Posted on 10/06/2015 9:18:54 PM PDT by TigerClaws
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.
The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list of biggest American companies by gross revenue operate tax haven subsidiaries in countries like Bermuda, Ireland, Luxembourg and the Netherlands.
Citizens for Tax Justice and the U.S. Public Interest Research Group Education Fund used the companies' own financial filings with the Securities and Exchange Commission to reach their conclusions.
(Excerpt) Read more at reuters.com ...
Have a 6 month 10% capital gains/corporate tax rate to allow anyone to bring money back into the US.
So what? If they’ve paid the taxes in the countries they earned that money in, and haven’t used fraud to under/overpay for goods from America to make that profit, what’s the beef? That they don’t want to be double taxed for merely moving that money back to the US?
They earned it. Why should they pay extortion to the .gov mafia simply for existing?
Trump’s proposal is a one-time 10% tax to bring the money back here into the U.S.
I posted the article to show the dollar amount.
the US is the ONLY country that believes you owe taxes even when you’re not working in the US.
Not quite true—if I remember correctly, there’s one other country that thinks that. I think it’s Eritrea.
Why pay 10% if they can leave the money overseas and pay nothing?
Exactly.
We need to eliminate income taxes entirely, at both the individual and corporate levels...or, at least, at one of those levels. The current system is ridiculous.
America needs to be about America once again.
Our biggest companies have sold us out.
Bring that money back to the states. And hire Americans once again.
I imagine if the corporations brought that money back then it'd go for dividends, stock buy-backs, and acquiring other companies which would lead to lay-offs rather than job expansions.
What we need is a Five Year Plan.
What we need is to stop playing word games, and to finally get an American president who will start rebuilding our own country once again.
Bring it home.
Just saying, right?
Right.
You and I pretty much represent the two positions.
You’re darned right. I am all for bringing that money back to the states, and rebuilding America.
You’re all for this offshoring. So, right.
Our biggest companies have sold us out.
Bring that money back to the states. And hire Americans once again.
America needs to reduce taxes and regulations on businesses.
Businesses are trying to remain profitable and viable. That is difficult when America has excessively high corporate taxes and oppressive regulation.
No they have abandoned the country they belong in.
Other countries have contributed to the mess, but our own companies are FAR too invested in “globalism”.
Bring American companies back, to America.
Trump gets this. He’s the only person in either party, who gets this. It is why he is winning.
Very simple. Americans support this strongly.
Citizens for Tax Justice -- my ass -- and the U.S. Public Interest -- my ass -- Research Group Education Fund -- my ass.
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