". /s/ the Dummyrats
Sounds to me like an attempt to increase the tax base/revenues (...and the libbies here are indignant????) but by shifting much of the tax burden to non-American entities (...the part that our America hating left finds *impolite* and *distasteful*). The article and the idea are far too light on details to draw any conclusions beyond the simpleton TDS formulary that works like this: Trump = bad. Very, very bad. Trump said X. X therefore = bad. Very very bad.
Why more concern for the debt! How refreshing! Where the hell were yall during Barry, Covid, and Doh! Biden!?!?!?
Honestly it’s because Trump likely has little details about it. It’s just an empty headline at this point. Gets the masses on both sides riled up.
Excuse me? Are you confusing me with a left leaning poster. The debt has sucked under the last 4 Presidents. 2 Pubs and 2 Dems. Both sides have their favorite pork to feed.
There have been other discussions and I can probably dig up some of my older posts. Similarly to THFSG, it will be very interesting how maga congress addresses it over next few years. As for Obama - the amount of deficit spending was at least decreasing yoy his last few years in office. For this election Haley was the only candidate discussing it - and called out both sides. Trump/maga additional tax cuts will increase our debt even faster than Biden and probably why trump wants to raise the debt ceiling. Congress didn’t do it end of last year so it will be on his watch. Status of our deficit will be on maga leadership. We’ll see what they/DOGE comes up with. Nonpartisan analysis suggests national debt could increase under Harris, but surge under Trump
Space Force! External Revenue Service! So on brand that the dumbest human ever elected president is building the dumbest organizations.
It's funny how fast trumpys have had to go on defense about spending LOL. He hasn't even made it to office yet and already they are already defending spending. The hypocrisy of politics can really give you whiplash these days.
