Posted on 05/04/2009 10:07:48 AM PDT by keep your powder dry
May 4 (Bloomberg) -- President Barack Obama proposed to raise about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques used by U.S. companies such as Caterpillar Inc. and Procter & Gamble Co. He also would make it riskier for Americans to stash money in tax-haven banks.
The tax system is “full of corporate loopholes,” Obama said at the White House today, as he outlined the plan along with Treasury Secretary Timothy Geithner. The tax proposals, which will be part of a detailed budget the administration releases later this week, would raise a total of about $210 billion over the next decade.
(Excerpt) Read more at news.yahoo.com ...
dont know, but this one was yahoo... a loophole if you will...
Your master Obama and his socialism is working great (extreme sarcasm).
Exacatly, these tax laws were written by law makers, and if they are doing it by the books, what crime are they doing? Obama should look at his cabinet, and tweek that up a bit more.
They'll see the "$190B" coming in from these corporations, but the neosocialists won't see that it's really a tax on those of us with pets, shaving needs, noses and bottoms that use paper products, skin care needs, laundry, dishes, and cravings for potato chips that stack neatly. The really sad part of this tax is that the neosocialists in government and neosocialist voters see it as free money, so they don't care if it's spent wastefully. Government waste comes from the idea that the other guy pays for it, but the fact is that we can't "tax the rich". All taxes fall on the average guy.
Neither one of these companies get any particular benefit from being US companies with some foreign offices and employees rather than foreign companies with some US companies and employees. It would be pretty easy for them and many other multinational companies to pull up stakes and have board meetings in Zurich.
One former advantage of being a US company was the rule of law where the government couldn't legally just pick your company out from the crowd and drive it out of business if it didn't comply with some extra-legal whims of government officials. That is no longer true (look at Oppenheimer's refusal to be a patsy for the UAW in Chrysler's bankruptcy).
Loophole = freedom that accidentally survived legislative attempts to kill it.
Clinton loved talking about loopholes for some reason. Perhaps because they matched the zipper on his trousers.
But WHY THE HELL AREN’T ALL THE PUBBIES SCREAMING FROM THE HOUSE TOPS THAT “CORPORATIONS AND BUSINESSES DO NOT PAY TAXES, THEY COLLECT THEM FROM THEIR CUSTOMERS, SHAREHOLDERS OR EMPLOYEES AND REMIT THEM TO (FANFARE HERE) THE GOVERNMENT!!!!”
Becuase the current batch of republicans or GOP (Geezers Of Politics) have no spine and wouldn’t know how to use one if they had one. Hello, fella, the rules of the game has changed and you are clearly not on the same page of the playbook. They are letting the bloodletting happen because they think that when hell comes THEN they can step up and take over. They need to be complete and utter pains in the rears of the left at every step we take toward hell.
Obama is coming for the turnip. U.S. based multi-nationals will close the U.S. part of the business and operate as foreign companies. That breaks the access for the IRS to try to tax the profits made in a foreign country. It also kills revenue to the IRS from the part of the company that ceases to exist on U.S. soil. As always, be careful what you wish for...you might get it.
Ogabe needs someway to pay close to a trillion dollars for just the INTEREST on our debt in the next decade.
Where did I give obama credit? The worlds economy is greater than any polictician's actions. Things are slowly improving in spite of obama.
Copper and zinc prices are way up because demand (use) is improving-that means companies and people are startingto buy things again. Same with aluminum. Alcoa is way up because demand is up. People are starting to buy things again.
Home sales have increased 2 months in a row. A real estate broker on this site who resides in Florida said people are starting to buy again and they are buying houses greater than the asking price (on forclosed homes) that means a bottom has been set. The dow is going up because wall street is looking ahead. Not behind.
Conservatives need to beat this one to death: Corporations don't pay taxes, they pass them along to me and you in the form of higher prices.
The best way to close all corporate tax loopholes is to end all corporate taxation. That results in lower prices to consumers, which results in more consumption. More consumption = more jobs.
You do not belong on this forum. You are a socialist and a left wing liberal. Go back to DU and DailyKos.
Obama and Karl Marx are your masters. Go and worship them.
Particularily Caterpillar would be better off moving their HQ to Geneva, Switzerland. Probably 60% of their profits
come from overseas. They already have a big overseas sub in Switzerland which ownes all the other foreign operations.
Roger that.
When you’re going through hell (and those of us with brains are) — keep going!
The current crop of pubbies don’t get that.
Not sure about his buddies getting protected from tax increases, but not to worry....they'll make a killing collecting TARP money and speculating on Cap and Trade.
“....and it came to pass, in those days, that there went a degree by Caesar Augustus that all the world should be taxed”.
No, I noticed kabars remarks on another thread dealing with the same subject matter. Yes I agree with his reply. I won't post to you anymore.
One last thing. Take a good economics course and read some unbiased financial journals why the market is going up.
Hint: it's not because of what obama is doing.
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