Posted on 07/25/2014 6:53:00 AM PDT by SeekAndFind
Mark Cuban isn't a fan of tax inversions, either. Last night, President Obama spoke with CNBC's Steve Liesman, and their first topic of conversation was the issue of tax inversions, or mergers where U.S.-based companies acquire foreign companies and move their tax base overseas to enjoy lower rates.
Obama said this strategy, among other things, "undermines people's confidence in how companies are thinking about their responsibilities to the country as a whole."
Cuban took his rhetoric a step further: he said he's selling stock in companies that move for tax reasons.
On Twitter this morning, Cuban fired off a series of tweets about how companies that move their tax base overseas to avoid paying taxes force existing taxpayers to make it up elsewhere.
(Excerpt) Read more at businessinsider.com ...
Cuban is a classic hypocrite. The American Airlines Center received substantial funding courtesy of the taxpayers of Dallas.
Well, this is they way capitalism is supposed to work.
He’s free to do whatever he wants with his money.
The Leftists will respond by threatening nationalization for companies that go through with inversion.
Force existing taxpayers to make it up? Cuban is a fraud.
How ‘bout the government cutting a little so no one will need to “make it up”.
Speaking of Dallas, John Wiley Price FINALLY was arrested.
Please. Obama and his gang waste tax dollars like a crack addict with a stolen credit card. How about starting by not giving VA executives bonuses for killing veterans, and the IRS not peeing away $60,000 on bad Star Trek videos, and its employees not using their laptops as hammers.
I'd suggest that companies that don't move to the lowest tax area possible are stealing from their shareholders, to give to Obama.
Yeah, like to see affirmative action in the NBA, NFL. Sorry,, just needed to say that...
Who cares what you do with your stock, you ignorant, bloviating, Moe Howard haircut-wearing ass clown.
Who cares what you do with your stock, you ignorant, bloviating, Moe Howard haircut-wearing ass clown.
Of course, shrinking the size of the USeless Government so that taxes would be much lower could never be an option...
He is perfectly free to do that.
It’s why we call it the FREE MARKET system.
Hey Mark, how about a company who pays corporate income tax on their gross receipts forgoing all tax deductions. Will you be buying their stock? Assuming they are still in business, it will be real cheap.
Maybe he should move from Texas to California and not take deductions
He is a socialist gun-grabber. Whatever misery visits him makes me happy.
Yes, that will punish those evil companies.That will teach them a lesson.
When they pay less taxes, they are able to save more, invest more, raise productive expenditure, which raises their demand for labor, which leads to more jobs, or higher average money wage rates, or both.
Raising productive expenditure also leads to more production, more supply, lower prices, and higher real wage rates, which leads to higher standard of living for the average worker.
More people with jobs leads to expanded division of labor, which leads to greater productivity of labor, which also leads to higher real wage rates.
But Cuban is wrong here. Instead of attacking the companies that are moving overseas, he should be attacking the tax codes and regulations that are forcing the moves. Companies will go where it's best for them to go.
America should be a business-friendly place. But today it's not.
Kevin Williamson of NRO observes;
Many U.S. firms either are up and leaving the country entirely or are acquiring foreign competitors in order to reorganize themselves as companies legally domiciled in friendly tax jurisdictions. U.S. pharmaceutical firms in particular have been in a rush to acquire partners in order to escape punitive U.S. corporate taxes for the relatively hospitable climates of Ireland, the United Kingdom, and the Netherlands.
Walgreen’s, a venerable firm that, like the lamentable political career of Barack Obama, has its origins in Chicago, is considering abandoning its hometown of 113 years for Switzerland. Eaton, a Cleveland-based manufacturer of electronic components, moved to Ireland. The list goes on.
Mark Cuban ought to ask himself WHY this is happening.
It’s not that the Obama administration does not why...
Treasury Secretary Jack Lew already observes that relative tax rates are a main driver in the desire of firms to relocate, though it is not the only driver — arbitrary and unpredictable regulation, a lousy tort environment, and unstable public finances surely play a role as well.
The United States has the highest statutory corporate-income-tax rate in the developed world, and though effective rates are typically lower than the nominal rate, that is more of a bug than a feature: Our corporate-income-tax regime is riddled with handouts and political favoritism. Crony capitalism is not an inspiring condition for firms looking to make long-term investments.
And how dare President Obama make the case that America's military suffers because of this.
Mr. Obama has done more to slash the military than any other Red Diaper seditionist ever could.
#LORDGODOBAMADIDNOTPUTMEUPTOTHIS < /sarc >
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