Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

The Send Jobs Overseas Act
The Wall Street Journal ^ | September 28, 2010 | unattributed

Posted on 09/28/2010 1:05:16 PM PDT by 1rudeboy

Ending the deferral of foreign income is another tax on U.S. employment.

Democrats may be dodging a vote on the Bush-era tax cuts, but that doesn't mean they don't want to raise taxes before November. Witness this week's showdown in Congress over increasing the tax on the profits of American companies with foreign subsidiaries to punish firms that relocate plants overseas. How much more harm can this crowd do before it's run out of town?

Like so many others, this tax increase is being promoted by President Obama, who declared last week that "for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries. I want to change that."

Democrats around the country are making this issue their number one campaign theme, since they can't run on health care, stimulus or anything else they've passed into law. Think about this: One of the two major parties in the world's supposedly leading economy is trying to hold on to its majority by running against foreign investment and the free flow of capital. This is banana republic behavior.

We're all for increasing jobs in the U.S., but the President's plan reveals how out of touch Democrats are with the real world of tax competition. The U.S. already has one of the most punitive corporate tax regimes in the world and this tax increase would make that competitive disadvantage much worse, accelerating the very outsourcing of jobs that Mr. Obama says he wants to reverse.

At issue is how the government taxes American firms that make money overseas.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Editorial; Foreign Affairs; Front Page News; Government
KEYWORDS: congress; democratcongress; democrats; economy; taxcheatparty; taxes; taxincreases

1 posted on 09/28/2010 1:05:18 PM PDT by 1rudeboy
[ Post Reply | Private Reply | View Replies]

To: Toddsterpatriot; Mase; expat_panama; 10Ring

ping


2 posted on 09/28/2010 1:06:57 PM PDT by 1rudeboy
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy

Money-making is their secondary goal with taxes. Control is of absolute importance to them. They use taxes as a way to control people’s behavior.


3 posted on 09/28/2010 1:09:35 PM PDT by wastedyears (Know this, I will return to this land... rebuild where the ruins did stand)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wastedyears

It’s even more simple than that: continue policies that drive U.S. companies to locate overseas, and score political points (and campaign contributions) for whining about it . . . .


4 posted on 09/28/2010 1:14:28 PM PDT by 1rudeboy
[ Post Reply | Private Reply | To 3 | View Replies]

To: wastedyears

Between the taxes and the regulations, it is a wonder we manufacture anything stateside. And it not just the Feds. The state and local governments are sometimes worse. If a plant is under union labor, it is on thin ice in so many cases.


5 posted on 09/28/2010 1:18:13 PM PDT by oyez (The difference in genius and stupidity is that genius has limits.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: 1rudeboy

I always thought we would be better off if we sent Steve Jobs overseas....

Oh, wait!!!!


6 posted on 09/28/2010 1:27:23 PM PDT by GraceG
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy
for years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries. I want to change that.

That's good to hear. So will you recommend a corporate tax rate of 15%, or will you drop it all the way to 10%?

7 posted on 09/28/2010 1:30:35 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: wastedyears

“Money-making is their secondary goal with taxes. Control is of absolute importance to them. They use taxes as a way to control people’s behavior.”

You are absolutely correct. Remember during the campaign, his answer about capital gains tax rate reductions increasing revenue? “This isn’t about revenue, this is about ‘fairness’.”

When a socialist talks about fairness, the government vacuum cleaner hose is close to your wallet.


8 posted on 09/28/2010 1:32:32 PM PDT by henkster (A broken government does not merit full faith and credit.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: 1rudeboy

You Mean like $2 BILLION DOLLARS in Obama-backed loans for Petrobras??

Or Obama-backed loans to GM to open the Tech Center in China that was SUPPOSEd to go in Kokomo, Indiana?

THAT KIND of sending our money overseas to subsidize jobs?


9 posted on 09/28/2010 1:56:25 PM PDT by tcrlaf (Obama White House=Tammany Hall on the National Mall)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy

Why? What did Steve do this time?


10 posted on 09/28/2010 2:30:22 PM PDT by TeachableMoment
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy

I guess NAFTA, CAFTA, WTO, UN, MFN for Communist China...was not enough to send jobs overseas for the Liberal Free Trade Globalists (which Obama is one)


11 posted on 09/28/2010 2:49:57 PM PDT by UCFRoadWarrior (They don't let you build churches in Mecca)
[ Post Reply | Private Reply | To 1 | View Replies]

To: UCFRoadWarrior
Always helps to read the article/column first. Just sayin'.

But watching knee-jerk reactions is fun, also . . . please continue.

12 posted on 09/28/2010 2:56:35 PM PDT by 1rudeboy
[ Post Reply | Private Reply | To 11 | View Replies]

To: UCFRoadWarrior

Someone is going to have to sit down and review every liberal bill to hit this nation in the last 30 years, prioritize in which order they should be changed and change them.


13 posted on 09/28/2010 2:59:41 PM PDT by EQAndyBuzz (Remember March 23, 1775. Remember March 23, 2010)
[ Post Reply | Private Reply | To 11 | View Replies]

To: EQAndyBuzz

This will encourage companies that make more than 50% of their profits outside the US to relocate to a tax haven like Switzerland or Singapore and become a non-US company. They would reduce their taxes in the US and increase share holder value. Some companies have already done this..or been acquired by a foreign company..like Bud.


14 posted on 09/28/2010 3:07:31 PM PDT by Oldexpat
[ Post Reply | Private Reply | To 13 | View Replies]

To: Oldexpat
You don't even have to do the "corporate inversion." All you need to do is form your subsidiary (e.g., Ford Europe), and make it free-standing. Don't repatriate the profits the subsidiary earns, and (for the most part) you are golden.

Industrial policy, complements of Washington, D.C.

15 posted on 09/28/2010 3:26:13 PM PDT by 1rudeboy
[ Post Reply | Private Reply | To 14 | View Replies]

To: 1rudeboy

Yes, it’s that easy.


16 posted on 09/28/2010 3:47:26 PM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Toddsterpatriot

How about eliminating the Corporate Income Tax completely and see how many jobs that creates ? Eliminating not just the tax payments, but the overhead of tracking and paying them would be such a global competitive advantage that job growth would explode here.

The government should be required to get its revenues from workers who can vote them out of office, not Corporate entities that don’t even get a vote in elections. That is taxation without representation.


17 posted on 09/29/2010 1:59:40 AM PDT by Kellis91789 (Democrat: Someone who supports killing children, but protests executing convicted murderers.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: 1rudeboy
watching knee-jerk reactions is fun

Sometimes it's the only reaction in town.

18 posted on 09/29/2010 4:59:38 AM PDT by expat_panama
[ Post Reply | Private Reply | To 12 | View Replies]

To: Kellis91789
How about eliminating the Corporate Income Tax completely and see how many jobs that creates ?

Sounds good to me.

19 posted on 09/29/2010 6:18:49 AM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 17 | View Replies]

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson