General Electric Seeking Law to End U.S. Tax on Overseas Income

Bloomberg.com ^ | July 12, 2004 | Ryan Donmoyer

[talismanAK47]

How much in corporate taxes was “avoided” by the off-shoring of foreign profits? Have you ever listened to Lou Dobbs? He talks about this almost every night. Do a search on the American Jobs Creation act of 2004, and realize for yourself what is really going on here. These multi-nztional were given the opportunity to repatriate foreign profits an pay a one time 5.25% rate. They only had to justify that they would create a certain amount of jobs (which was quite easy for them to meet this obligation) . They lobbied and lobbied until finally, they were able to use those funds to 1) do share buy backs,2) retire debt 3) buy other companies for cash 4) pay executive compensation and boards 4) buy securities other than their own stocks (Intel is a good example) and 5) the US oil companies NEVER DID report their amounts to the public, due to some agreement. Further, an individual does pay taxes on C corp income twice. But he has the option to buy tax free munis, or to donate his low-basis stocks to charity and take a deduction. he can clip dividends at 15% or less depending on the bracket, and pay long term gains at 15% or less as well. If you buy Exxon, are you really concerned that they have already paidd too much in Fed Income tax-
and that you too will be taxed on your gains??

[Doe Eyes]

Very few US consumers/voters understand that they pay corporate income taxes, as well as the staggering associated compliance cost, when they purchase goods and services.

The Fair Tax.