damn communist!!! next thing you know, super-rich people and companies will have to pay their share. "Obama and Treasury Secretary Timothy Geithner will target a strategy that allows U.S.-based multinational companies to effectively hide from the Internal Revenue Service the role their foreign subsidiaries play in shifting profits into low-tax jurisdictions such as the Cayman Islands, an administration official said. overhauling regulations created in Democrat Bill Clinton’s administration would be the biggest tax increase on U.S. corporations since 1986 In 2004, U.S.-based multinational corporations paid about $16 billion of U.S. tax while earning about $700 billion offshore, or an effective tax rate of about 2.3 percent, an administration official said. The top marginal tax rate for U.S. companies is 35 percent. This is bad stuff,” Kenneth Kies, a tax lobbyist at the Washington firm Federal Policy Group, said of Obama’s plans. “This is going to be the biggest fight for the corporate community in the next two years.” Kies represents General Electric Co., Anheuser-Busch Cos. and Microsoft Corp., among others" Obama Wants to End Tax Rules That Save Companies $190 Billion - Bloomberg.com what say you:wink:
Depends on what they intend to spend the extra funds on. Are they going to increase the budget/extra spending bill because of it or are they going to attempt to pay off some of our now massive debt.
I only support this if it is coupled with a reduction in corporate tax rates (way too high at 35%). Of course, this will not happen.
As if corporations just eat a tax increase. What a joke. Corporations ship money offshore because of the outrageous tax rate already. This increase gets passed directly to John Q. public. And in a struggling economy, with businesses failing left and right, we make it more stressful on business? Some of you need to go back to economics class.
The mindset of these people is absolutely baffling. The United State already has one of the highest tax rates in the world. The United States loses companies left and right because of the ridiculously high corporate tax rate. Liberals like gumborue can't wrap his head around the fact that it's John Q Public, especially the lowest income classes that pay these huge tax rates he's such a fan of. He can't grasp the fact that it is business that generates revenue and not the government. That high tax rates only means less money for R&D, new facilities, expansion, growth, jobs, etc. Why can't these people seem to grasp the basic principle that government DOESN'T GENERATE NEW REVENUE. It only redistributes it, and when taken to the extreme like Obama wants, it KILLS the ECONOMY. Look at California.
there is no equity for the american company. international conglomerates can get away with paying 4% taxes while a solely US company gets hammered. there is no good reason why the international conglomerates cant pay their fair share and perhaps decrease the burden on the US company.
