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You’ve got to give them credit. They’re consistent in their protection of greed.
President Obama and Treasury Secretary Tim Geithner announced on Monday a crackdown on offshore tax havens that could produce $210 billion in new tax revenue over the next decade.
The White House will face opposition to the proposal from the business community and Congress. Before the announcement, a Republican leadership staffer circulated an email citing a Bloomberg report saying the proposal “would be the biggest tax increase on U.S. corporations since 1986.” And Senate GOP leader Mitch McConnell (Ken.) said later on Monday that he could not endorse Obama’s plan since it “gives preferential treatment to foreign companies at the expense of U.S.-based companies.”
Since you are sourcing the Huffington Compost, is it fact that all Democrats in the House and Senate are on board with this? The story only posts one Republican on the record and the mention of an email sent by a repub staffer, so just from that you know exactly how republicans are going fall on this subject?
And guess what, many of those big banks that utilize this loop hole are big democrat donors. How do I know this? Just look who they gave the majority of their money to in this past election cycle. This isn’t a dem or repub thing. This is a problem with our tax code. Maybe if Obama just lowered taxes and made it less of a burden for people to pay taxes, a fair share, they wouldn’t send their money over seas.
Just a thought. I know it’s hard for some of you libs to understand the concept of lower taxation equates to greater revenue windfalls.
Here’s a more even keeled report that’s not as slanted as the crappington post.
http://nytimes.com/aponline/2009/05/04/us/politics/AP-US-Obama-Taxes.html?_r=1
[Please drop the WWW from URLs as WordPress doesn’t display it properly… plus it’s unnecessary. – ed.]
So, the link I first clicked on was Forbes. Does that mean neocons can’t even figger out how to use a mouse?
Supply side voodoo economics is about as incompetent as the dullards who defend it. But, then, they must feel like if they defend the thieves who only pay 2 or 3% taxes, they’ll be invited into the country club. Some day.
Probably as caddies.
Oh, and here’s a link to the detailed outline.
http://tinyurl.com/dyv4xu
Getting rid of tax havens is a good thing.
“Just a thought. I know it’s hard for some of you libs to understand the concept of lower taxation equates to greater revenue windfalls.”
I know its hard for you cons to understand that this concept varies from situation to situation. Closing tax haven loopholes will increase revenue while having the least impact on the economy.
ArianeB,
Are you that dense to think that it’s only the Republican’s who create tax loop holes?
Close the loopholes? OK fine but lower the rate on corporate taxes.
The US has one of the highest corporate tax rates in the world, thus making many of US-based companies not competitive as their prices are raised to offset the high tax rate (that right libs and cons YOU the consumer get to pay it).
I know many readers of this blog hate big business, that’s their right. But just think of how many more folks would be employed and how lower prices would be for the everyman if the US was more competitive from a tax standpoint.
#5–Arianne==always enjoy a challenge but what the frick does your post have to do with closing loop holes aka fraudulent arrangements?
Take another run at making your post relevant and for extra credit explain if you will how lowering taxes “always” increases revenue, or does doing so “not always” increase revenue making your point irrelevant in any context?
The Republicans are working hard to come up with a new name for “Tax Haven”.
Candidates:
– “Enhanced Shelters”
– “American Family Values Properties”
– “Freedom Shelters”
– “Protect Our Children Investments”
– “Emergency Fund Shelters”
I think #1 is best,
I pray the Democrats know what they are doing.
What I do know is that this foolish country has excelled at motivating our own companies to kill jobs here, either through inept laws, inadvertent legislation that did not think through the impact from A to Z and other insanity.
I hope this idea has been carefully thought through to maximize the gain to the country, not in revenue but in job growth or at least minimizing the gain corporations can make by kill our jobs.
Does this do the trick? No idea.
Nor do I expect any actually intelligent news coverage with actual in-depth understanding of the issue.
I merely expect the news media to read some simpleton talking points the left and the right have distributed.
Such is the state of our media today …
so offshoring american jobs=bad
offshoring american companies=good
i think i should have myself legally declared a company then since it seems like everything bad for citizens is good for them…
If all other things are equal and company A, a US company and company B is a non-US company then things won’t be equal any more if B has access to a tax break and A doesn’t.
Even with all the offshore tax shelters, they shipped good American jobs overseas.
As soon as they found cheaper labor they moved again.
Lower costs meant slightly lower prices but MUCH higher profit.
Corporations are not loyal to ANY country, only to short term profits and big paychecks to management.
Who are you loyal to?
No doubt, Obama has to find a money tree in order to support the health plan and some how pay down the enormous debt. With many tax payer’s making less or nothing I guess that leaves business. What is going to happen is lost jobs here and higher prices. Even many Democrat’s have already come out admitting this is going to be a tough sell.
You’ve got to give them [Democrats] credit. They’re consistent in their naive redistribution plans.
#7 mr show said “The US has one of the highest corporate tax rates in the world…”
Not exactly. Yes, the tax rate is higher then in most countries, but according the General Accounting Office, most corporations do not pay any taxes.
Stop it you silly folk. There is no POSSIBLE argument to this. Of course these should be shut down. A U.S. based company should pay taxes just like I have to. No cheating or hiding. THEN, once we know what everyone is really paying, we can debate raising or lowering taxes between groups to be fair. That’s perfectly valid. But it’s NOT cool when one group gets to cheat/hide/avoid the taxes that they should be paying, that everyone else has to pay.
so they reposition themselves overseas. Aren’t they already technically overseas?
In order to pay tax on profits, first the corporations have to make a profit.
I don’t know if anyone’s noticed, but the economy is in the toilet – and profits are down.
Most of the “profitable” companies are getting huge government bail-outs (like Goldman-Sachs).
Tax businesses as much as you want, and they will move offshore as much as possible…
Want them to keep their money in country? Drop the taxes to the point where it costs less to keep the money here than to offshore it.
That won’t happen.
Oh heaven forbid we should try to keep a job here in the US. It just figures the GOP would be soundly against this since THEY are the ones responsible for needing this in the first place.
In other words *F__K Y_O conservative, religious right, Republican TRAITORS!!!!
Some people have rose colored glasses on. Do people really think that Company A will stop trying to make bigger profits just because the tax breaks are good enough? If a Company A was smart it would take all of the tax breaks it could get and then still hit the cheap labor over seas more savings. Cheap labor is what keeps the jobs not lowering taxes. Find the percentage of income going to personal and compare that to the percentage of income going to taxes. Which percentage is bigger?
I’ll bet the enforcement will track right along with political donation history…if you gave to Commandante O you’re good to go. If you didn’t, SWAT teams will be coming through your office windows.
And if the media tries to do any investigation, the CEO will be replaced by the White House.
Welcome to hope and change. If you’re a Dem, remember that you won’t be in power forever, and payback is a bitch.
So, help me understand this…
Charles Rangle, “I didn’t know I had to pay taxes on that resort” proposes closing tax loop holes
http://tinyurl.com/ctx2y3
and Tim Geithner “Failed to pay back taxes”
is going to fully explain the program.
http://tinyurl.com/cztq4m
This is like a Laurel and Hardy show. You can’t make this stuff up!
You know… the corporate tax rates used to be much higher in the 50’s through the 80’s– and yet the US was the leader in business. Yes, there were a lot more deductions and tax shelters, but it also encouraged owners to keep their money in the business and build it up.
No one advocating raising taxes. Just collect taxes that is rightly due. Why not just lower our rate till it’s cheaper to keep it in this country then the Cayman Islands. Because you can’t get cheaper then zero.
#24:
“Cheap labor is what keeps the jobs not lowering taxes.”
Yeah, but the biz has to operate out of somewhere, no matter where the labor is. Why kick that part of the country too?
These attacks on companies operating out of America but hiring and manufacturing in foreign countries is short-sighted. (talking about your comment, not the article.)
Screw Republicans, they have well demonstrated to the public over the last 8 years, just how much they hate and mistrust their own government and it’s people; all in the name of one thing or another. They didn’t create nor build anything useful for future generations.
The issue of Tax havens was brought up during the G20 summit, meeting of the largest economic nations in the world. They are working on and are expected to produce a new set of rules for oversight, transparency and conduct for offshore tax havens as part of a broader effort to overhaul the regulatory structure of the world economy
The new “rules of the road” for Caribbean and other tax havens will be included in a communiqué issued by the Group of 20 nations at a much-anticipated London economic summit on Thursday, said Michael Froman, a deputy White House national-security adviser for international economic affairs.
It would come on top of new goals for global economic stimulus and efforts to coordinate regulatory oversight between the world’s largest economies, as well as emerging economic powers such as Brazil, India and China.
Conservative patriotism = take as much as you can from the government and give back little or none. And whine about liberal welfare.
Obama (the guy that saddled your childern and your children’s children with debt) and his Treasury Secretary (who skipped paying taxes for years) effectively raise taxes on US businesses. What a bunch of hypocrites.
Look for layooffs to start once these “loopholes” are closed. When will government stop messing in the affairs of the private sector??