Posted on 02/01/2015 6:16:45 AM PST by C19fan
President Barack Obama's budget will propose an ambitious six-year, $478 billion public works program of highway, bridge and transit upgrades, half of it financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas, White House officials said.
The proposal, one of the main components of the $4 trillion spending plan for the 2016 budget year that Obama will send to Congress on Monday, attempts to tap into bipartisan support for spending on badly needed infrastructure repairs and construction.
The tax on accumulated foreign profits, to be paid once, would be set at 14 percent, significantly lower than the current top corporate rate of 35 percent.
(Excerpt) Read more at myrtlebeachonline.com ...
American companies need to do something RIGHT NOW to bring back jobs right here to America.
Step up companies, and do what is right.
We need a stimulus bill.
We need to invest in roads and bridges.
We need to invest in schools.
We need to invest in green technology.
This guy is really stuck on stupid.
This guy has a Tourette’s like condition that only allow him to say the word TAX.
dude, obama just spend $700 billion in his first term on infrastructure. That wasn’t enough!?!?!
What’s not clear to me about this greedy proposal is if the money that is accumulated overseas and newly taxed would then be “cleaned” and available to bring back to the US.
Since taxes have already been paid overseas, keeping the money offshore is stupid. The article notes that Rand Paul suggested a 6.5% rate on money which was brought in. Ideally the rate would be zero, but that’s another story.
Obama is such a sneaky, greedy guy that I wouldn’t be surprised if he’d go for a 14% “excise” tax—just for having accumulated it—and then additional taxes for repatriating cash, perhaps with credit for the 14% paid. If I were a shareholder, I’d be screaming at my company to invert and relocate overseas entirely. This is crap.
Is soetoro announcing this on groundhog day.
One time tax ?
Gimme a break.
Most of that money will go to fund mass transit, bicycle paths, and pedestrian malls.
The objective is to let the roads deteriorate to the point where cars will be restricted and more people will be forced to live in urban hellholes.
X.....cuuuse me..but wasn't that all supposed to be taken care of by his first lie about,"Shovel Ready Jobs" that he used to fleece the taxpayers out of billions? Fool me once.....!
Yea, the infrastructure was the offshore accounts for his Posse...
Chamber of Communists.
and transit upgrades,
The key addition to the “highway” fund and the one that soaks up money for the crooked city dem politicians.
Six years of talking about infrastructure repairs and construction and yet nothing has been done yeah his words have worth.
/s
bttt
...six-year, $478 billion public works program of highway, bridge and transit upgrades, half of it financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas...
I thought all of this was fixed with Porkulus. Remember that?
Stuck on stupid is right.
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