Posted on 08/11/2014 2:39:35 PM PDT by Tailgunner Joe
Sen. Chris Coons (D-Del) called Sunday for the Obama administration to move unilaterally to stop companies from shifting their legal addresses overseas to reduce their taxes.
The Obama administration is weighing executive action to tamp down on the practice, known as inversion, which is currently legal but has come under fire from critics who say it is unpatriotic.
I have a problem with a mostly American company using a tax loophole to avoid paying their fair share, Coons said on "Fox News Sunday." In the absence of congressional action, I do thing Treasury will step up and do something to stop the bleeding.
But congressional action is exactly whats needed to deal with the issue, countered former Michigan Gov. John Engler (R), president of the Business Roundtable.
Engler said inversion is a symptom of the greater problem of an outdated tax code that must be addressed. He said recent angst over inversion should serve as an impetus for Congress to act on major tax reform legislation.
He called on Senate Finance Committee Chairman Ron Wyden (D-Ore.) and House Ways and Means Committee Chairman Dave Camp (R-Mich.) to get in a room over the current August recess and hammer out a deal.
We can have something ready to go when we get back, Engler said. Let's not spend the time at Treasury trying to come up with little fixes, when weve got an opportunity to improve the competitiveness of the United States.
FEDERAL SPENDING
Directive 10-289
In the name of the general welfare, to protect the people’s security, to achieve full equality and total stability, it is decreed for the duration of the national emergency that:
Point One. All workers, wage earners and employees of any kind whatsoever shall henceforth be attached to their jobs and shall not leave nor be dismissed nor change employment, under penalty of a term in jail. The penalty shall be determined by the Unification Board, such Board to be appointed by the Bureau of Economic Planning and National Resources. All persons reaching the age of twenty-one shall report to the Unification Board, which shall assign them to where, in its opinion, their services will best serve the interests of the nation.
Point Two. All industrial, commercial, manufacturing and business establishments of any nature whatsoever shall henceforth remain in operation, and the owners of such establishments shall not quit nor leave nor retire, nor close, sell or transfer their business, under penalty of the nationalization of their establishment and of any and all of their property.
Point Three. All patents and copyrights, pertaining to any devices, inventions, formulas, processes and works of any nature whatsoever, shall be turned over to the nation as a patriotic emergency gift by means of Gift Certificates to be signed voluntarily by the owners of all such patents and copyrights. The Unification Board shall then license the use of such patents and copyrights to all applicants, equally and without discrimination, for the purpose of eliminating monopolistic practices, discarding obsolete products and making the best available to the whole nation. No trademarks, brand names or copyrighted titles shall be used. Every formerly patented product shall be known by a new name and sold by all manufacturers under the same name, such name to be selected by the Unification Board. All private trademarks and brand names are hereby abolished.
Point Four. No new devices, inventions, products, or goods of any nature whatsoever, not now on the market, shall be produced, invented, manufactured or sold after the date of this directive. The Office of Patents and Copyrights is hereby suspended.
Point Five. Every establishment, concern, corporation or person engaged in production of any nature whatsoever shall henceforth produce the same amount of goods per year as it, they or he produced during the Basic Year, no more and no less. The year to be known as the Basic or Yardstick Year is to be the year ending on the date of this directive. Over or under production shall be fined, such fines to be determined by the Unification Board.
Point Six. Every person of any age, sex, class or income, shall henceforth spend the same amount of money on the purchase of goods per year as he or she spent during the Basic Year, no more and no less. Over or under purchasing shall be fined, such fines to be determined by the Unification Board.
Point Seven. All wages, prices, salaries, dividends, profits, interest rates and forms of income of any nature whatsoever, shall be frozen at their present figures, as of the date of this directive.
Point Eight. All cases arising from and rules not specifically provided for in this directive, shall be settled and determined by the Unification Board, whose decisions will be final.
Kommisars comrade.
I'm hip. I'm getting mighty tired of how the media, or any person, sees executive action as a free pen to create new laws for the nation.
Stop it already. OR - unless they are flooding the uninformed low information voters with this nonsense to insensitive them for when someone comes along and hands them a decree.
My first thought was that it sounds like he’s proposing the creation of a financial Berlin Wall.
It takes Coons to figure out the fair share, I’d imagine.
Their efforts will only work if when corporations move their headquarters overseas, the US makes them a deal: that they can only continue to do business in the US market if they pay their taxes.
And this runs headlong into the “free trade” lobby.
My idiot Senator.
MUCH dumber than Christine
O’Donnell.
Who is John Galt?
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