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Fine. Lower the corporate taxes but substantially raise taxes on the top 5% of income earners and capital gains. The US military imposed global hegemony that these corporations require the thrive doesn't pay for itself.
Fine. Lower the corporate taxes but substantially raise taxes on the top 5% of income earners and capital gains. The US military imposed global hegemony that these corporations require the thrive doesn't pay for itself.
Why raise taxes when we can reduce waste and stop sending out billions in foreign aid?
BTW, when you raise taxes on capital gains you reduce investment. Less investment means less jobs and less taxes in the long run.
Yes, I know, we need to get those dang rich people.
Why raise taxes when we can reduce waste and stop sending out billions in foreign aid?
BTW, when you raise taxes on capital gains you reduce investment. Less investment means less jobs and less taxes in the long run.
Yes, I know, we need to get those dang rich people.
Following that logic why not cut taxes to zero that way we can have infinite money?
Our military spending accounts for a majority of our discretionary budget. That massive amount of money is spent for one primary purpose, and that is not the safety of the country. Those who benefit most from that spending should be prepared to pay for it. It's not about getting those dang rich people, it's bringin taxes up to pay for the true cost of running this country. Income taxes are woefully low compared to other wealthy nations, and are at the lowest rate in modern American history.
How about we raise them to the rates in the second Clinton term?
BK relocating it's HQ to Canada doesn't change it's tax liability on US-based business and it's foreign sourced income is already sheltered. The tax savings from inversion are overblown. US anti bribery laws are typically more important.
Why raise taxes when we can reduce waste and stop sending out billions in foreign aid?
BTW, when you raise taxes on capital gains you reduce investment. Less investment means less jobs and less taxes in the long run.
Yes, I know, we need to get those dang rich people.
Majority of our deficit sits with foreign aide- monies we shall never see again. Many look to those on public assistance as the culprit(s); said group makes up all of 10%.
I'm not certain how we afford government officials to continue to pull the rug from under the public.
BK relocating it's HQ to Canada doesn't change it's tax liability on US-based business and it's foreign sourced income is already sheltered. The tax savings from inversion are overblown. US anti bribery laws are typically more important.
But it does lower the overall corporate tax rate, and thats where the real money is.
I work for AT&T. We pay nearly 25% of our profits into taxes, and we are the 20th most taxed company in these United States. Wonder if we should move headquarters?
Why do you think T-Mobile and Sprint offer discounted plans? Because they can, they are owned by foreign entities.
Location: In a little house on the prairie - literally
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Quote:
Originally Posted by DCforever
BK relocating it's HQ to Canada doesn't change it's tax liability on US-based business and it's foreign sourced income is already sheltered. The tax savings from inversion are overblown. US anti bribery laws are typically more important.
I'm sure that BK and other multinationals who are domiciling in lower taxed countries have had their advisers analyze the situation extensively.
There is obviously a movement to relocate, and the floodgates will only open wider if the US does not address the issue of repatriation of foreign income and get with the program and have competitive corporate tax rates.
Fine. Lower the corporate taxes but substantially raise taxes on the top 5% of income earners and capital gains. The US military imposed global hegemony that these corporations require the thrive doesn't pay for itself.
Its amazing that you might miss the big picture here. Those earning the money will always be a step ahead in keeping more if it. There is one thing the government can do though. That is quit giving money away, which Yellen seems to be saying she is reluctant to do.
The US taxes foreign income when it is repatriated. This is about ancient tax code that did not take into consideration US corporate expansion into the rest of the world.
I believe Canada also taxes world wide income but allows foreign tax credits for income from most countries.
The US statutory rate is not the same as the effective tax rate which we all can see is about 12.6% on average, and thus reasonably competitive. This "US tax rate is the highest in the world" thing is a myth.
As far as Congress doing something........ Seems to me the longer Republicans can avoid taking action on this or anything else, the more juice they can get by blaming Obama. It's not in the political best interests of the GOP to do much of anything other than blame.
Politics as usual.
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