Obama want to RAISE taxes on overseas American corporations!

[oreo]

Obama announces plan to close tax loopholes

WASHINGTON (AP) - President Barack Obama proposed Monday to raise taxes on the overseas profits of U.S. companies and to go after evaders who abuse offshore tax shelters.

In announcing a series of steps aimed at overhauling the U.S. tax code, Obama complained that existing law makes it possible to "pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York."

The proposal will be a hard sell in Congress. Sen. Max Baucus of Montana, chairman of the tax-writing Senate Finance Committee, offered a tepid response.

"Further study is needed to assess the impact of this plan on U.S. businesses," said Baucus, a Democrat. "I want to make certain that our tax policies are fair and support the global competitiveness of U.S. businesses."

My Way News - Obama announces plan to close tax loopholes


American corporations with operations in the United States & abroad already pay country taxes here & abroad. If taxes are raised on these corporations--thereby taking more profit---it will only result in cuts here. Meaning--more job lay-offs here, employee wages cut here, & employee benefits cuts here. "Whether operations are in the United States or overseas--the profit all goes into the same pot of the corporation." Not only that but this is a policy that will encourage American corporations to move 100% of their operations overseas--in order to avoid all U.S. taxes.

This "teleprompter President" is the most business ignorant of any President in U.S. history!

 

[Maple]

I don't get why this is such a hard message to get across to the American people.

If you reduce taxes on Large corporations and small business, it makes it attractive for those business's to move to that location. States compete for this move by lowering the tax burden. If you tax large corporations and small business you will in effect reduce the amount of money they have to hire, invest in new capitol improvements, expand and grow.

When you have an attractive tax policy that encourages growth you increase the revenue to the federal and state governments simply by the fact that you have more participants. This has been proven over and over again. This is not rocket science, it's just plain common sense.

Unemployed people are a drain on the system, they pay no taxes because they have no money to do so, they collect unemployment insurance for awhile, many are on foodstamps, they are loosing their homes and on and on it goes.

If this President and his democratic congress and senate would have just wrote a stimulus bill that significantly reduced taxes across the board we would now be seeing a clear upswing in this economy. People would be getting their jobs back. We are still seeing lay-offs of over 600,000 per month and it's not going to get better any time soon.

It is clear to me that Obama does not have one ounce of BUSINESS sense, he is more interested in promoting his agenda than he is in the suffering of millions of Americans.