Skip to comments.Bill may add taxes on imports
Posted on 06/07/2007 3:16:22 PM PDT by Ultra Sonic 007
Washington -- A bipartisan quartet of Congressmen today introduced legislation that would levy a border tax on imported goods unless the U.S. Trade Representative negotiates with other countries to end their border taxes on U.S. exports as well as tax rebates to their own manufacturers.
The Border Tax Equity Act was sponsored by Rep. Bill Pascrell (D-NJ), Rep. Duncan Hunter (R-CA), Rep. Mike Michaud (D-ME) and Rep. Walter Jones (R-NC). The sponsors argue U.S. producers and services providers face a $379 billion trade disadvantage due to foreign border-adjusted taxes on U.S. goods, as well as value-added taxes (VAT).
Further, proponents of the bill note that while World Trade Organization rules do not allow the United States to rebate the corporate taxes its exporters pay, the majority of U.S. trading partners still do so under an exemption in the WTO rules. Under the proposed legislation, if the US Trade Representative fails to negotiate a remedy by an as-yet unspecified date, the federal government will issue rebates to U.S. exporters equal to the amount of taxes they've paid on their goods to an importing nation. It will also levy new taxes on goods being imported into the United States.
"I strongly support fair trade, but it needs to be on a level playing field," said Jones. "Differential treatment of direct and indirect taxes under international trade rules puts U.S. producers at a profound disadvantage."
The action is being supported by the American Manufacturing Trade Action Coalition, the AFL-CIO and the United States Business and Industry Council.
Ping of interest.
It’s a start.
Perhaps we could cut the corporate income tax. At 39% we have the 2nd highest in the world.
Put the vice to the negotiators balls.
I don’t know about the others but Duncan Hunter wants to get rid of the tax on manufacturing all together. As I understand it, it’s the tax on all parts in process or in stock.
Duncan Hunter is good for real American businesses—those who are actually willing to work and build products. We’ve had enough of the lazies, who preside over work that doesn’t happen here and enrich antagonistic foreign competition against our nation.
That is one of many rates. 1 in 6 of the 250 corporations paid NO tax from 1996-1998. Those dates come from a study done by the Institute on Taxation and Economic Policy.
Has Duncan Hunter signed on to HR 25 (The Fair Tax)? Also, this has shades of something I read in a Tom Clancy novel once. I believe it was called the Trade Reform Act. In the book, it allowed our country to mirror the tariffs and inspections practices of the country with whom we were trading. It also allowed the government to apply the law selectively. I think such a law would be nice...:)
Here he is at a recent FairTax Rally.
I think it has to do with existing trade laws that forbid us from doing the same thing to countries under the agreement.
They can slap tariffs on us, but under the current trade agreements, we can’t do the same...nor can we rebate taxes like they can for their own exporters, or we become penalized.
It’s stupid, I know.
What are the other rates?
1 in 6 of the 250 corporations paid NO tax from 1996-1998.
So what is your point? High rates are okay because a corporation with no income paid no taxes? LOL!
Those dates come from a study done by the Institute on Taxation and Economic Policy.
ITEP is governed by a group of leaders from academia, labor, and the policy community (affiliations used only for identification purposes):
President: Richard Pomp
Vice-President: Robert Kuttner
No studies from EPI or CPUSA available?
Another globalist heard from.
CPUSA probably advised signing those agreements. What more do you need, Toddler?
And more corporations.
I just made the point that 1 in 6 of the 250 largest corporations paid no federal income tax during those years.
Your original claim didn't say 250 largest.
I think they were on the same page as you.
What more do you need, Toddler?
How about some facts, sweetie?
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