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It's part of the regular tax code. Business expenses are deductible.
Moving a business is a deductible expense.
So you "move" it to China rather than another US state. Perfectly legal and no loophole at all.
And when you "move" your money back from overseas, you have to pay tax. The money that already paid that overseas, and the government wanted to tax it again. Wonder why money earned overseas stayed overseas.
...For example, current federal tax laws actually give corporations’ tax breaks for moving jobs offshore. Then there’s the investment tax cuts given corporations that move offshore that partially pay for the cost of the capital equipment they purchase when they set up operations offshore. These two ‘expensing’ and ‘investment tax credit’ loopholes for companies that ‘offshore’ jobs are difficult to estimate precisely, but together likely amount to at least another $150 billion dollars over the past decade, 2000-2009, and even more going forward for 2010-1019.
So we have $250 billion in lost jobs-based tax revenue for the past decade due to offshoring plus another $150 billion or so due to expensing and investment credit loopholes associated with the same offshoring and job loss. That’s a total of $400 billion.
And when you "move" your money back from overseas, you have to pay tax. The money that already paid that overseas, and the government wanted to tax it again. Wonder why money earned overseas stayed overseas.
The dems tried to pass legislation that would remove the deduction for shipping jobs overseas, while giving big breaks and incentives to bring jobs back, but as usual the GOP shot it down.
Last edited by TempesT68; 10-05-2012 at 11:51 AM..
Because it's not true. Obama didn't tell the entire story. It's part of the regular tax code that lets a business deduct moving expenses.
Exactly. The tax code doesn't stipulate, so whether a company moves to another city in the U.S. or to another country, it would be the same. And if Obama didn't like it, he was president for crying out loud, so he should have worked to get the law changed! He was probably too busy playing golf. So he makes up a phoney accusation and blames Romney for the tax code. Today they are also blaming Romney for Obama's divisive, racist, accent-filled speech in 2007. There are no limits to what this man will do to stay in power......that's kind of scary.
The dems tried to pass legislation that would remove the deduction for shipping jobs overseas, while giving big breaks and incentives to bring jobs back, but as usual the GOP shot it down.
Please quote the bill number so I can look it up and see what kind of other BS was included in that bill.
The dems tried to pass legislation that would remove the deduction for shipping jobs overseas, while giving big breaks and incentives to bring jobs back, but as usual the GOP shot it down.
Link.......................
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