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Hortensis

(58,785 posts)

55. The tax heist's GILTI provision allowing corporations

Fri Dec 7, 2018, 08:42 AM

Dec 2018

to declare losses in the U.S. and accept the 10.5% tax rate imposed on overseas income is also one of many means intended to, not just transfer our nation's power and wealth up an increasingly hierarchical ruling class structure while shifting increasing share of the costs of running our nation to the working classes, but also to bankrupt what they like to call the "welfare state," or what we call things like Social Security, Medicare and unemployment insurance.

"The GILTI provision, meant to discourage multinational corporations from avoiding U.S. taxes by holding intangible assets such as software patents abroad in low-tax countries, imposes an effective 10.5 percent tax rate on income from tax havens." GILTI, all right.

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I know. Demsrule86 Dec 2018 #41

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The tax heist's GILTI provision allowing corporations Hortensis Dec 2018 #55

I heard it too from Sherrod Brown. It needs repeating -- and often! n/t Pobeka Dec 2018 #6

Actually, everyone gets to deduct foreign income taxes DeminPennswoods Dec 2018 #54

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Yep, I see your point DeminPennswoods Dec 2018 #59

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Rooftop solar SHRED Dec 2018 #19

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