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 ...
Ex post facto?
Building an electronic, IRS-enforced, American financial BERLIN WALL..!
Didn’t Lord Foul already fix everything with his shovels full of B.S. ready jobs years ago? Is he saying that in the last six years of his stewardship the countries infrastructure has gone to hell?
This is unpossible. What was the trillion dollar stimulus for???
six-year, $478 billion public works program
Someone tell Obama he has less than 2 years ,then out on his ears
14 percent on accumulated profits is outrageous, because these companies may no longer have the cash. They may have invested it overseas, because the US business environment is so heavily taxed and regulated.
As an investor, I’d urge the companies I hold shares in to get out of here. Obama’s fostering fascist behavior... where the government sucks all the juice out of the ostensibly privately owned enterprises, and directs their activities thruough law and regulation.
He just can’t stand the thought of anybody making a profit unless he gets his “fair share”.
Holy crap yes! How safe should our 401k plans feel after this?
This would make the dollar even stronger, meaning the companies that repatriate their money will be even worth less than the previous 12 years or so. A bill for repatriation of U.S. Dollars might pass the congress, but companies will not do it if the economics don’t pencil out.
Nonsense. Nothing this idiot says is to be believed...
How does he have billions at his disposal to give to Qatar to bail a TRAITOR.... where is that in the budget? Where is the billions for the “ebola army”? If the repubs go for this they are DUPES... Where does the gas tax go...and dont tell me it all goes to roads....
LETS TAKE DOLLAR FOR DOLLAR OUT OF EBT / SNAP AND OBAMAPHONES AND GIVE THOSE PEOPLE A JOB FIXING ROADS.... ALTHOUGH MOST ARE PROBABLY ONLY CAPABLE OF HOLDING A STOP SIGN AND THEY WOUDL PROBABLY F THAT UP TOO.
Just another tax on business that they will, in turn, pass on to consumers through higher prices for goods and services. I think Ozero should tax unions and use that money for roads and bridges.
Where’s the “bring back jobs now, just sayin’” guy?
I’m not sure it would make the dollar stronger... What’s amazing to me is that most tax amounts are calculated over ten years. This is touted as a “one-off” charge... maybe it would be pro-rated over ten years, and that wasn’t made clear, but if it were all at once, it would certainly distort all sorts of things.
If the Constitution is to be believed, let alone followed, this proposal should be DOA...if it raises revenue, and didn’t originate in the House Of Representatives, then it is illegal on its’ face.
Fundamentally the dollar should get stronger.Corps. will have to buy billions (maybe trillions) of dollars in a fairly short amount of time. Any experts on the board please advise.
Didn’t we do this already?
Economic idiots assume raising tax rates on capitol gains will increase capitol gains, “bring in far more over the longer term”. Raising taxes decreases economic activity, so really bad judgement is at work here, the con is public works is going to get better funding.
And “Obama’s tax increases and spending cuts would cut the deficit by about $1.8 trillion over the next decade, according to people briefed on the basics of the plan”. 18 trillion dollar debt and we’re supposed to trust ‘people briefed’ by the same bunch that were saying if you like your plan you can keep it...no thanks.
Stupid plan by a stupid communist.
Why should corp’s. have to pay US tax on money they didn’t make here. That is why they left in the first place.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.