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The Fed's Janet Yellen is helping sell President Joe Biden's infrastructure plan by getting the G20 to impose a global minimum corporate tax rate.
Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth, and prosperity.Janet Yellen in a prepared statement
Read the Axios story here.
The idea here is to disincentivize domestic companies from moving off shore to enjoy lower tax rates. For example, if the US imposes a 7 percent increase, from 21 percent to 28 percent, and China, say, only has a 14 percent corporate tax rate, then US-based companies have an incentive to move their operations to China.
If, however, the minimum tax rate is, say, 31 percent, there is no “tax reason” to move to China.
Of course, it's not this easy. It never is. There are many factors that would make moving and setting up shop in another country more appealing. Things like wages, rents, regulations, etc.
But it looks good on paper and isn't a bad idea, generally speaking. It does remove one factor from consideration. And if it keeps several mega corporations located in the US, the country will reap the tax revenue from it.
Thus, this could be a way to raise more revenue to pay for the infrastructure legislation the Biden administration is seeking.
This is far more than the GOP did with Trump's tax cut for the wealthy. They didn't even try to pay for it.
At the end of the day, I think the vast majority of countries won't budge much, if at all.
Trump is the Undisputed King of Grift
There is no disputing this: Ex-President Trump is a bigly grifter. Here's further proof.
In the run up to the 2020 election, Team Trump sent out hundreds of emails and texts, sending potential contributors to his campaign website (still live but I won't give it oxygen).
There, gullible contributors (aka, “dummies”) were encouraged to make a donation. In fact, they were default signed up for recurring weekly contributions!
So if you contributed $100, your credit card or bank account got squeezed for $100 EVERY WEEK until you or the Trump campaign stopped it. That's crazy.
Of course, they didn't stop it when the election was over. They kept debiting accounts all the way up until December 14, when the electoral college votes were counted. Between November 3, 2020 and December 14, 2020, the Trump campaign was heavily invested in the “Stop the Steal” BIG LIE.
And you guessed it – if you had contributed and didn't see that little checkbox about the recurring weekly contributions, you were heavily invested in Stop the Steal, too!
The NY Times broke the story here. Trump has had to give back millions of dollars to duped donators.
Here's an excerpt from the Times:
Stacy Blatt was in hospice care last September listening to Rush Limbaugh’s dire warnings about how badly Donald J. Trump’s campaign needed money when he went online and chipped in everything he could: $500.
It was a big sum for a 63-year-old battling cancer and living in Kansas City on less than $1,000 per month. But that single contribution — federal records show it was his first ever — quickly multiplied. Another $500 was withdrawn the next day, then $500 the next week and every week through mid-October, without his knowledge — until Mr. Blatt’s bank account had been depleted and frozen. When his utility and rent payments bounced, he called his brother, Russell, for help.
What the Blatts soon discovered was $3,000 in withdrawals by the Trump campaign in less than 30 days. They called their bank and said they thought they were victims of fraud.
“It felt,” Russell said, “like it was a scam.”
But what the Blatts believed was duplicity was actually an intentional scheme to boost revenues by the Trump campaign and the for-profit company that processed its online donations, WinRed. Facing a cash crunch and getting badly outspent by the Democrats, the campaign had begun last September to set up recurring donations by default for online donors, for every week until the election.
Contributors had to wade through a fine-print disclaimer and manually uncheck a box to opt out.
As the election neared, the Trump team made that disclaimer increasingly opaque, an investigation by The New York Times showed. It introduced a second prechecked box, known internally as a “money bomb,” that doubled a person’s contribution. Eventually its solicitations featured lines of text in bold and capital letters that overwhelmed the opt-out language.
What a bunch of thieves. They should be ashamed, but they have no shame. And just so ya know, they're still doing it. Again, I won't give you think link but here's a pretty picture:
Toast is for breakfast, lunch, and dinner
In prison movies, they always talk about “three squares and a warm bed.”
I hope that's where former Minneapolis Police officer Derek Chauvin winds up. It's not looking good for him. Many of his former colleagues, including his Chief of Police, have testified against him (brought as witnesses by the prosecution).
And they have done him no favors.
It is apparent (and always has been to “normal” people) that Chauvin used excessive force when kneeling on George Floyd's neck for nine minutes and twenty-nine seconds, causing him to die.
But this trial is not over. In fact, it's not even half over. The defense hasn't yet made their case, with their witnesses. You can bet it's going to get ugly. George Floyd will be painted a criminal, high on drugs, and with a pre-existing heart condition.
“How could the fine officer Chauvin have known Floyd had a weak heart and was high on Fentanyl?”
That's the case they'll make. And they'll point to “the throng of angry bystanders.”
Note how they don't call them witnesses. Here's that “throng,” in case you were wondering.
Arkansas lawmakers override GOP governor's veto of bill restricting transgender health care.
I wonder how much of this was political theatrics?
- Arkansas legislature put together a bill that would restrict health care to transgender people.
- Arkansas Governor Asa Hutchinson vetoed the bill.
- Arkansas legislature overrode his veto, making it law.
The Governor said of the bill: “(It is a) “vast government overreach” and “a product of the cultural war in America.”
Now the ACLU is involved. You can contribute here. They will win.
Full story here.
New, made-for-TV movie “Meet the Grifters” airs all over the internet today, tomorrow, and for all of eternity
The Matt Gaetz saga turned another couple pages in the past few days. Here are the highlights:
- Gaetz has been under investigation for sex trafficking.
- Gaetz claims his family was extorted for $25 million dollars “to make the case go away.”
- Guy Gaetz claimed extorted his family (Bob Kent) came forward to say, “Yeah, I asked the Gaetz family for $25 million. But it was for an American hostage I've been trying to get freed for years. I never said anything about the case, except that the family could use some good will right about now and helping me find an American held hostage in a foreign country would certainly do that.” (I paraphrased.)
- Gaetz' buddy, Joel Greenberg, former Seminole County tax collector, who's under indictment and in jail awaiting trial, is reportedly “turning on” Gaetze, dishing the dirt in order to get a reduced sentence.
- Gaetz asked the Trump administration last year for a “blanket pardon.” He didn't get it.
- Gaetz is fucked.
More Matt Gaetz hilarity here.
Whew! We're almost done. This has been a Morning Sixpack-and-a-half.
Is there anything else to say? Nope. Except that old Turtle Neck needs to STFU. When will Kentucky fire that old geezer?
What state has the worst pair of senators? I'll start: Kentucky.