Tax bill

[mooby]

Originally Posted by SunnySide

President Trump is rolling back another regulation set by the Obama administration, which the White House says is no longer necessary.

It is the regulation that was enacted to keep American companies from moving their official base of operation abroad to reduce their tax burden.

It is called an inversion, where an American company merges with a foreign firm, basically becoming a subsidiary and moving the headquarters for tax purposes

Administration officials say its not needed due to the tax overhaul that Trump signed in 2017, according to the New York Times.

The regulation was credited by tax analysts with reducing inversions, but business groups criticized it.

Treasury Secretary Stephen Mnuchin called the regulation obsolete, because the tax cuts have essentially leveled the playing field and made the business environment more competitive.

The 2017 law cut the corporate income tax rate to 21 percent from 35 percent.
https://www.foxbusiness.com/politics...bites-the-dust
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So tax analysts like the regulation that kept US companies from "merging" with foreign corps to take advantage of tax purposes ... but corporations didnt.

Trump admin sides with corporations.

If Trumps tax laws made it obsolete .. then why not leave it on the books? If it had no effect now ... why bother?

I imagine Trump Org and rich business guys benefit greatly from this and it seems to have slipped by the media's attention. Idk, maybe its no big deal .. seems big to me.

Our deficit is going to be yuge.

edit --- does this allow US companies to do business and operate in the US like business as usual but since they "merged" with a Irish shell company, they only pay Ireland corp tax rates?

^^ that seems big, I must have this interpreted wrong.

So instead of getting billions in corporate taxes .. we get feed the line that this helps us bc corporations will use the extra money to increase our wages and re-invest (and not just bank the money).

What a fucking crock .. I hope I have this all wrong

Tongue out Sunny Side, that trickle-down is gonna happen any day now.