@ztankosi -- Queensland was the undoing for ALP. Guess there will be a secure government over the coming term (LNP). It was a stitch-up. They just want to pass through the $77 Billion tax cuts for higher incomes and business tax reduction. If QHL does hit profit and builds it over the coming years, this is great timing. I could feel it coming as the U.S. passed their concessions under Trump -- and the U.K. effective tax rate is lower LOL:
https://www.bbc.com/news/world-43790895US tax cuts: Are they the biggest in American history?
By Kim GittlesonNew York business correspondent
17 April 2018Claim: President Donald Trump has said that the recently passed Republican tax reform legislation is the "biggest tax cut in US history".
Verdict: It is not the biggest tax cut in US history, measured as either a percentage of US GDP or in absolute terms. It is however, the biggest corporate tax cut in US history.
So how much will corporations save?
The key thing to remember here is that very few US corporations actually paid the headline federal corporate tax rate of 35%.
Many US companies take advantage of various loopholes - like being able to deduct the interest they paid on loans - to lower their overall tax bill.
The US Treasury has said that the effective corporate tax rate was 22% in 2016. This average ignores the very real differences in taxes paid by companies - which is dependent on the sector in which they operate.
But a recent analysis from Bank of America Merrill Lynch found that the average US company listed on the S&P 500 index had a tax rate of just 19.3% last year.
And the number is even smaller for US technology firms, which had an average tax rate of just 16.9%.
Technology firms can often take advantage of the fact that much of the US tax code was written to tax traditional manufacturing companies with physical assets. This allows them to often shift their profits to areas with lower taxes - like countries with lower corporate tax rates.
US corporations currently have an estimated $1.2 trillion (£838bn) in earnings that are kept overseas - $710bn (£496bn) of which belongs just to companies in the tech sector.
None of those profits is taxed at the US corporate tax rate until those companies decide to "repatriate" those profits and bring them back into the United States.
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Take from it what you will. But, my guess is that like they blocked the Carbon Tax... The LNP mainly wanted to get in this time to do this manipulation. GLTAH
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