Sanders Administration- Second Gilded Age Decline
The Sanders Administration: Sunset of the Second Gilded Age
The release of the "Paradise Papers" gave the Sanders Administration the strength it needed and then some to try and tackle one of their biggests challenges: reigning the giant companies. Many expected this could be a pretty hard and difficult fight and it was not surprising as to why. Many of them were preparing to fight the Sanders Administration, but the Paradise Papers shook up alot of confidence and added more fuel to the fire of the torches of the frustrated masses. Think tanks and special interest groups were growing more intimidating.
However, that would not stop the Sanders Administration.
They've been preparing for this fight too.
The big approach that came during the holiday season was defined primarily by reclaiming all the hoarded wealth of major companies back into the American system. Offshore tax havens were targeted along with their bank accounts. As this grew into a global affair, the Corbyn administration of the UK quickly took on a strong role alongside Sanders (one humorous political cartoon saw Sanders and Corbyn among a few others like Layton dressed as DnD-esque characters preparing to fight corproate dragons for the stolen gold).
While tax rules and regulations were not exactly the most interesting thing, the Sanders Administration did release a bullet point list of some of the approaches they would be applying, based on their own platform along with the Corbyn Administration inviting the Tax Justice Network to help discuss and promote ideas for the global stage. Many would-be or new politicians sent their support for these growing reforms to help bolster their popularity back home, such as newly-elected French President Jean-Luc Antoine Pierre Mélenchon.
On the domestic side:
Under the Sanders' administration, the last bill of the year would be to undo the widely maligned Postal Accountability and Enhancement Act passed by the McCain Adminsitration back in 2011 along with adding some cash flow to help bring it back up to snuff. Besides allievating some pressure from the US Postal Service, the Sanders Administration brought back postal banking and thus after over 50 years of in activity, the United States Postal Savings System rose from the ashes, modernized for the 21st century, in the same way Canada brought theirs back around the early 2010s as one of the actions of the first Layton term. Updates including being able to sync it with the Internet along with cards and apps. Advertised as USPS Banking, it offered a positive alternative for financial security.
Of course, there was one final glorious action by the Sanders Administration, which was the forgiveness of all student debt.
President Sanders noted the nation's duty to its citizens is to make it less burdensome to pursue a higher education and addressed the concerns raised on a potential lack of medical specialists needed to address the American population. The obvious solution was then to make it less troublesome for students to become medical professionals, focusing on their studies rather than fears over paying off for schooling. As such, all student debt was forgiven, including that of loans to be taken in Spring 2018. Many have speculated this was done while President Sanders was preparing a plan to make College For All.
Many college students and graduates would recieve the news on special emails along with a wishes for the holiday season from the White House, President Sanders' gift to the people.
During this time, many have said that this and other future plans would see this as the end of a "Second Gilded Age", one that was ushered in the 80s by President Reagan and ending with President Sanders
The release of the "Paradise Papers" gave the Sanders Administration the strength it needed and then some to try and tackle one of their biggests challenges: reigning the giant companies. Many expected this could be a pretty hard and difficult fight and it was not surprising as to why. Many of them were preparing to fight the Sanders Administration, but the Paradise Papers shook up alot of confidence and added more fuel to the fire of the torches of the frustrated masses. Think tanks and special interest groups were growing more intimidating.
However, that would not stop the Sanders Administration.
They've been preparing for this fight too.
The big approach that came during the holiday season was defined primarily by reclaiming all the hoarded wealth of major companies back into the American system. Offshore tax havens were targeted along with their bank accounts. As this grew into a global affair, the Corbyn administration of the UK quickly took on a strong role alongside Sanders (one humorous political cartoon saw Sanders and Corbyn among a few others like Layton dressed as DnD-esque characters preparing to fight corproate dragons for the stolen gold).
While tax rules and regulations were not exactly the most interesting thing, the Sanders Administration did release a bullet point list of some of the approaches they would be applying, based on their own platform along with the Corbyn Administration inviting the Tax Justice Network to help discuss and promote ideas for the global stage. Many would-be or new politicians sent their support for these growing reforms to help bolster their popularity back home, such as newly-elected French President Jean-Luc Antoine Pierre Mélenchon.
On the domestic side:
- The US would begin apply the same tax rate on offshore and domestic income and applying a per-country limit on the foreign tax credit.
- They would begin eliminating inversions by limiting interest deductions to 105% of a corporation’s share of net interest expense over worldwide earnings, treating companies managed and controlled in the US as domestic corporations, and tightening the definition of inverted corporations to ones owned by 50% of the same shareholders after a merger.
- The US would also tighten other rules including limiting treaty shopping; reforming the base erosion and anti-abuse tax rate by lowering its threshold for application, raising its rate to 17.5% and excluding deductible payments that give rise to includible US income; eliminating the tax break for foreign derived intangible income (FDII), and denying foreign tax credits for excise tax payments by oil, extractive, gambling, and other companies.
- The US would also begin simplifying its tax code along with renovating it so that filing taxes is simple, easy and efficient. This was quite prominent as Preaident Sanders downright announced the lobbying of groups like TurboTax who spends plenty of money to lobby against the adoption of such a bill to remain in buisness om exploiting the exhaustion of the American people, along with certain politicians supporting it out of insistence taxes should be cumbersome to justify them being lo (this led to some political satire and pundits commentay.)
- The United States would join the Organization for Economic Cooperation and Development's framework for the automatic exchange of information on financial account. This would allow automatic exchange of tax information between countries to verify that individuals and corporations are actually paying the correct amount of taxes, especially given how before now, the USA was the largest nation not a part of this.
- A public and relatively easy-to-access registry of benefactors was created to create transparency of ownership for companies, trusts, and foundations. The UK created this back in the previous year regarding the Panama Papers, but did take the time to help update the system and boost it.
- Require public country-by-country reporting of revenues by multinationals - to correctly distribute collected taxes.
- Implement federal laws which crack down on the creation of shell companies, which did put the Sanders Administration into some conflict with a few states like Delaware and Nevada though the atmosphere of the Paradise Papers and the peoples' ire were enough to get them to concede.
- Trade deals wuld be reviewed given how some exchange of tax information is a part of most US trade deals. The US-Panama free trade agreement established years ago allowed Panama to decline from sharing financial information from shell corporations if it is "contrary to their public policy". Sanders stated back in 2011 that the US-Panama free trade agreement would "effectively bar the US from cracking down on illegal and abusive offshore tax havens in Panama". As such, many were not surprised to see this talking point return.
- Sanctions on tax havens were consideed one of the more drastic measures though Sanders and Corbyn were prepared to use them, especially given the prominence of them in the Caribbean and Central America. Unsurprisingly, Panama and Costa Rica began working to renegotiate with the Americans while those under British Commonwealth began the same, especially out of fear of potential more drastic actions.
Under the Sanders' administration, the last bill of the year would be to undo the widely maligned Postal Accountability and Enhancement Act passed by the McCain Adminsitration back in 2011 along with adding some cash flow to help bring it back up to snuff. Besides allievating some pressure from the US Postal Service, the Sanders Administration brought back postal banking and thus after over 50 years of in activity, the United States Postal Savings System rose from the ashes, modernized for the 21st century, in the same way Canada brought theirs back around the early 2010s as one of the actions of the first Layton term. Updates including being able to sync it with the Internet along with cards and apps. Advertised as USPS Banking, it offered a positive alternative for financial security.
Of course, there was one final glorious action by the Sanders Administration, which was the forgiveness of all student debt.
President Sanders noted the nation's duty to its citizens is to make it less burdensome to pursue a higher education and addressed the concerns raised on a potential lack of medical specialists needed to address the American population. The obvious solution was then to make it less troublesome for students to become medical professionals, focusing on their studies rather than fears over paying off for schooling. As such, all student debt was forgiven, including that of loans to be taken in Spring 2018. Many have speculated this was done while President Sanders was preparing a plan to make College For All.
Many college students and graduates would recieve the news on special emails along with a wishes for the holiday season from the White House, President Sanders' gift to the people.
During this time, many have said that this and other future plans would see this as the end of a "Second Gilded Age", one that was ushered in the 80s by President Reagan and ending with President Sanders
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