Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The US godvernment will try to strongarm corporations to stay with idle threats. It won't work.
As a citizen, the US is pretty much the only developed country that taxes you for both money you make here AND money you make abroad. If you renounce your citizenship, you're taxed on capital gains as if you sold all your assets on the day you renounced citizenship, even if you intend on keeping them.
It doesn't matter to the government. the corporations they wanted to keep here, they simply acquired and are now owners through various bailout programs.
The US godvernment will try to strongarm corporations to stay with idle threats. It won't work.
As a citizen, the US is pretty much the only developed country that taxes you for both money you make here AND money you make abroad. If you renounce your citizenship, you're taxed on capital gains as if you sold all your assets on the day you renounced citizenship, even if you intend on keeping them.
The article says the tax evaders are moving to Switzerland form places like Caymans and Bermuda, not from US.
Its time to cut their taxes and give them a reason to stay in America.
These companies are not in US today, so we are not talking about staying. You can't stay if you are not here now.
Switzerland has had this policy for some time now, and it does not concern only corporations, but private citizens too. Many European have permanent addresses in SWZ for tax purposes. The Swizz figured out that even if the top earneres pay a low tax percentage, they still pay most of the taxes. It works the same in US where the top 5 richest pay 60% of taxes. Only the Swizz lowered their taxes lower than ours to attract the people with money.
The funny part is that in US, the lower income people insist we tax the rich more, while in Switzerland the lower income people are OK with taxing them less as long as they keep coming and paying for their common welfare. They figured it out, and we haven't.
Corporations have been off-shoring for years, it's time to start penalizing those that do.
Yeah, that will work.
Congress needs to cut the corporate tax rate and make the U.S. a more favorable place to do business. Until then, no one should be shocked when they take off to cheaper places.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
