Brad Setser
speaker
466 appearances
2 recordings
1 series
first heard Nov 2024
last heard Apr 2025
Brad Setser’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
the foreign derived intangibles income tax rate for companies that moved their intellectual property back to the US and used it to export.
Pharmaceutical companies make most of their profit, although they don't say it, on their US sales.
They prefer to keep their intellectual property in production abroad and remain in the ten and a half percent guilty bucket.
So no change there.
Apple, same thing.
Microsoft, broadly the same thing.
But some companies did adjust.
Uh Facebook and Google return their intellectual property to the US.
You see this very clearly in their corporate returns, and now sell their intellectual property to their Irish subsidiary where they book most of their ad revenue globally.
Qualcomm has also adjusted its global tax rusher, so it's not a story of no change.
But it is a story of mixed change.
And it is a story where, at least in my view, the six biggest pharmaceutical companies clearly pay less to the US government after the Tax Cuts and Jobs Act than they did before, because they actually had to bring some money back from their offshore tax subsidiaries at their 35% to cover their ongoing costs.
And Apple now.
mostly for even more complex reasons, but Apple books more of its profit in Ireland than in the United States.
And Apple is now paying roughly as much in tax to Ireland as is paying to the United States.
That's why Ireland has a sovereign wealth fund.
So there are still changes that could be put in place that broadly speaking wouldn't significantly increase the corporate tax burden, but would increase the amount that the biggest and most successful US companies pay in the US.
So hence you broke my heart.
You said there's nothing to be done.
It was just me being
Showing 261–280 of 466 · page 14 of 24
← Previous
Next →