ARE YOU NEW HERE? NOT LOGGED IN? PLEASE TAKE A MOMENT TO REGISTER FOR AN ACCOUNT AND LOGIN TO REMOVE THIS WINDOW
Welcome to PatsFans.com. Do you have an account? If not - please take a moment to register for our forum and experience a much smoother experience with fewer ads, along with no longer having to see this notification window. Also learn about how you can receive a free Patriots T-Shirt from the Patriots Official ProShop by CLICKING HERE. Please enjoy your stay here, and Go Pats!
On one hand this will at least bring back money we would never see. On the other hand they tried this before and all it did was pad shareholder value and Corporations bottom lines.
Quote:
NEW YORK — Some of the nation’s largest corporations have amassed vast profits outside the country and are pressing Congress and the Obama administration for a tax break to bring the money home.
Apple has $12 billion waiting offshore, Google has $17 billion, and Microsoft is holding $29 billion.
Under a proposed repatriation holiday, the federal income tax owed would fall to 5.25 percent for one year, from 35 percent. Short term, the measure could generate tens of billions in tax revenue.
Corporations and their lobbyists say a tax break could inject $1 trillion or more into the economy, and they promoted the proposal as “the next stimulus’’ at a conference Wednesday in Washington.
But that’s not how it worked last time.
Congress and the Bush administration gave companies a similar tax incentive, in 2005, and 800 took advantage. Though the tax break lured them into bringing $312 billion back to the United States, 92 percent of that money was returned to shareholders in the form of dividends and stock buybacks, according to the nonpartisan National Bureau of Economic Research. Its study concluded the program “did not increase domestic investment, employment or research and development.’’
The Obama administration has been uncharacteristically harsh in its criticism of the idea. The president and Treasury Secretary Timothy F. Geithner have said they will support it only if it is part of a corporate tax overhaul that results in no decline in federal revenues.
RECEIVE A FREE PATS T-SHIRT AND SAVE 15% OFF WHEN YOU BUY FROM THE OFFICIAL PROSHOP!
Free T-Shirt & Save 15% Off!
Like Our Site? Please help support our site and server costs by DONATING TO PATSFANS.COM and receive a FREE PATRIOTS T-SHIRT and SAVE 15% off EVERY purchase you make from PatriotsProShop.com. You'll also receive added benefits to your account including Removing All Ads During Your Experience Here At Our Forum.
NEEDED YEARLY SITE DONATIONS: 345 | CURRENT # OF SUBSCRIBED SUPPORTERS: 98
Re: Corporations seek tax break to bring profits home
I see no problem with this... They aren't breaking any laws by not bringing back money, and they aren't "hiding it" overseas illegally, they simply aren't bringing it back, if the sheer fact of bringing it back costs money.
Would you transfer money from Account A to Account B if it was going to cost you a 35% fee to do so?
Last edited by mcgraw_wv; 06-20-2011 at 12:06 PM..
Re: Corporations seek tax break to bring profits home
Quote:
Originally Posted by mcgraw_wv
I see no problem with this... They aren't breaking any laws by not bringing back money, and they aren't "hiding it" overseas illegally, they simply aren't bringing it back, if the sheer fact of bringing it back costs money.
Would you transfer money from Account A to Account B if it was going to cost you a 35% fee to do so?
My problem with this is that Corporations will get a 5.25% tax rate for a year. All that will do is make Wall Street more money. Unless you have a lot of stocks this will do nothing for the economy.
You know Republicans talk about Main Street and Democrats talk about the middle class? Neither group will benefit from this.
Re: Corporations seek tax break to bring profits home
Quote:
Originally Posted by Gainzo
My problem with this is that Corporations will get a 5.25% tax rate for a year. All that will do is make Wall Street more money. Unless you have a lot of stocks this will do nothing for the economy.
You know Republicans talk about Main Street and Democrats talk about the middle class? Neither group will benefit from this.
Wall st makes money off charging fees for trading shares and fee for acq/mergers. Profits coming back to the US doesn't make Wall st any more money.
Lowering corp taxes (and expensive regulations) makes America a more attractive place to do business which creates jobs for Americans. Being hostile to business and demonizing businesses as evil causes people to take their business and jobs elsewhere.
__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
Re: Corporations seek tax break to bring profits home
Quote:
Originally Posted by patsfan13
Lowering corp taxes (and expensive regulations) makes America a more attractive place to do business which creates jobs for Americans. Being hostile to business and demonizing businesses as evil causes people to take their business and jobs elsewhere.
LOL, yeah. America's hostile business climate surely explains why our corporations are doing so poorly, doesn't it.
Re: Corporations seek tax break to bring profits home
Just overall, nothing about who benifits or who prospers...
If you have 1,000.00 overseas, and you would lose 350.00 simply bringing it home, would you?
So this isn't a GOP vs DEM debate, or corporate vs middle class, this is common sense. No one is going to volunteer to hand over 35% without anything in return.
Re: Corporations seek tax break to bring profits home
Quote:
Originally Posted by patsfan13
Wall st makes money off charging fees for trading shares and fee for acq/mergers. Profits coming back to the US doesn't make Wall st any more money.
Lowering corp taxes (and expensive regulations) makes America a more attractive place to do business which creates jobs for Americans. Being hostile to business and demonizing businesses as evil causes people to take their business and jobs elsewhere.
You do know that America is still the biggest economy in the World right? Deregulation and lower taxes will magically create jobs?
Do you know why American Corporations outsource? It has nothing to do with taxes it has everything to do with paying a decent wage to American workers.
Germany, Australia and plenty of other Country's do just fine when paying their workers a decent wage.
Re: Corporations seek tax break to bring profits home
5%? Sorry, but keep your money overseas. There is a reason why this money is overseas to begin with, and that is because it was cheaper for them to collect it there. Sheesh, I pay more in MA sales tax than that 5%. We could really use a revamp in this department. Lower rates, lessen the breaks, rip up the free trade agreements and start over.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him." Leo Tolstoy, 1897
Re: Corporations seek tax break to bring profits home
Quote:
Originally Posted by JackBauer
LOL, yeah. America's hostile business climate surely explains why our corporations are doing so poorly, doesn't it.
No it explains why they aren't hiring workers in the country see the 15% unemployed (the 9.1% + the 6%+ whose benefits have run out.
But Obama has gotten 70+ rounds of golf in.
Michelle in a recent campaign trip:
Quote:
“this man doesn’t take a day off” and she praised the fact that he has accomplished “the withdrawal of our troops from overseas.”
In subsequent news, two U.S. soldiers were killed in Iraq on June 14th, our troops are still fighting a war in Afghanistan, and Obama spent the majority of Memorial Day on a golf course.
__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
Re: Corporations seek tax break to bring profits home
Quote:
Originally Posted by Gainzo
You do know that America is still the biggest economy in the World right? Deregulation and lower taxes will magically create jobs?
Do you know why American Corporations outsource? It has nothing to do with taxes it has everything to do with paying a decent wage to American workers.
Germany, Australia and plenty of other Country's do just fine when paying their workers a decent wage.
China will be passing us very soon now.
You do know 15%+ of Americans are unemployed don't you?
You OK with that?
__________________
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
6Likes
Corporations seek tax break to bring profits home
Linear Mode
