The problem with socialism is that you eventually run out of other people's money.

[artillery77]

Originally Posted by HeartWantsWhatItWants

Many of our large corporations are sitting on hundreds of billions of dollars of untaxed income abroad.

Many corporations have hundreds of billions of dollars of untaxed income abroad huh? That's....difficult to believe. I think what you're looking for is that companies pay taxes in the countries they sell to, but expatriate funds to zero tax rate shelters if the funds are surplus, and they want to avoid bringing the money into a taxable country...such as the US. Hence avoiding the double taxation alluded to in the next point.

If that's the case, I'll go first. I'll take Apple. Apples has over a hundred billion dollars in foreign income it hasn't taxed. Who's next?.....oh, that's it? Ok, just making sure we've got the phrase "many" characterized correctly.

Originally Posted by HeartWantsWhatItWants

At the same time Americans are double taxed on foreign income.

Correct. American citizens that earn money overseas are still subject to US income tax. So if you are on the border and earn some money in Canada, you will need to pay tax to Canada. When you then pay your US tax, you will need to claim income made to Canada...but also receive a foreign tax credit to reduce your taxes you've already paid to AVOID double taxing the person, but still make sure that taxes are paid on income for people living in this country. (i.e. if Canada makes their income tax rate just 5%, you will still pay the regular US rate - the Canada rate).

and that's the problem with socialist threads. Lots of mischaracterized problems

[Fifty Percent Off]

Starts with failing to define socialism adequately in the first place, then goes further and further afield from there.

[HeartWantsWhatItWants]

Originally Posted by artillery77

Many corporations have hundreds of billions of dollars of untaxed income abroad huh? That's....difficult to believe. I think what you're looking for is that companies pay taxes in the countries they sell to, but expatriate funds to zero tax rate shelters if the funds are surplus, and they want to avoid bringing the money into a taxable country...such as the US. Hence avoiding the double taxation alluded to in the next point.

If that's the case, I'll go first. I'll take Apple. Apples has over a hundred billion dollars in foreign income it hasn't taxed. Who's next?.....oh, that's it? Ok, just making sure we've got the phrase "many" characterized correctly.

Correct. American citizens that earn money overseas are still subject to US income tax. So if you are on the border and earn some money in Canada, you will need to pay tax to Canada. When you then pay your US tax, you will need to claim income made to Canada...but also receive a foreign tax credit to reduce your taxes you've already paid to AVOID double taxing the person, but still make sure that taxes are paid on income for people living in this country. (i.e. if Canada makes their income tax rate just 5%, you will still pay the regular US rate - the Canada rate).

and that's the problem with socialist threads. Lots of mischaracterized problems

hahahahah hey look - you can try to make it all SOUND legit and even worse, morally right but we all know the truth about how laws are written and exploited by the corporations and their rent-a-senators. When the laws become so complicated that only a select few with money can understand them and use them to their advantage - you got to come up with something to say to make it all sound proper.

Here is a nice one pager for you - it is from the new tax bill that was passed in the middle of the night, without any public debate about the changes.. Take a (wild) guess what it says. This was posted on Facebook by Bernie Sanders.

But hey, I am sure it 2-3 years we will here again with you telling me that the laws are all made for the people and that they do not favor corporations and conglomerates and the rich. I just wonder why, if that is the case, they have to be passed in the middle of the night, without debate, with additions scribbled by hand.