@ISIDEWITHQuestionseconomy11yrs ago

Should the government raise or lower the tax rate for corporations?

Should the Netherlands raise or lower the tax rate for corporations?

The U.S. currently levies a 21% tax rate at the federal level and an average tax of 4% at the state and local level. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen’s taxes.

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Answer Overview

Response rates from 5.2k Netherlands voters.

43%
Raise
36%
Lower
34%
Raise
31%
Lower
8%
Keep current rates but eliminate deductions and loop holes
3%
Lower, but eliminate deductions and loop holes
1%
Remove taxes on corporations and tax shareholder dividends instead

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 @ISIDEWITH submitted…11mos11MO

IRS Targets Wealthy and Major Corporations for Increased Audits, Aims to Correct Racial Disparities

The Internal Revenue Service (IRS) has announced a significant shift in its audit strategy, focusing on increasing audits for wealthy individuals and major corporations while simultaneously addressing racial disparities in its audit practices. This move comes as the IRS plans to expand its workforce and leverage new resources to crack down on tax evasion and ensure a more equitable tax compliance environment.According to the IRS, audits will intensify for Americans earning $400,000 or more and for businesses with substantial assets, aiming to ensure that high earners and large corporations pay their fair share of taxes. This initiative is part of a broader effort to enhance tax compliance and revenue collection, with the IRS indicating that audit rates for individuals earning over $10 million will increase from 11% to 16.5% by 2026. Similarly, audit rates for businesses with assets over $250 million will triple, and partnerships with assets over $10 million will see a tenfold increase in audits.In addition to targeting high-income earners and corporations, the IRS is taking steps to address the longstanding issue of racial disparities in its audit practices. Recent data revealed that Black taxpayers were audited at rates up to 4.7 times higher than non-Black taxpayers, a disparity attributed to the agency's data-driven algorithms. In response, IRS Commissioner Daniel Werfel announced an overhaul of compliance practices to ensure a more equitable approach to tax audits.The IRS's commitment to reducing the disproportionate audit rates for Black taxpayers represents a significant step towards fairness in tax administration. By revising its algorithms and compliance strategies, the agency aims to eliminate biases that have historically affected audit selection processes.As the IRS embarks on this dual mission of increasing audits for the wealthy and corporations while correcting racial disparities, it signals a transformative period in tax enforcement. These measures are expected to not only enhance revenue collection but also restore public trust in the tax system by promoting fairness and equity.

 @ISIDEWITH submitted…10mos10MO

Russia Raises Income Tax on Rich to Pay for Ukraine War

Russia launched plans to sharply raise taxes on high earners and companies to fill state coffers and fund what it sees as a long war in Ukraine.A government commission on Wednesday approved a Finance Ministry plan to introduce a new progressive income tax as well as raise corporate tax rates. The proposed amendments, which would come into force from next year, are expected to bring an additional 2.6 trillion rubles, or around $29 billion.The amendments, which represent the biggest overhaul of the Russian tax system in years, are a sign of President Vladimir Putin’s bet on a protracted and costly war and his continuing efforts to align both society and the economy with the military effort.Russia currently has a flat tax of 13% for most people, with some higher earners paying a 15% rate, a significantly lower tax burden than in the U.S. or Europe. According to the proposed changes, new rates would range from the current 13% for those earning up to the equivalent of $27,000 a year to as high as 22% for those exceeding $560,000. Per capita household income is around $7,100, according to data provider CEIC.Russia’s military expenditures are already running at over 6% of gross domestic product, approaching levels reached by the Soviet Union at the height of the Cold War in the 1980s. Earlier this month, Putin appointed a macroeconomist, Andrei Belousov, as minister of defense, highlighting the extent to which the war has become central to Russia’s economic paradigm.

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 @ISIDEWITH submitted…5mos5MO

Billion-Dollar Bust: Kamala’s Campaign Drowns in Debt After Star-Studded Spending Spree

Kamala Harris's campaign ended with at least $20 million in debt, per two sources familiar. Harris raised over $1 billion and had $118 million in the bank as of Oct. 16.Rob Flaherty, this staffer said, is currently shopping around the Kamala fundraising email list to anyone who wants it to try to raise the money back. This includes other campaigns and outside groups.Flaherty is the deputy campaign manager and reports to Jen O’Malley Dillon.“Jen blew through a billion dollars in a few months and it was all Jen’s idea to do all the concerts.” — Kamala campaign adviser told meThis source added that O’Malley Dillon did these “concerts,” like Katy Perry, Lizzo, Eminem, Bruce Springsteen et cetera at the expense of “prioritizing and spending money on social media and other campaign priorities.”Apparently a group in Georgia had to lay off 100 people because they couldn’t pay them. It’s unclear at this time if the campaign PAID the talent to perform but the cost of production for the events was “immense.”What’s more, this Kamala campaign staffer said several people who were working for the Kamala Harris for President campaign are still awaiting several overdue payments they were promised for their work. IE, they didn’t pay the staff.“People didn’t like working with her. Many people on the campaign felt like we lost because Kamala wasn’t allowed to run her campaign. They were running Joe Biden’s campaign instead of a Kamala campaign. Obnoxious and very much a gate keeper and interfering with the vice president’s people who were trying to do their job.”

▲  2611 replies

 @ISIDEWITH submitted…4mos4MO

Hegseth Out, DeSantis In? Trump Rethinks Defense Pick

President-elect Donald Trump is considering Florida Gov. Ron DeSantis as a possible replacement for Pete Hegseth, his pick to run the Pentagon, according to people familiar with the discussions, amid Republican senators’ concerns over mounting allegations about the former Fox News host’s personal life.Picking DeSantis, a 2024 GOP primary rival for the presidency, would amount to a stunning turn for Trump. But he would also find in the governor a well-known conservative with a service record who shares Trump’s—and Hegseth’s—view on culling what they see as “woke” policies in the military.Trump allies increasingly think Hegseth might not survive further scrutiny, according to people close to the president-elect’s team, which considers the next 48 hours to be crucial to his fate.DeSantis, who served as a Navy lawyer in Iraq and the Guantanamo Bay detention facility, was on an earlier list of potential defense-secretary candidates that transition officials presented to the president. Trump ultimately went with Hegseth. But as Hegseth’s nomination has faltered, that list has been revived and DeSantis is again among the choices Trump is considering, the people said.The discussions are in their early stages, one of the people said, adding that Trump has floated DeSantis’s name in casual conversations with guests at Mar-a-Lago, his private Florida club.Trump could decide not to choose DeSantis and select another replacement, if Hegseth’s nomination falls apart, the people said. Another potential defense-secretary candidate who has been discussed by Trump allies, according to people familiar with the matter, is Elbridge Colby, a former Pentagon official and ally of Vice President-elect JD Vance. Trump is also considering Sen. Joni Ernst (R., Iowa) for the job, some of the people said.DeSantis was once seen as an acolyte of Trump but his decision to challenge the former president in the 2024 GOP primary began a conflict between them, with Trump casting DeSantis as disloyal. Trump easily prevailed in the primary and friends of the two have worked to repair the relationship.

▲  279 replies

 @ISIDEWITH submitted…4mos4MO

Border Bombshell: 8 Million New Arrivals Under Biden

The immigration surge of the past few years has been the largest in U.S. history, surpassing the great immigration boom of the late 1800s and early 1900s, according to a New York Times analysis of government data.Annual net migration — the number of people coming to the country minus the number leaving — averaged 2.4 million people from 2021 to 2023, according to the Congressional Budget Office. Total net migration during the Biden administration is likely to exceed eight million people.That’s a faster pace of arrivals than during any other period on record, including the peak years of Ellis Island traffic, when millions of Europeans came to the United States. Even after taking into account today’s larger U.S. population, the recent surge is the most rapid since at least 1850.The numbers in the Times analysis include both legal and illegal immigration. About 60 percent of immigrants who have entered the country since 2021 have done so without legal authorization, according to a Goldman Sachs report based on government data.The combined increases of legal and illegal immigration have caused the share of the U.S. population born in another country to reach a new high, 15.2 percent in 2023, up from 13.6 percent in 2020. The previous high was 14.8 percent, in 1890.Several factors caused the surge, starting with President Biden’s welcoming immigration policy during his first three years in office. Offended by Donald J. Trump’s harsh policies — including the separation of families at the border — Mr. Biden and other Democrats promised a different approach. “We’re a nation that says, ‘If you want to flee, and you’re fleeing oppression, you should come,’” Mr. Biden said during his 2020 presidential campaign.After taking office, his administration loosened the rules on asylum and other immigration policies, making it easier for people to enter the United States. Some have received temporary legal status while their cases wend through backlogged immigration courts. Others have remained without legal permission.

▲  1512 replies

Active 5hrs ago

 @ISIDEWITH submitted…4mos4MO

Defense Bill Blocks Transgender Care To Minors

The Senate on Wednesday gave final approval to a defense policy bill directing $895 billion toward the Pentagon and other military activities, moving over the objections of some Democrats who opposed a provision added late in the negotiations that would deny coverage for transgender health procedures for minors.The 85-to-14 vote, coming a week after a divided House passed the same measure, cleared the bill for President Biden’s signature.Most Republicans and many Democrats supported the measure, which provides a 14.5 percent pay raise to junior enlisted service members and a 4.5 percent pay raise for all other service members. It also expands access to meal assistance, housing and child care programs that benefit those in uniform.But several Democrats withheld their backing in protest of a provision preventing TRICARE, the military’s health care plan for service members, from covering “medical interventions for the treatment of gender dysphoria that could result in sterilization” for children under 18.The language, which would affect the gender-transitioning children of service members, was recently added to the measure at the insistence of Speaker Mike Johnson, Republican of Louisiana, who refused to bring a defense bill to the House floor without it, according to aides familiar with the negotiations.Twenty-one Democrats, led by Senator Tammy Baldwin of Wisconsin, proposed an amendment to strip the provision from the bill, but the matter was never brought to a vote. Several of them took to the floor on Tuesday to lodge their objections.“It’s flat-out wrong to put this provision in this bill and take away a service member’s freedom to make that decision for their families,” Ms. Baldwin said, estimating that the provision could negatively affect as many as 6,000 to 7,000 military families.

▲  2022 replies5 agree1 disagree6