Obama To Tax US Companies Foreign Earnings/Holdings Over Seas.

SeaBreeze said:
Deficit under Obama cut by 2/3, full article here...http://www.politicususa.com/2015/02/02/obama-drops-truth-bomb-gop-since-office-cut-deficit-23.html


"Congressional Republicans continue to pretend like the country is mired in deficit and can’t afford to spend. The reality is that the Republican-backed cuts would do more to strangle economic growth than to launch an economic boom. Obama isn’t calling for a massive spending program. His budget is advocating a complete reversal of the sequester cuts.

For Republicans, the budget isn’t about fiscal policy and economics. To conservatives, the budget is an ideological statement. It doesn’t matter to them what the country or the economy needs. They are beholden to an ideology of dismantling the federal government. The Republicans cries of, “we can’t afford it” have everything to do with an ideological agenda that has a proven history of economic destruction.

​
It is good to see this president taking credit for what his occurred during his presidency. It is even more important that he pushes back every single day against Republican myths. The president gets it, and he is going to fight back against the baseless claims of his critics with the facts."
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A very good article, thanks SeaBreeze.

If the cost of products go up with increase of taxes why didn't that same cost of product go down when there was a decrease in taxes?

Taxes are on profits, not revenue brought in.
 

SeaBreeze said:
Ten corporate tax dodgers, including Bank of America, Citigroup, Exxon Mobile, Fed Ex, GE, Honeywell, Merck, Microsoft, Pfizer and Verizon. http://billmoyers.com/2014/05/29/10-companies-that-dodge-corporate-taxes/
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You can add Apple Inc, to that prestigious list. Apple is probably the biggest corporate Tax Dodger in the nation. They maintain a rotating staff of about a dozen people in Ireland, so as to qualify for paying little or no corporate tax in the U.S. Their products are made by virtual slave labor in China, they hide their corporate office in Ireland, and escape 10's of billions in U.S. taxes every year.
 
Jackie22 said:
Obama Seeks Tax Changes for U.S. Firms Overseas
Source: Reuters

Obama seeks tax changes for U.S. firms overseas
Mon May 4, 2009 6:06am EDT

By Kim Dixon and Caren Bohan

WASHINGTON (Reuters) - President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.

U.S. officials said that in an announcement planned for 11:05 EDT (1505 GMT), Obama will seek to follow through on a campaign promise to change the tax treatment of American firms with overseas operations. That portion of his plan --opposed by such firms as Pfizer Inc and Oracle Corp -- would raise more than $100 billion in revenue over the next decade.

In an echo of a line he used often on the campaign trail last year, Obama vowed in a February address to the U.S. Congress to make the tax code more fair by "finally ending the tax breaks for corporations that ship our jobs overseas."

Currently, U.S. firms are allowed to defer paying taxes on profits earned overseas if they plow those profits back into their foreign subsidiaries. Critics say those rules encourage businesses to bolster their foreign operations instead of creating jobs at home. But an array of firms signed onto a letter to congressional leaders in March opposing changes to the so-called deferral provision, saying they would make U.S. businesses less competitive. The letter was signed by 200 companies and trade associations, including Pfizer, Oracle, Microsoft Corp Johnson & Johnson and General Electric Co as well as the Business Roundtable and the U.S. Chamber of Commerce.

Read more: http://www.reuters.com/article/marketsNews/idUSN0334332...



here is another article...

http://money.cnn.com/2009/05/04/news/economy/obama_corporate_tax_proposals/

I didn't look it up but I'm sure Republicans rejected it.
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As with everything else.. I believe Obama knows that this will go absolutely nowhere with the new Congress.. BUT.. it IS a very popular idea.. People like it. Therefore.. I see this as a dare to the GOP to nix it. Remember... now that the GOP has the majority in both houses, they have to do more than obstruct everything that the President proposes.. They actually have to GOVERN... In 2016 the American people are going to have to see some results... not just meaningless bills to define rape and restrict abortion, OR the 50th+ vote to repeal Obamacare.. They are going to have to see what the GOP vision is to make their lives better.. If they keep up the nonsense, their majority will be very short lived indeed.
 

darroll said:
You would take your company out of this country too if the whole country hated you.

Remember the evil rich CEO's?
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Oh sure Darroll...... They moved their operations overseas because their feelings were hurt.. lol!! NOT because they were greedy and looking for someplace to stash their profits.
 
QuickSilver said:
Oh sure Darroll...... They moved their operations overseas because their feelings were hurt.. lol!! NOT because they were greedy and looking for someplace to stash their profits.
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<Chuckle>. Some nuts even tried to storm the CEO's mansions. (Bad CEO's don't live in mansions)
 
I think companies have moved in order to make a profit by paying lower wages and benefits and likely getting material less expensive too. Businesses need profits in order to stay in business at all.

All these US taxes and benefits and wage demands make it hard for some businesses to stay in business.

Example would be the US computer business. Our wages and benefits made them way to expensive so the final assembly went overseas as well as some of the basic components build. I do believe that some of our high tech items like CPU's and memories are still done in the US. At least till they have been proven and then maybe contracted to some overseas plant. Not sure about that last thought though.
 
SifuPhil said:
So instead of using taxes to always try to get things done, why not put the unemployed to work on these "Hero" projects (sly reference to Soviet work projects)?

I'm all for taxing companies that hide their profits overseas, but it shouldn't be a one-time thing - it should be quarterly, as it is for every other U.S. company. They should be penalized, or at least taken to account, for helping to ruin our economy.
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That's a good point, if companies are taxed quarterly here, then they should be overseas as well. Feels to me like we're getting tossed a bone, or a pacifier.
 
BobF said:
I think companies have moved in order to make a profit by paying lower wages and benefits and likely getting material less expensive too. Businesses need profits in order to stay in business at all.
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Yes that is true...
OSHA bugged us constantly about putting safety harnesses on our ladders and many other things. Where I live the city governments taxed the companies until they almost went out of business. Del Monte was taxed for over a million dollars for accidentally flushing beans down the sewer pipes.
 
BobF said:
How is the US so much better now than it was when he entered the Presidential office. Bush would have left with mid $70 trillion debt showing, but for his last two years Pelosi and Reid got control of the Congress House and Senate and got the debt up to over $10 trillion before the election of Obama. Now Obama has increased this debt to over $18 trillion debt and climbing rapidly. Right now the economy is not greatly better. Some areas are still failing and others have had a rise and now a fall. I don't know who is going to pay the great debt created by Obama as his latest budget just adds another $4 trillion of debt to the US. Two years and Obama will be gone. I hope whomever gets the job, Democrat or Republican or independent, will bring enough knowledge of the problems being created and do something to control our debt and start reducing it.
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Leave it to me to get confused. Bush had to debt to 70 trillion, but are you talking the others amount add on to that? 18 trillion is a lot less then 70. Are those even real numbers, I mean, I didn't know there was that much money in the world. Doesn't anyone pay their debts, LOL!!
 
nwlady said:
Leave it to me to get confused. Bush had to debt to 70 trillion, but are you talking the others amount add on to that? 18 trillion is a lot less then 70. Are those even real numbers, I mean, I didn't know there was that much money in the world. Doesn't anyone pay their debts, LOL!!
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You are right, it should have been $7 trillion. Not sure how that extra 0 got in there. So I will go see if I can correct the error.
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Fixed. Thanks for the notice so I could adjust the facts.
 
BobF said:
I think companies have moved in order to make a profit by paying lower wages and benefits and likely getting material less expensive too. Businesses need profits in order to stay in business at all.

All these US taxes and benefits and wage demands make it hard for some businesses to stay in business.

Example would be the US computer business. Our wages and benefits made them way to expensive so the final assembly went overseas as well as some of the basic components build. I do believe that some of our high tech items like CPU's and memories are still done in the US. At least till they have been proven and then maybe contracted to some overseas plant. Not sure about that last thought though.
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I do believe it isn't all out of greed as well Bob. Mainly because I think there are a lot of people trying to survive, not just money mongers wanting more. What is it in human nature that makes us want to look at the worst of the bunch. Just like one kid out of a family gets in trouble and the whole family is blamed, automatically.
 
BobF said:
You are right, it should have been $7 trillion. Not sure how that extra 0 got in there. So I will go see if I can correct the error.
..................
Fixed. Thanks for the notice so I could adjust the facts.
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Oh ok, well, that just shows I'm not to smart about the amount we owe;) Good post by the way;)
 
We will have to wait and see just how well Obama will respond to the Republican Congresses offers. It is well understood that the Republican Congress is not happy with the debt of $18 trillion and growing we now have and will likely try to not add to that number at all and likely want to reduce that debt a few trillion if they can. Time will tell what is going to happen. I am sure Obama will try hard to make sure the Democrat running for President will get all the help he can offer. This will be a political event coming so whether it is true or just political maneuvering remains to be seen. And that means to watch both the Democrats and Republicans as both parties will want to win this political fight.
 

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