Posted on 07/01/2009 7:36:40 PM PDT by SeekAndFind
Sometimes what's politically irresistible is economically nonsensical, as we may soon be reminded. The Obama administration, desperate for revenue and spotting an easy target, is proposing three hefty tax increases on business. If the administration gets its way, the result will be bad news for all Americans.
The first instance of dangerously mixing politics with economics was the administration's announcement in May that it wanted to "reform our international tax laws" so that they don't "stack the deck against job creation here on our shores."
In a smooth bit of political rhetoric, the White House linked international corporations to individuals who illegally evade taxes by secretly stashing income overseas. "Today our tax code actually provides a competitive advantage to companies that invest and create jobs overseas compared to those that invest and create those same jobs in the U.S.," or so began the White House's May 4 statement. In the very next sentence, the administration segued to "our tax system is rife with opportunities to evade and avoid taxes through offshore tax havens."
The average citizen had to conclude that most big U.S. companies are tax cheats. Only a dedicated student of accounting would figure out that the term "tax haven" as defined by the Treasury Department means any country with a lower corporate tax rate than America's, which is all countries except Japan.
The reality is that the administration is lashing out against perfectly legal behavior. A U.S. company that makes money in Country X pays Country X's taxes on that money. If the company ever brings the money back to the U.S., it must also pay the additional tax that would be due under America's higher rate.
(Excerpt) Read more at money.cnn.com ...
Only idiotic communists believe regulation and taxes create jobs. Unfortunately, that is exactly what occupies the White House.
Did you see Tim Horton's is moving back to Canada (from Del.) to take advantage of the lower corporate tax rate?
Classic!!!
Hey,
survival of the fit...
i.e. the weak must die...
ie weak willed smokers..er..
not substance addicted humanitarians...
er..can live ...
er...
what?
BMFL.
Get ready for much, much more of these ‘Bad Things’. These people have control of the mechanisms of Gov’t AND the literal Checkbook. All levels of Gov’t are in serious difficulties and there are only two ways out. 1) Taxes and 2) Inflation from debased currency.
They will NEVER cut outlays as their power is almost solely derived from their ability to direct spending to their constituencies.
Take your pick. Either way most Middle Class Americans are completely screwed.
Hear Ye! Hear Ye! Hear Ye!
FReeper Convention Ticket Drawing!!
All NEW monthlies of $10 or more submitted by July 31 that include the words “FReeper Convention Ticket Drawing” in the comment section will be included in a drawing for a Freeper Convention ticket!! The winner can use the ticket for himself or give it away to another FReeper!!
Hope to see you in DC!!
45 posted on Wednesday, July 01, 2009 12:41:31 PM by Jim Robinson (Follow me on Twitter: http://twitter.com/jimrobfr)
The average citizen had to conclude that most big U.S. companies are tax cheats. Only a dedicated student of accounting would figure out that the term "tax haven" as defined by the Treasury Department means any country with a lower corporate tax rate than America's, which is all countries except Japan.Classic!!!
Check out the comments in the following thread to see how this works...
Ah, but doesn’t the government create alot of jobs? And invent things? And discover new medicines? They do, don’t they??
Just read your excellent posts in the other thread. Milton Friedman is responsible more than any other person except Ronald Reagan in forming my worldview.
Oh, and if you’ve got an opening in that Gulch that I bet you have, keep a humble Texas entrepreneur in mind, eh? I pull my weight. ;)
Bump for later
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