Happy Saturday Friends!
Just a few things to share. Please add what’s perking your interest in comments!
The G20 in Hamburg has been quite intense. The name of yesterday’s protests, ‘Welcome to hell’ notwithstanding, most protestors were peaceful: pro-refugee, pro-environment, a fair number of anti-capitalists with a sub-group of provocateurs-some of them those all-in-black young men with masks we’ve come to expect, lighting some cars on fire (20 or so), and throwing some rocks at bank windows.
Here’s a pic of protestors being hit with water cannons. The protestors were told that they were not allowed to block transit routes:
I found this image by Philip Oltermann via The Guardian evocative:
A day of violent clashes between police and protesters culminated on Friday evening with the bizarre spectacle of the heads of the world’s 20 leading economies listening to Beethoven’s Ode to Joy at the top of a shiny high-rise building while police used water cannon, teargas and speed boats to keep at bay an angry crowd of thousands.
Germany’s second-largest city had been eager to showcase its recently opened Elbphilharmonie concert hall to the rest of the world, but it may come to rue its ivory-tower symbolism after a week of chaotic scenes on the edges of the conference hall.
Then there’s the latest awful thing coming from Trump’s people, something that the anti-capitalists in Hamburg may have an opinion about:
Socialism for the 1%. Trump Treasury loosens rules on corporate debt, corporate inversions & off-shore tax avoidance https://t.co/pUrImw5rWh
— Tim Canova (@Tim_Canova) July 8, 2017
U.S. Treasury Targets Eight Tax Regulations for Possible Changes
“Treasury intends to propose reforms—potentially ranging from streamlining problematic rule provisions to full repeal—to mitigate the burdens of these regulations in a final report submitted to the president,” Friday’s notice said. That final report is due by Sept. 18.
The debt regulations were part of the Obama administration’s attempt to address inversions, the corporate technique of putting a headquarters’ address outside a country. The rules, under Section 385 of the tax code, made it harder for companies to engage in the practice known as earnings stripping, in which they load up the U.S. operations with debt to reduce U.S. taxes. The rules affect other companies, including firms with headquarters overseas that aren’t inverted U.S. businesses.
“The whole idea of the 385 rules were, if you’re going to do intercompany loans, you should have a real bona fide loan,” said Mark Mazur, who led the regulatory effort as the Obama Treasury Department’s top tax policy official.
And, you know what? I think Chelsea has a good point!
since when do we wait for 2 party system when we have millions of mobilized people everywhere – our options are not limited here 👭👫👬🌈🌏🌍🌎 https://t.co/5dPUk1Q9y1
— Chelsea E. Manning (@xychelsea) July 8, 2017
Please add any and all below! I hope you all have a great day!!! XO