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[President]Obama vowed in a February address to the U.S. Congress to make the tax code more fair by "finally ending the tax breaks for corporations that ship our jobs overseas."
Currently, U.S. firms are allowed to defer paying taxes on profits earned overseas if they plow those profits back into their foreign subsidiaries.
Critics say those rules encourage businesses to bolster their foreign operations instead of creating jobs at home.
"President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years. U.S. officials said that in an announcement planned for 11:05 EDT (1505 GMT), Obama will seek to follow through on a campaign promise to change the tax treatment of American firms with overseas operations." Source
Location: I currently exist only in a state of mind. one too complex for geographic location.
4,196 posts, read 5,845,143 times
Reputation: 670
it's just an excuse to expand government. he is going to hire 800 people to "enforce" the new tax laws. if people want to hide money, they will hide money. this is just going to drive more and more people and money out of the country. you know what he should have done? he should have declared tax amnesty for all corporations who have money invested overseas. you know, the $12 trillion that currently resides overseas. seems to me, if we have investors investing that $12 trillion here without huge tax penalties, we wouldn't have the idiotic stimulus bill. but that doesn't empower his agenda, so it didn't happen.
I really am glad we are not doing anything proposed by "thefinalsay'. He seems to believe corporations, crated and sanctioned by our government, should be rewarded to doing things inimical to our society and economy.
I suggest that any and all profits made by US companies from overseas investments be taxed at 150% to give them and incentive to invest at home.
Location: I currently exist only in a state of mind. one too complex for geographic location.
4,196 posts, read 5,845,143 times
Reputation: 670
no, I seem to KNOW that there is $12 trillion overseas, and it will remain overseas and barry can't get his grubby little hands on it no matter how much he expands government. you don't seem to understand a few things. if the money is overseas, the government can't touch it. the money doesn't belong to the US government. wealth does not belong to the federal government. get it through your head.
I'm also glad at this blind faith you have in the largest, greediest, and most corrupt corporation in the world. the united states federal government.
Quote:
Originally Posted by GregW
I really am glad we are not doing anything proposed by "thefinalsay'. He seems to believe corporations, crated and sanctioned by our government, should be rewarded to doing things inimical to our society and economy.
I suggest that any and all profits made by US companies from overseas investments be taxed at 150% to give them and incentive to invest at home.
I just read this. it has backfire written all over it.
I agree. When big business cranks up the lobby machine, you can bet that nothing even closely related to "ending tax breaks for corporations that ship our jobs overseas" will take place before the 2010 elections. This is another warm and fuzzy feel good moment for liberals, but issues affecting deeply entrenched big business and American tax code don't get solved overnight. I'd be surprised if this even gets more than a Honorable Mention during Obama's first four years.
I support whavever measure he can get passed on this though.
Location: I currently exist only in a state of mind. one too complex for geographic location.
4,196 posts, read 5,845,143 times
Reputation: 670
this is just lip service to the slogan shouters and the bumper sticker babies.
Quote:
Originally Posted by AeroGuyDC
I agree. When big business cranks up the lobby machine, you can bet that nothing even closely related to "ending tax breaks for corporations that ship our jobs overseas" will take place before the 2010 elections. This is another warm and fuzzy feel good moment for liberals, but issues affecting deeply entrenched big business and American tax code don't get solved overnight. I'd be surprised if this even gets more than a Honorable Mention during Obama's first four years.
I support whavever measure he can get passed on this though.
I trust the government of the United States far more than any corporation. I have dealt with "for profit" corporations and they have tried to cheat everyone except their executives.
"finally ending the tax breaks for corporations that ship our jobs overseas." - Today's Press Conf.
I got as far as the this and found a misunderstanding. They are your your jobs, they belong to the employer, not you.
Quote:
Originally Posted by walidm
This will be interesting.....
Yes it will be, since employers are now not only being taxed out, unionization by intimidation is next. They can (and will) just move out and take their jobs with them.
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