European Commission Looks To Tax Their Way Out Of Recovery Debt

The people in European countries are probably super happy they invested a bit of power in the EU, which has led to the EU taking more and more power, and now acting like a centralized government over all no longer sovereign countries and citizens. And, since they overspent for the Chinese coronavirus, they want that money back

EU plans to tax its way out of recovery debt

The European Commission is set to propose three new levies aimed at repaying the €800 billion debt mountain it plans to issue to reboot the EU’s economy.

The package of so-called “own resources,” to be adopted on December 22, includes revenues from a looming levy on the world’s 100 biggest companies, from the EU’s planned carbon border tax, and from a proposed extension of the bloc’s cap-and-trade carbon market, as POLITICO reported last week.

“These initiatives require EU action, and therefore constitute an appropriate base for EU own resources,” the Commission wrote in a draft communication on the proposals, obtained by POLITICO.

Own resources — taxes raised on behalf of the EU— are central to the Commission’s plans of paying back the EU debt it is issuing to finance the bloc’s massive recovery fund that is set to pay out a total of €800 billion to capitals over the next five years. Without them, governments will have to either increase the amount of money they pay into the EU budget or cut down existing EU programs, both of which are unpopular prospects for politicians.

Getting all 27 EU countries to sign up won’t be easy, with many wary of entrusting even more revenue-raising powers to Brussels.

On the bright side, it could be very tough for the EC to convince enough nations to do this plan, which is all about raising money from Big Companies, you know, the ones that contribute the most to the economy, employ a lot of people, and pay a lot in taxes already. Which means fewer jobs. Rather than looking for ways to increase economic activity which would mean more money hitting the coffers, they want to stifle that. But, because they are climate cultists, they do not want more economic activity, because that’s Bad for ‘climate change’.

“You get a certain redistribution towards countries with less CO2 intensive industries … the beneficiaries are countries like France with nuclear power, rather than fossil [energy] and so on,” said Clemens Fuest, president of the Munich-based Ifo Institute for Economic Research. But he added that an EU levy based on its own carbon market makes sense as “it is related to a policy, and a policy problem, which is genuinely European.”

“The result will be that you have some losers; Poland is probably the biggest loser,” he said.

Brussels is aware of that risk and that is why it’s proposing to cap the contributions from lower income and carbon intensive countries and set a minimum contribution for low-carbon countries until 2030.

This is what happens when a government has too much power to enforce their personal beliefs, rather than simply providing the basic functions and not being dictators. For a doomsday cult.

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8 Responses to “European Commission Looks To Tax Their Way Out Of Recovery Debt”

  1. Elwood P. Dowd says:

    Once again, Mr Teach beseeches the world NOT to criticize the wealthy, the super-wealthy and of course, corporations, as these are the entities kind enough to give us our jobs and their money!!

    We’ve not heard that the wealthy, super-wealthy and corporations are suffering that much lately. In fact, evidence confirms that the wealthy, super-wealthy and corporations are doing well in these troubling times!

    We get it, the wealthy, super-wealthy and corporations, the global elites have a good gig and want to keep it. But it’s possible they’ve overreached with their greed and gluttony and the peasants are revolting. We get it, middle class Americans like Mr Teach are afraid this will upset the apple cart and wreck their world. The movements behind tRump’s right-wing populism and Bernie Sanders’ left-wing populism are remarkably similar: perceptions of inequality. The working class feels overtaxed, over-regulated, underpaid while the elites keep skimming more and more from the workers’ productivity.

  2. drowningpuppies says:

    The booster is working

    Bwaha! Lolgf

  3. Elwood P. Dowd says:

    There’s a fund-raising campaign for the families affected by the Amazon warehouse destroyed by the rare December EF3 tornado.

    Jeff Bezos net worth is $205 BILLION.

    Amazon gross profit for the twelve months ending September 30, 2021 was $189 Billion, a 35.2% increase year-over-year.

    Amazon first paid federal corporate taxes in 2019 – $162 million, or 1.2% of its pre-tax income.

    They pay “up to” $22 an hour for warehouse employees, like the ones killed in Edwardsville.

    Amazon has nearly 1 million employees in the US.

    Teach’s argument would be that Amazon keeps their prices low and hiring high by not paying federal taxes! (BTW – their prices are NOT really low, but their system is convenient).

    Zapolsky – SVP, Gen Counsel at Amazon pocketed over $17 million in 2020
    Clark – CEO Worldwide Consumer Services at Amazon just over $46 million in 2020
    Jassy – CEO Web Services at Amazon just over $34 million in 2020

    • drowningpuppies says:

      Wonder how much Sorensen makes there at Galera after hemorrhaging 100s of millions of dollars over the last couple of years.

      Any idea, Rimjob?

      Bwaha! Lolgf

  4. Hairy says:

    Under Trumps last budget the tax cuts for th he muddle class expire so Teachs tax rate will go up but the tax cuts for the wealthy stay in place. In 1987 corporations paid an effective rate of about 40% now they pay about 20% our deficit has skyrocketed. Teach blames christian America for social welfare programs

  5. L.G.Brandon says:

    Dowd: Are you suggesting no one contribute to the effort to help the Amazon employees because in you opinion the CEO’s earn too much?

    Wow, you atheists really get into the spirit of the season don’t you?

    Dowd: Teach’s argument would be that Amazon keeps their prices low and hiring high by not paying federal taxes! (BTW – their prices are NOT really low, but their system is convenient).

    We don’t think that’s Teach’ argument at all. You just make stuff up. Do you think the corporate tax rate influences the management pay rate at all? Since you object to the earnings of the CEO’s at Amazon I’m sure you know better than anyone how much they should be paid and how much in taxes they should pay. I assume you think taxing Amazon more would be a good thing. How much would you tax them? You realize every dime taken from Amazon is a dime taken from their shareholders who don’t get dividends. They rely on the value of their shares. Maybe just nationalize Amazon? If you nationalize all these greedy companies like Hitler did you eliminate them getting rich. After all, destroying other people’s wealth is really what you want.

  6. Dana says:

    And the British voters who approved the BrExit look smarter every day! Rule Britannia!

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