Posted on 08/21/2014 5:10:22 AM PDT by W.
President Obama doesn't have the authority to simply stop the companies he calls “corporate deserters” from taking up legal residency in low-tax countries.
The Obama administration began examining its ability to take executive action to address corporate inversions without Congress because it lacks the support of Republicans.
"Unless the U.S. corporate tax rate is reduced to 10 percent or less," Harvey told the Examiner, "it will still be beneficial for U.S. [multinational corporations] to invert."
(Excerpt) Read more at washingtonexaminer.com ...
Maybe Obammy will trade 5 taliban for one Medtronic.
Look and learn, people. This is the model they will use with Obamacare when physicians and surgeons start saying “Screw this! I’m going somewhere I can get paid decently for my skills.”
You think Uncle Sugar is going to let all that talent out of the country? Oh no! They’ll start by saying that if you were trained in the US and are a US citizen it’s your patriotic duty to stay and treat illegals and welfare bums for pennies to the dollar on what you could be making — and if that doesn’t work, WHAP here comes a tax lien exceeding $50,000 so no passport for YOU.
You heard it here first.
‘Corporate deserters’ Lackoff at work. LIV really get worked up when Progressives throw out the words ‘fair share, too.
The facts about ‘inversion’ are not being discussed. Should the US be the only country to lay claim to all profits by taxation?
I agree. I’ve been saying for the last couple of years that neither Obamacare nor the longer-term plan of single-payer will work unless the government will be able to coerce doctors into participating, making them agents of the state whether they want to be or not.
How about simply lowering US corporate taxes? Ideally, the law would simply let us match the lowest in the world.
People don’t seem to grasp the simple math. Corporations do not pay taxes. Their customers pay taxes imposed on the corporations. Selling price = Expenses + Profit. Taxes are an expense.
Taxes here make the selling price too high in other countries, thus reducing foreign money brought into the US. (Exactly the opposite effect the government needs.)
I’m sorry. For that you need to fill out a fill-in-the-blank less form 187 (b), in triplicate.
Don’t forget to make copies in accordance with the paperwork reduction act of 1980, as revised in 1995.
Electronic filing is now permitted, provided all data is archived off site and never destroyed nor encrypted, unless you have filled out an IRS agent exemption, Government Official Total Absolution form number 7734, (the GO TA 7734 form, more popularly known as the ‘The dog ate my homework” form)...
The border fence will be built.
Not to keep invaders out, but to keep tax slaves in.
...or spend less, and all taxing distortions will automatically be reduced in magnitude and importance.
People forget that after the Reagan tax cuts, the US had the lowest taxes in the developed world (excepting perhaps Hong Kong). The US was doing great economically, and often pointed to how its lighter burden of taxation was part of the reason. Other countries copied those lower corporate tax rates.
A generation passed, the US government grew at both Federal and State levels, and it developed old-style European levels of corporate taxation, while Europe stayed with the U.S. inspired moderate corporate rates. Ironic.
Anyway, that's the way I remember it.
As a postscript, note two things: first, quoted rates for US corporations are actually on the low side, because they don't include the average state tax rate, and because they don't give any credit for fees that would be assessed on repatriated cash. Second, I'm not saying that the Europeans have the burden of lower government--they screw their citizens in a lot of high tax ways, from personal income tax rates to the VAT to (in France) a wealth tax. But, at least they aren't tax-crippling their businesses.
1. Eliminate ALL corporate tax.
1a. Eliminate ALL depletion allowances and depreciation allowances.
2. Eliminate ALL current IRS regulations.
3. Set the individual tax rate at 10% regardless of income.
3a. Perquisites at taxed at 10% of cost.
3b. Withhold at the rate of 11%, to get a refund you have to file taxes, but there is no legal imperative to file.
4. Tax ALL money coming into the country at 0% (yes, ZERO%).
5. Tax ALL money leaving the country at 10%.
Source here
I truly thought Cali would be the first to forbid corporate exodus through legislation. They either slipped up or blinked.
How’s those IRS crimes going?
——How about simply lowering US corporate taxes? ——
For the secular progressives, that thought is untenable.
To do so would infuriate the unions, that is the Anti Business unions dependant on hate for their existence. To do so would infuriate the anarchist left that thrives on hating big business. To do so would infuriate the black subcultures thet thrive on hating the big business companies that have taken their jobs and doomed them to life in the hood.
In short, so long as there is secular progressive political control, there will be no reduction in the business tax or onerous regulation. The use of a global presence to thwart regulatory control is a shot across the bow.
In my view, the tax is the whipping boy. It is the onerous regulation that is the problem.
They need the money to pay for the socialism; it is that simple. Without it, our permanent unassimilated underclass would rise up as they did in France and Russia; rather than have them starve, we kill them with diabetes and obesity.
That would be a fine point to hit the ‘tax fans’ with, the very fact of consumers being the ultimate payers of all taxes no matter the guise as to how they are confiscated from the producers...
These greedy socialist won’t be happy until the makers in this country go Galt.Or worse.
Certainly they don’t grasp that here in Pennsylvania, where it appears we are about to elect Tom Wolf as Governor on promises to make those EEEEEVIL corporations pay-up and “fully fund” our public schools.
We need a rewrite of Hotel California to that effect. You can always enter, but you can never leave.
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