McChrystal is a funny name-—dont ya think? I mean Kristol is less Irish sounding, but more attune to the type of promotons that have been made in the military of late
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??
C Corporatrions enjoy benefits for their shareholders that are worth more (in some cases) than the 15% cap gains and special dividends rates. The reasons for the double taxation is in part- 1) the corporate shield from unlimited legal liability 2) perpetuity 3) ease of transfer of ownership and aggregation of ownership, 4) a uniform unit of account / method of exchange / store of value. Legal system in place to oversee these rights and privileges.