Posted on 09/15/2014 8:50:57 AM PDT by SeekAndFind
The Tax Foundation has launched a new statistical benchmark that ranks the 34 most industrialized countries in the world according to 40 different tax criteria.
The low US ranking helps explain why inversions are becoming so popular - something that enrages President Obama and the Democrats who see all that tax money leaving the country for sunnier climes.
The Tax Foundation benchmark compares developed economies with large and expensive governments, but the U.S. would do even worse if it were measured against the world's roughly 190 countries. The accounting firm KPMG maintains a corporate tax table that includes more than 130 countries and only one has a higher overall corporate tax rate than the U.S. The United Arab Emirates' 55% rate is an exception, however, because it usually applies only to foreign oil companies.
The new ranking is especially timely coming amid the campaign led by Messrs. Obama and Schumer to punish companies that move their legal domicile overseas to be able to reinvest future profits in the U.S. without paying the punitive American tax rate. If they succeed, the U.S. could fall to dead last on next year's ranking. Now there's a second-term legacy project for the President.
The new index also suggests taxation is a greater burden on business in the U.S. than in countries that American liberals have long praised as models of enlightened big government. Finland, Germany, Norway and Sweden, with their large social safety nets, all finish in the top 20 on the new ranking. The United Kingdom manages to fund socialized medicine while finishing 11 spots ahead of the U.S.
(Excerpt) Read more at americanthinker.com ...
Money isn’t stupid!
We’re almost Number #1 again in something. We need to try harder.
(sarcasm)
Consider also that Spain and Italy are so inefficient that tax evasion is a national pass time. That vaults the U.S.A. to the worst spot easily.
The main difference is Spain and Italy DO NOT go after income earned by their citizens overseas, the USA DOES.
Greedy, fatherless, parasitic, socialist criminals can't stand to see their victims escape and keep their own money.
There is a way to very quickly reverse most of this “tax inversion” process. Just lower and more nearly equalize the tax rates on corporations, to just below what any other major developed industrial nation in the world now collects, and just WATCH the revenue come rushing in.
To reverse the last bit of this “tax inversion” flight of capital, reduce or abolish altogether most of the regulations now on the books whose primary function is to restrain trade or lay an excessive burden on the operation of manufacturing or financial aspects of the business, either as a sole proprietor or as a corporation.
You sell out then you shell out sounds good enough for me. Corporations control the main media outlets which except for Fox news are nothing but lib suck holes. Rich Gentry libs seem to run the world. One reason for that is because rich Republicans(note I did not say rich conservatives) are feckless duplicitous, short sighted, greedy and treacherous and just to darn ready to work with the aforementioned gentry libs’s “to get things done”. Secure the border and show you are interested about controling governement and then invest in a media that is fair to us and I might start careing about corporate problems.
And neither are entrepreneurs!
“Consider also that Spain and Italy are so inefficient that tax evasion is a national pass time.”
It is also not a criminal offence. It is a civil issue.
The Italians and Spaniards may be great at design, cuisine and the arts, but they are notoriously poor record keepers. Their tax people are not going to get very far with an audit for that reason.
This served the Italians well during World War II when they pretended to be cooperative with the authorities in rounding up Jews but just didn't have the data to prove who was and who wasn't. The happy result of this was that Italian Jews had the highest survival rate in Nazi Europe save only for the Nordic Countries where the authorities left an intentionality light footprint on the theory that the Nordic race would eventually see things their way.
That's the way it should be. Also the reasons in my post #11.
Because everyone is supposed to just stand there and take their kr@p, right?
.
But that will never happen because politicians LIKE the system that allows them to receive bribes from their politically connected corporations.
If we had FairTax instead of the income tax, our economy would be so strong that DJIA 20,000+ right now would actually be reachable.
Just so, Ray!
Add to the US$1 TRILLION per year cost of the IRS to our economy the US$1 TRILLION per year cost of the underground economy to our economy (BOTH of which disappear under FairTax), and you have a net US$2 TRILLION per year gain!
AND, that is BEFORE the many other economic benefits of the FairTax come into play.
All we have to do is replace the income tax with the FairTax and abolish the IRS!
We need to get this done, FReepers!
The FairTax does exactly what you are suggesting!
In fact, FairTax ELIMINATES ALL corporate income taxes!
That is right: under FairTax, corporate income tax rate = ZERO!
Onerous government egulations naturally follow corporate income taxes into the dustbin of history.
For more information, see http://www.fairtax.org.
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