Bill may add taxes on imports

Home Textiles Today ^ | 06/07/2007

[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.

[Ultra Sonic 007]

Ping of interest.

[cripplecreek]

It’s a start.

[Barney Gumble]

Perhaps we could cut the corporate income tax. At 39% we have the 2nd highest in the world.

[Don Corleone]

Smoot-Hawley....Hoot Smally???

[pissant]

Put the vice to the negotiators balls.

[cripplecreek]

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.

[AZLiberty]

Yes, Smoot-Hawley redux. One step closer to the next Great Depression. The tax increases coming in 2010 (if the Traitor Party wins) will push us over the cliff.

[familyop]

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.

[TxCopper]

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.

[stefanbatory]

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...:)

[Ultra Sonic 007]

Yep. Hunter's a cosponsor of the FairTax act.

Here he is at a recent FairTax Rally.

[edcoil]

Taxes on imports I would think already are covered in the Constitution under tariff’s. Can’t you just use existing laws?

[Ultra Sonic 007]

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.

[Toddsterpatriot]

That is one of many rates.

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 Board of Directors

---

ITEP is governed by a group of leaders from academia, labor, and the policy community (affiliations used only for identification purposes):

President: Richard Pomp
University of Connecticut Law School

Vice-President: Robert Kuttner
The American Prospect

Howard Chernick
Hunter College

Henry Coleman
Rutgers University

Iris Lav
Center on Budget and Policy Priorities

Marie Monrad

Robert Reich
Brandeis University

Jean Ross
California Budget Project

Dianne Stewart
Center for Public Policy Priorities

Dean Tipps
Service Employees International Union

No studies from EPI or CPUSA available?

[Paperdoll]

Another globalist heard from.

[Paperdoll]

CPUSA probably advised signing those agreements. What more do you need, Toddler?

[TxCopper]

Corporate income tax rates for 2007 range from 15% - 39%. The rates are a little screwy because it is a progressive tax based on taxable income, but when the amount goes from 335,000 to 10,000,000 the rate actually falls to 34, then at 10,000,000 to 15,000,000 it climbs to 35%. At 15,000,000 to 18,333,333 it is taxed at 38% and then it falls again back to 35%.

I didn't say that high rates were ok. They are not. If rates were lower, we would have more receipts. I just made the point that 1 in 6 of the 250 largest corporations paid no federal income tax during those years.

[Toddsterpatriot]

I didn't say that high rates were ok. They are not. If rates were lower, we would have more receipts.

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.

[Toddsterpatriot]

CPUSA probably advised signing those agreements.

I think they were on the same page as you.

What more do you need, Toddler?

How about some facts, sweetie?