Obama budget would fund public works program with tax on overseas profits

Washingon Post ^ | February 2 at 6:01 AM | Steven Mufson and Ed O'Keefe

[DBCJR]

President Obama will unveil a $4 trillion budget Monday, featuring an ambitious public works program, a one-time tax on foreign profits kept overseas by corporations, tax credits for middle-class Americans, and a 1.3 percent pay raise for federal employees and troops.

The massive document is a blueprint for what Obama has been calling “middle-class economics,” but congressional Republicans are likely to view it merely as the president’s opening bid in a contentious process designed to forge a tax and spending plan for the new fiscal year.

[DBCJR]

So, NOW Obama wants to do a public works program?? Where was this idea when he promised "shovel ready" jobs? Instead he paid back his cronies giving alternative energy company CEOs hundreds of millions to all go belly-up because he did not raise gas prices enough to make these alternatives economically viable.

[cripplecreek]

Talking about this on the BBC world news now.

While I’m not in favor of it, it is interesting how much money just a handful of companies are holding offshore. Obama cronies at GE are bordering on nearly a trillion dollars themselves.

[yldstrk]

I can think of a bunch of stuff I’d like to spend money on too if I could only fund it.......

[Steven Tyler]

0bama and the other women who actually run the WH are Communists. This plan is Global Communisim.

0bama has no concept of private property

[The Antiyuppie]

And then libs wonder why “unpatriotic” companies move their headquarters overseas...well, I suppose that those jobs are going also.

What happened to the idea of a “tax holiday” for companies who bring those profits back here?

[EQAndyBuzz]

Instead of raising the tax, he should just cut the corporate tax by 75% and they will voluntarily bring that money home.

[headstamp 2]

“Instead of raising the tax, he should just cut the corporate tax by 75% and they will voluntarily bring that money home.”

Yes, but then the government can’t control it. It may go into the hands of the rabble.

[Eric in the Ozarks]

“One time tax ?”
Ha.

[phormer phrog phlyer]

Can they tax overseas profits? Yes I know they can pretty .much do what they want to with impunity. These are sad times which will continue to get worse. Pray

[sten]

our annual tax revenues are $2.6 trillion yr... and now we’re going to have a $4 trillion annual budget?!

i guess we don’t care about national debt anymore

hell, they just ‘print’ whatever cash they need. why are we even paying taxes? why do they need the money from our pockets if they just print it??

[Patriot777]

Do tell! Why don’t they just run off another 100 trillion or so and go roll in it???

[tanknetter]

We dropped a few $ trillion on the “stimulus” and first couple Obama budgets.

I recall that being sold mostly as investment in infrastructure. Which I’m not opposed to investing in (smartly, of course) even if it means going into debt.

Has there ever been an accounting of where all that money went to?

[pepsionice]

You can only tax the profits overseas....if the HQ’s is based out of the US.

It would not take an idiot to create a shell headquarters in Cyprus or the Isle of Tonga, and the US HQ’s would only be over it’s US assets while the world headquarters would be on Tonga and “safe”.

These guys aren’t stupid....this is why most companies have their headquarters in states like Delaware, where they simply have a mailbox for the organization.