Obama’s Corporate Tax Raid Would Sack the Elderly

Breitbart ^ | 02/02/2015 | Peter Morici

[Rusty0604]

Posturing as champion of needed public investments and fairness, President Obama wants new taxes on the overseas earnings of American businesses. ...

The United States is virtually alone by taxing the overseas profits of its multinationals when those are repatriated. ...

Now the president wants an immediate 14 percent tax levy on those assets to raise about $500 billion and to impose a 19 percent tax on future earnings to finance infrastructure investments.

Much of the $2.1 trillion in non-repatriated corporate overseas profits is not parked in foreign bank accounts. Rather, it is already invested by firms like GE and Procter and Gamble in countries where cost considerations, trade barriers, and government-managed exchange rates require American companies to produce locally to sell in those markets.

Those investments cannot be readily liquidated to pony up $500 billion in new taxes. Instead, CEOs would siphon off cash needed for new projects here in the United States,....

Local politicians love infrastructure spending—and remember members of Congress are elected by local constituencies—because it permits them to throw big contracts to construction and engineering companies and labor unions that provide dollars and foot soldiers for their campaigns.

The “prevailing wage” provision of the Davis-Bacon Act generally requires excessively-high union wages and cumbersome work rules on federally assisted projects. ...

A pro-growth GOP congress should ... and sink Davis-Bacon. After all, organized labor now represents only about 7 percent of the private labor force, and fairness requires unionized workers not enjoy privileged access to public projects at the expense of others.

Of course the president, a good Democrat, wants none of that and by funding infrastructure by taxing corporate money allegedly “parked” abroad, it all sounds like taxing the rich for the greater good—but it’s not.

[cuban leaf]

Thanks to our Soviet style government, I’ve liquidated all “investment type” investmets. No 401k, or any others. It’s all in physical assets or cash. Every single bit of it.

At least, so far, those things are not subject to any federal tax. I’ve had it with those guys.

[I want the USA back]

Don’t be fooled by the current occupant of the Oval Office.
He wants all the money all of the time.

[GraceG]

Old people who have saved their entire lives need not worry, they will be safe and sound under government programs like medicare and Social Security.....

They will be taken “care of” once their plunder has been confiscated from their greedy hard working hands and placed intot he state, as will their “care”....

And the state will be merciful if they get really sick as they will be “humanely dealt with”.... By das state of cvourse!

[KarlInOhio]

Unless the company is selling to the US government (like Boeing) or needs the protection or "protection" of the US government (like many oil companies), I can't think of any reason why a multinational company would want to be incorporated in the US anymore. And that is not a good position for a country to be in and needs to be fixed. Instead Obama is acting like a wife beater who responds to complaints about a black eye by giving the victim a matching set.

[CedarDave]

The below quote provides the context to the title:

S&P 500 companies represent about 80 percent of publicly traded companies and earn about half their profits abroad. Imposing U.S. taxes on top of the foreign taxes they already pay will push down dividends and stock prices for companies like GE, Ford and Procter and Gamble. Those are well represented in many Americans’ retirement portfolios—and the president’s proposal would thereby impose a stealth tax on the elderly.

[Tilted Irish Kilt]

GraceG:" Old people who have saved their entire lives need not worry, they will be safe and sound under government programs like medicare and Social Security.....
They will be taken “care of” once their plunder has been confiscated from their greedy hard working hands and placed into the state, as will their “care”...."

And the ,since most medical care expense come at the end of life ,
Social Security/ MEDICARE will "CLAW BACK" bloated medical expenses from an estate left to heirs .
This Government's motto :" All your money belongs to us ! "

[Rusty0604]

And unfortunately low information voters don’t make that connection. They are told that the corporations and “rich” people that can afford to buy stocks make all those greedy profits, and fail to realize that all retirement and pension plans (labor unions included) are invested in these corporations.

[tanknetter]

Similar to the attempt to go after 529s, but easier to defend due to complexity and being a couple steps removed from the average person.

But ZERO chance of actually happening. Which means this is just another anti-capitalist/class warfare play to all those Americans (including the kneejerk Progressive Dem base) who score high on the Gruber stupidity index.

[sheana]

Same here. About 2 yrs ago. We pay the thieves way too much in taxes to take our chances elsewhere.

[Liberty Valance]

[noinfringers2]

There are many Republicans and others who also want what the Democrats want. These people stay on the fringes believing such a spot shields them from consequences.

[Excellence]

[T]he left really defines the word “rich” as “anyone with anything the government wants to take.” John F. Di Leo http://illinoisreview.typepad.com/illinoisreview/2014/12/josef-stalin-and-the-problem-of-political-opposition.html