the iPhone economy : a short clip (capitalism, union, deduction, expenses)
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Um. Yes.
So what's the answer?
Oh, yeah...more taxes, right?
It is the other shoe to drop on all that. Either that or some kind of protectionist stance. The only protectionist stance I'd agree with is shooing away all the illegal aliens in the country.
Here's the thing. Corporate taxes in the United States are the 2nd highest in the industrialized world, only lower than Japan's. But Japan's system is so chummy and has such suspect bookkeeping that it's likely that American corporations pay more. So, as a result, American corporations make their money overseas and then don't bring it home--knowing the ensuing tax bit that would occur.
@cpg, corporate taxes are high but corporations don't pay the published rate. If you think corporations are paying 35% tax you are naive. There are literally hundreds of thousands of loopholes in the tax code that allow companies like GE to pay ZERO income taxes.
The 35% rate is just to show the public how our corporations are truly outstanding citizens helping out the populace of this country...please!
First off, corporations get very unfair tax breaks that individuals don't get. I, as an individual, have to pay US income tax no matter where I earn money whether I repatriate my money or not, yet corporations don't until they repatriate the funds... second, corporations are allowed to tax-deduct foreign expenses yet not pay income tax...so they can apply foreign deductions against their US income which is a HUGE loophole in the tax code and amounts to nothing more than a CORPORATE WELFARE PROGRAM. This enables companies like GE to pay 0 tax and get rich at the expense of this country. One thing I did like about Obama was that he spoke about this problem in yesterday's state of the Union but so far it has not been addressed - my guess is powerful lobbies that continue to influence Washington left and right.
There is a HUGE amount of corporate socialism in this country and that needs to end...it is especially important to end this corporate socialism now because corporations have become unusually greedy at increasing their profits and they are destroying communities to increase profits rather than providing stability...they will not hesitate to lay off 1000s just so the CEO can make a 2% higher bonus. If they have this attitude then why not close all these loopholes? WHY do we have socialism for the corporations and capitalism for individuals?
Corporations may have a right to make a profit, but just as individuals have a right to be responsible members of the community Corporations ABSOLUTELY have the right to conduct their business in such a way that they do not destroy society and communities in the process. This means responsibility in hiring and layoff practices and PAYING their fair share of taxes which they DO NOT do at this time no matter what they chant about the tax rate!
CLOSE the loopholes, subsidize local manufacturing, close ALL tax deductions for foreign expenses and jobs WILL come back! It's as simple as that.
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