Posted on 02/01/2015 12:20:37 PM PST by Olog-hai
President Barack Obama’s budget will propose an ambitious six-year, $478 billion public works program of highway, bridge and transit upgrades, half of it financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas, White House officials said.
The proposal, one of the main components of the $4 trillion spending plan for the 2016 budget year that Obama will send to Congress on Monday, attempts to tap into bipartisan support for spending on badly needed infrastructure repairs and construction.
The tax on accumulated foreign profits would be set at 14 percent and due immediately. Under current law, those profits only face federal taxes if they are returned, or repatriated, to the U.S. where they face a top rate of 35 percent. Many companies avoid U.S. taxes on those earnings by simply leaving them overseas.
The foreign earnings tax would be part of a broader administration plan to overhaul corporate taxes by ending certain tax breaks and lowering rates, a challenging task that Obama and Republican congressional leaders insist they are poised to tackle this year. …
(Excerpt) Read more at hosted.ap.org ...
What happened to the $600 billion stimulus that was supposed to take care of all that and create shovel ready jobs? Hmmmmm!
If I’m a CEO of a multinational and this a-wipe decides to retroactively raid me, I tell him, come and get me. My HQ is in Beijing. Y’all bring guns, now, k?
Many socialist / fascist countries raid banks and businesses in their own borders.
This proposal is unique for trying to seize assets in OTHER countries.
“President Barack Obama’s budget will propose an ambitious six-year, $478 billion public works program”
Another “5 year plan” for the communist.
Fat chance.
If the program doesn’t go through, the Dems will claim the Pubs cut public works by $478 billion...
“...half of it financed with a one-time mandatory tax...”
“One time.” Yeah, sure. I’d buy THAT for a dollar!
It seems to me that in terms of every day language the matter all boils down to someone’s/political choice of taxpayers funding. During the last 6 years there have been many, many people coming and going who have been taking in and using these monies.
If this happens, then watch many companies move overseas.
There go the jobs!
Ain't gonna happen . . . you're suggesting that the Gibmedats work for their stuff . . .
Got to keep local governments and their legions of Government workers, unions and community organizing programs, solvent. Only the Federal Government has the ability to print money and tax globally. State and local governments would be a lot less “progressive” with Uncle Sam’s help.
They are the Democrat foot-soldiers.
Government increased spending for long term policy based on private sector profits which may or may not be ever realized. I'm glad Obama knows how profits are made, who will be making them, how much they will be, and how long they will last.
Has anyone told him that the 95% of his government under his rule is spending 99% of their time eliminating those profits he plans on spending?
That big-eared laughing hyena wants the US companies to go John Galt.
More “shovel-ready jobs” bait & switch.
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