The Biden Administration and All Things Politics

[Al-O-Meter]

but moving a whole-*** business into another country is entirely different.

That is not how the system works. They do not move the whole business to another country. Google, Apple, Microsoft, and all of Silicon Valley didn’t move to Ireland, but that is where their profits are booked.

Here is how the system works:

An American Megacorp creates a holding company based in the United States at 1209 North Orange Street, Wilmington DE 19801. That is the exact address of Google, Apple, GM, Walmart, Hillary Clinton Inc, Donald Trump Inc, and half a million other corporations.


View: https://medium.com/knowledge-stew/how-one-address-in-delaware-is-home-to-285-000-companies-32d963a2b706


The Megacorp Holding company owns three companies: Megacorp Manufacturing Inc., Megacorp Ireland Inc., and Megacorp Distribution Inc. All are based in the United States except for Megacorp Ireland Inc., which is based in Ireland.

Megacorp Manufacturing makes the product and they sell the product at their cost to Megacorp Ireland Inc. Megacorp Manufacturing makes no profit, and so pays no taxes.

Megacorp Ireland buys the product from Megacorp Manufacturing, and marks it up to make lots of profit. They pay taxes on the profit to Ireland, where they are based. Megacorp Ireland then sells the product to Megacorp Distribution Inc. Megacorp Ireland makes a ton of money, and they pay tax on that profit to Ireland.

Megacorp Distribution buys the product from Megacorp Ireland, and they sell it to the end customer at their cost so that Megacorp Distribution makes no profit. The product is made here and sold here but all of the US based entities of Megacorp post no profit in the US. Megacorp does pay taxes…to Ireland.

Megacorp can afford to structure themselves this way but Mom & Pop Products cannot. If you raise the US corporate tax rates, all you are doing is assuring Mom & Pop Products goes out of business because they cannot pay the US corporate tax rate and stay competitive against Megacorp who does not pay that rate. The higher the rate, the more dominant Megacorp becomes.

 

[fishonjazz]

That is not how the system works. They do not move the whole business to another country. Google, Apple, Microsoft, and all of Silicon Valley didn’t move to Ireland, but that is where their profits are booked.

Here is how the system works:

An American Megacorp creates a holding company based in the United States at 1209 North Orange Street, Wilmington DE 19801. That is the exact address of Google, Apple, GM, Walmart, Hillary Clinton Inc, Donald Trump Inc, and half a million other corporations.


View: https://medium.com/knowledge-stew/how-one-address-in-delaware-is-home-to-285-000-companies-32d963a2b706


The Megacorp Holding company owns three companies: Megacorp Manufacturing Inc., Megacorp Ireland Inc., and Megacorp Distribution Inc. All are based in the United States except for Megacorp Ireland Inc., which is based in Ireland.

Megacorp Manufacturing makes the product and they sell the product at their cost to Megacorp Ireland Inc. Megacorp Manufacturing makes no profit, and so pays no taxes.

Megacorp Ireland buys the product from Megacorp Manufacturing, and marks it up to make lots of profit. They pay taxes on the profit to Ireland, where they are based. Megacorp Ireland then sells the product to Megacorp Distribution Inc. Megacorp Ireland makes a ton of money, and they pay tax on that profit to Ireland.

Megacorp Distribution buys the product from Megacorp Ireland, and they sell it to the end customer at their cost so that Megacorp Distribution makes no profit. The product is made here and sold here but all of the US based entities of Megacorp post no profit in the US. Megacorp does pay taxes…to Ireland.

Megacorp can afford to structure themselves this way but Mom & Pop Products cannot. If you raise the US corporate tax rates, all you are doing is assuring Mom & Pop Products goes out of business because they cannot pay the US corporate tax rate and stay competitive against Megacorp who does not pay that rate. The higher the rate, the more dominant Megacorp becomes.

Hopefully that's another thing that gets cracked down on. Go after megacorp for that ******** as well

As for Mom and pop shop going out of business because they can't pay the corporate tax rate... Easy fix. Don't hit mom and pop shop with the corporate tax rate. Hit the wealthiest companies. Have a minimum profit amount or whatever (the proposals I have seen have a minimum amount attached to the proposal) that triggers the corporate tax rate.


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[Al-O-Meter]

Hopefully that's another thing that gets cracked down on. Go after megacorp for that ******** as well

As for Mom and pop shop going out of business because they can't pay the corporate tax rate... Easy fix. Don't hit mom and pop shop with the corporate tax rate. Hit the wealthiest companies. Have a minimum profit amount or whatever (the proposals I have seen have a minimum amount attached to the proposal) that triggers the corporate tax rate.

I've seen thresholds proposed on capital gains rates and that bonkers unrealized gains tax, but at this point I don't know where Kamala wants things to end up. In the past 24 hours she's actually thrown Joe Biden under the bus saying he was too hostile to business and has proposed her own lower tax rates.

Harris Tells the Business Community: I’m Friendlier Than Biden

The vice president on Wednesday proposed an increase on the capital gains tax that was far less than what President Biden has floated, one of several moves meant to win over business owners.

www.nytimes.com

Harris announces rare policy break with Biden on capital-gains tax rate

Vice President Kamala Harris will propose lower capital-gains tax rate increase than President Joe Biden in his annual budget in rare policy break.

www.usatoday.com

Kamala racing to lower taxes is new. I don't know where she's going with this.

 

[Safetydan]

I've seen thresholds proposed on capital gains rates and that bonkers unrealized gains tax, but at this point I don't know where Kamala wants things to end up. In the past 24 hours she's actually thrown Joe Biden under the bus saying he was too hostile to business and has proposed her own lower tax rates.

Harris Tells the Business Community: I’m Friendlier Than Biden

The vice president on Wednesday proposed an increase on the capital gains tax that was far less than what President Biden has floated, one of several moves meant to win over business owners.

www.nytimes.com

Harris announces rare policy break with Biden on capital-gains tax rate

Vice President Kamala Harris will propose lower capital-gains tax rate increase than President Joe Biden in his annual budget in rare policy break.

www.usatoday.com

Kamala racing to lower taxes is new. I don't know where she's going with this.

You and me both brother.

 

[Political Jazz Fan]

View: https://x.com/BuckSexton/status/1831711574945349707

 

[gandalfe]

Something else worth pointing out along these lines is that most of the time these changes tend to take aim at mega-corporations, not mom and pop shops. Thresholds often are at the $100 million mark for which corporations pay what. There is no reason we shouldn't be taxing mega-corps, especially those that are effectively oligopolies, hugely for the privilege of having not been regulated to allow them to get so big in the first place. Too big to fail needs to go away as that was proven to be entirely ********. If you make up 1/3 of the biggest companies controlling a single industry you should be paying max taxes, marginal corp rates on the order of 80%+. That is, after all, what ALL large corporations paid in the American economic hey-day of the 50's. And that did nothing to stifle anything. Everyone prospered. No reason not to go back to that after all.

I also think we need laws around stock buy-backs and other hand-outs to rich shareholders. A flat 50% tax on buy-backs would be good to start. If you want to do a $1.5 bill buy-back, you pay half that amount in tax straight up. So it costs you $1.5 bill + $750 mill, so a $1.5 bill buy-back costs $2.25 bill. I mean if you are reaping such windfall profits it must have been at the expense of either taxes or prices or wages. Only fair to balance the playing-field.

Oregon has a ballot measure this year, proposing 3% tax on businesses with revenues over $25,000,000, and giving every adult resident $1,600/yr.

 

[LogGrad98]

Oregon has a ballot measure this year, proposing 3% tax on businesses with revenues over $25,000,000, and giving every adult resident $1,600/yr.

I could get behind that. Some kind of UBI would make a lot of sense nationwide, even if it were just a supplement to social security. Easily paid for if we just went back to the basic tax rates for the rich and large corporations from the 50's. As would universal health insurance, increase social security benefits, and even free child care. But instead we fund stock buy-backs as handouts to the wealthy with taxes from the middle class. We are so ***-backward it's just ridiculously stupid.

 

[MT Steve]

Not a fan of UBI, personally. Especially not in the form of "Here's a bunch of money for everybody, do whatever you want with it!"

I'm a big fan of strong welfare programs with easier access, but UBI is begging for inflation and a net negative overall outcome.

 

[fishonjazz]

Not a fan of UBI, personally. Especially not in the form of "Here's a bunch of money for everybody, do whatever you want with it!"

I'm a big fan of strong welfare programs with easier access, but UBI is begging for inflation and a net negative overall outcome.

Ya I'm not for UBI right now.
Maybe once automation and AI is eliminating a huge chunk of the workforce. Right not unemployment is pretty low.

I do think that it might be a good idea to have a framework for some sort of UBI ready to implement for when unemployment is way high due to machines/tech doing all our with for us.

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[Sardines]

I could get behind that. Some kind of UBI would make a lot of sense nationwide, even if it were just a supplement to social security. Easily paid for if we just went back to the basic tax rates for the rich and large corporations from the 50's. As would universal health insurance, increase social security benefits, and even free child care. But instead we fund stock buy-backs as handouts to the wealthy with taxes from the middle class. We are so ***-backward it's just ridiculously stupid.

It's not going to happen until people can't afford to buy their products. And I mean when the employees of these companies can't afford to buy the things they make. Everyday items.

 

[Political Jazz Fan]

View: https://x.com/RealJamesWoods/status/1831962667193659540

 

[fishonjazz]

Listening to KSL 1160 on the way to work this morning.
Last year Americans spent a record amount on Halloween. 12.2 billion.
Expectations are that we set a new record this year.
If people are really struggling to survive then candy and Halloween costumes are not really needs, but rather wants and we probably shouldn't spend the money we don't have on candy and costumes.

Also, I think it's really weird how many adults get hyped up about Halloween and how Halloween costumes are super important to adults. It's strange to me. My wife and my family and many of my friends get really excited about dressing up for Halloween and put a lot of effort into finding the best or funniest costume or whatever. I don't understand this behavior in adults.

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[Mongoose]

View: https://x.com/RealJamesWoods/status/1831962667193659540

Democrats are so proud if these endorsements from war criminals.

View: https://twitter.com/williechunderan/status/1694072958053138868

 

[str8line]

MSN

"Fox News’ Jessica Tarlov struggled to make sense of Donald Trump’s confusing response to a question about making child care more affordable on Thursday.

“I would dare any of you to listen to his answer on child care and tell me what the hell he was talking about,” the co-host of “The Five” said of the former pres


“It was one of the more incoherent things I’ve ever heard.”

The Republican nominee, who has sparked questions overhismentalacuity during his campaign, cooked up a rambling reply when asked at the Economic Club of New York whether he’d commit to prioritizing legislation related to child care should he return to the White House.

“It’s a very important issue. But I think when you talk about the kind of numbers that I’m talking about, that — because, look, child care is child care. It’s, couldn’t, you know, there’s something, you have to have it — in this country, you have to have it,” said Trump before pivoting to talk of imposing tariffs on imported goods.

Tarlov declared that the former president’s remarks “really highlight a big problem.”

“Everyone is saying, ’Well, Trump is so transparent and Trump’s out there and that’s all that matters.′ What matters is the content of what he’s saying and none of it, none of it is explainable,” Tarlov said.

She noted that the cost of child care is a “big priority” for people, an issue she described as a “central plank” in Vice President Kamala Harris’ campaign.

“He doesn’t have an answer besides tariffs and [Trump’s running mate] JD Vance yesterday was talking about just have grandma and grandpa do more, that that’s some sort of solution for people,” said Tarlov who referred to the Ohio senator’s suggestion to lower the cost of day care.

She continued, “He’s gonna have energy prices — drill, baby, drill — even though we’re producing more oil than we’ve ever have before, leading the world. More tax cuts for the rich and tariffs are the only way we’re gonna be paying for it.”

 

[str8line]

"Well, I would do that, and we’re sitting down, and I was, somebody, we had Senator Marco Rubio, and my daughter Ivanka was so, uh, impactful on that issue. It’s a very important issue. But I think when you talk about the kind of numbers that I’m talking about, that, because, look, child care is child care is. Couldn’t, you know, there’s something, you have to have it – in this country you have to have it.But when you talk about those numbers compared to the kind of numbers that I’m talking about by taxing foreign nations at levels that they’re not used to — but they’ll get used to it very quickly – and it’s not gonna stop them from doing business with us, but they’ll have a very substantial tax when they send product into our country. Uh, those numbers are so much bigger than any numbers that we’re talking about, including child care, that it’s going to take care.We’re gonna have - I, I look forward to having no deficits within a fairly short period of time, coupled with, uh, the reductions that I told you about on waste and fraud and all of the other things that are going on in our country, because I have to stay with child care. I want to stay with child care, but those numbers are small relative to the kind of economic numbers that I’m talking about, including growth, but growth also headed up by what the plan is that I just, uh, that I just told you about.We’re gonna be taking in trillions of dollars, and as much as child care, uh, is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we’ll be taking in. We’re going to make this into an incredible country that can afford to take care of its people, and then we’ll worry about the rest of the world. Let’s help other people, but we’re going to take care of our country first. This is about America first. It’s about Make America Great Again, we have to do it because right now we’re a failing nation, so we’ll take care of it. Thank you. Very good question."

 

[Al-O-Meter]

I think it's really weird how many adults get hyped up about Halloween and how Halloween costumes are super important to adults. It's strange to me. My wife and my family and many of my friends get really excited about dressing up for Halloween and put a lot of effort into finding the best or funniest costume or whatever. I don't understand this behavior in adults.

Halloween is a canvas for creating art. Adults don't get to flex those creative muscles as often as they used to and I'm all for it. If you've got different outlets for your creativity, that is fine, but I love seeing what the more industrious of my neighbors do to their houses, and the more talented artists do to create costumes.

 

[LogGrad98]

"Well, I would do that, and we’re sitting down, and I was, somebody, we had Senator Marco Rubio, and my daughter Ivanka was so, uh, impactful on that issue. It’s a very important issue. But I think when you talk about the kind of numbers that I’m talking about, that, because, look, child care is child care is. Couldn’t, you know, there’s something, you have to have it – in this country you have to have it.But when you talk about those numbers compared to the kind of numbers that I’m talking about by taxing foreign nations at levels that they’re not used to — but they’ll get used to it very quickly – and it’s not gonna stop them from doing business with us, but they’ll have a very substantial tax when they send product into our country. Uh, those numbers are so much bigger than any numbers that we’re talking about, including child care, that it’s going to take care.We’re gonna have - I, I look forward to having no deficits within a fairly short period of time, coupled with, uh, the reductions that I told you about on waste and fraud and all of the other things that are going on in our country, because I have to stay with child care. I want to stay with child care, but those numbers are small relative to the kind of economic numbers that I’m talking about, including growth, but growth also headed up by what the plan is that I just, uh, that I just told you about.We’re gonna be taking in trillions of dollars, and as much as child care, uh, is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we’ll be taking in. We’re going to make this into an incredible country that can afford to take care of its people, and then we’ll worry about the rest of the world. Let’s help other people, but we’re going to take care of our country first. This is about America first. It’s about Make America Great Again, we have to do it because right now we’re a failing nation, so we’ll take care of it. Thank you. Very good question."

The best part is that you know in his own mind he was thinking "nailed it, big league". His deep Dunning-Kreuger effect is often the best thing about his rambling incoherent responses.

 

[Red]

View: https://x.com/RealJamesWoods/status/1831962667193659540

Went to school with Woods. He hasn’t changed a bit. He was a ball buster then, and he never changed. Always thought it a shame, since he is a true genius and decent actor, that he instead decided to be a professional Twitter troll. . Mathematical genius, went to MIT, then decided acting was the ticket. But, Jimmy was a wise guy then, and he never really changed that I could see. He enjoyed acting like a punk. We often exchanged pleasantries of the agate smashing kind, lol…..

 

[Mongoose]

Listening to KSL 1160 on the way to work this morning.
Last year Americans spent a record amount on Halloween. 12.2 billion.
Expectations are that we set a new record this year.
If people are really struggling to survive then candy and Halloween costumes are not really needs, but rather wants and we probably shouldn't spend the money we don't have on candy and costumes.

Also, I think it's really weird how many adults get hyped up about Halloween and how Halloween costumes are super important to adults. It's strange to me. My wife and my family and many of my friends get really excited about dressing up for Halloween and put a lot of effort into finding the best or funniest costume or whatever. I don't understand this behavior in adults.

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Thanks to Kamala/Biden just because record amounts are being spent it doesn't mean people are doing anything more extravagant or excessive. They are probably buying less its just costing them a lot more.

 

[LogGrad98]

It's not going to happen until people can't afford to buy their products. And I mean when the employees of these companies can't afford to buy the things they make. Everyday items.

Well we are heading there. Realistically none of this will happen until we break the stranglehold that corporations have on our politicians.