Posted on 08/13/2014 1:41:38 PM PDT by upchuck
upchuck --
What Walgreens did last week was a big deal.
The pharmacy giant publicly decided to do the right thing by refusing to exploit a tax loophole.
The loophole -- called a tax inversion -- is when a company in the United States purchases a foreign company, and then claims residency in that country for tax purposes. It's something that could cost our country $20 billion over the next 10 years.
Right now, dozens of American businesses across the country are weighing this decision.
To a lot of us, this issue is pretty clear cut: President Obama said it's a question of "economic patriotism."
The companies that take advantage of tax inversions don't have to move their headquarters or CEO. They can continue to enjoy all the benefits of operating in our country while drastically cutting how much they contribute in taxes.
That means when they "leave," you and I get stuck with paying an even bigger share of the bills for things our country needs, like funding for our roads and bridges.
That's why it's so heartening to see a company as big as Walgreens reject tax inversions.
The more Americans who stand up and make their voices heard, the more that other companies will choose to do the right thing.
Thanks,
Nico Probst, Director of Special Projects, Organizing for Action
What Walgreens did last week was likely avoid scrutiny and hassle from the IRS.
What Obama did last month was a bigger deal.
______________________________________
Obama is costing us twice that in taxes and more for his illegal aliens..
How much of the budget is roads and bridges and how much is foreign aid, energy boondoggles, bloated bureaucracies, welfare and food stamp fraud?
What Obama did last month was a bigger deal.
______________________________________
Oh that’s called “invasion”
Walgreen’s was already on my “do not shop” list for other political reasons.
Switzerland for something like 1,000 has had banking secrecy:
The IRS went to them, “Give us all the names of American account holder —we’ll sue the cr*p out of you if you don’t, and if you win we’ll simply tax EVERY trade you make using a US securities company...”
Eventually the Swiss complied and now *every foreign bank* sees American account holders as violently-couging, infectious Ebola victims dancing around their lobbies, throwing blood everywhere:
Having an American account holder means the very strong possibility that US gummint goons is going to come, demanding a time-consuming BLIZZARD of paperwork.
Remember Tina Turner?
If we didn’t have this emerging US Berlin Wall SHE WOULD STILL BE AN AMERICAN.
Barak’s IRS PUSHED TINA INTO A GARBAGE BIN OF YODELING AND FONDUE.
He wants YOU to be next.
They still pay US taxes on US profits. That doesn't change.
They don't get double taxed on foreign profits.
Remember the original Facebook entrepreneur, the Latino Harvard guy who got screwed over by Zuckerberg..?
WHY was he not content to remain an American?
Same deal —we used to be free and rich ravenously pursued by all banks.
Now?
Having an American passport means every financial institution sees you as dangerously infectious —much easier to not deal with you and your INSANE, MONEY-ADDICTED, THUGGISH GUMMINT.
It was just easier to STOP being an American —and more and more people against their own will are choosing to do exactly that.
THAT AND ALL THE SURVEILLANCE SHOULD TELL YOU SOMETHING.
I’ll repeat what I’ve said here before. This invasion of financial privacy, done ostensibly in the interest of fairness (everyone has to pay their fair tax share), is a major example of financial repression. If you’re an American, your capital is trapped in this country. It’s stealth capital controls.
Some might say, “Oh, no, just file your paperwork.” To which I say, first, you shouldn’t have to, and second, the paperwork itself is reputed to be so confusing and rife with outsized penalties for minor mistakes, that it’s essentially impossible. Third, as you’ve noted, Americans are now financial pariahs. Everyone is happy to take their money as tourists, but hardly any one will let them open any kind of financial account. The American, and any institution doing business with him, are presumed to be financial criminals.
I remember when we England was on the receiving end of tax inversion. With the highest rates in the developed world, we are punishing our “corporate patriots”.
They still pay US taxes on US profits. That doesn’t change.
They don’t get double taxed on foreign profits.
- - - - - -
BTTT
What ever happened to obama’s often repeated, phony campaign line, “we are going to grow the economy from the middle class out”? True to form, his actions/ policies are doing the exact OPPOSITE of what he claimed. The middle class is being eviscerated by his policies and regulations. Idiot Republicans should be shouting this truthful message every day the sun rises.
Don't you love the quaint, old-fashioned "notion" that there's a finite tax tab that everyone "splits up"?
People that write stuff like this are just signalling that they have a double-digit IQ, like Present Obama.
You only "get stuck" if you're stupid.
The IRS' computer software is broken, and they can't read and understand their own 1040 documentation.
Oh, like 2Bn a year is a big deal.. What a load of crap!!
It's the oddest thing. When you talk to people about the IRS and its incompetence, they act like YOU'RE the criminal.
"Surely the IRS can't be wrong?"
The record is replete with instances of their incompetence, but people seem to ignore this, and have some sort of weird blind faith that REALLY they're "right".
Wonder if this is some sort of syndrome, like Stockholm sundrome? I'll have to examine the literature for it.
Yep, $2 billion per year.
The federal government spends $2 billion in five hours.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.