Untaxed U.S. corporate profits held overseas top $2.1 trillion: study

[Redfish]

The investment class, IS the moocher class.

And fattening them up does zero to help economic growth.

How ignorant you are.
How many hundreds of thousands of YOUR OWN DOLLARS have you earned and put at risk investing in a business?
Most of the investment in this country is small business putting back into their own businesses the little profits they do make after government plunders them to hand out to the moocher class.
Or are you one of those that believes with Obama that no one ever built their own business?

We work 70 hour weeks to stay afloat for almost 40 years now.

Your class warfare talking points are for sophomore tag along salary sheeple.
We work, invest and live in the real world.

Specifically?

I lost around 100K in a bar in Atlanta.

Anymore fucking stupid questions?

So because you made a bad investment you want everyone who made good investments to be punished? You are a true liberal. You want someone else to be responsible for your failures.

 

[Toro]

Do not know where they got the BS 2 trillion #.
More like 12 trillion and growing.
You get more of what you reward and less of what you punish.
Excessive corporate taxation cheats share holders, PEOPLE, out of massive amounts of dividends.
The growth of the moocher class is what kills economic growth.

The investment class, IS the moocher class.

And fattening them up does zero to help economic growth.

You worked for the NYSE, the enabler of "the moocher class."

 

[Toro]

BTW, as per the OP, most of those profits are taxed. They're just not taxed by the US government. They are taxed in the jurisdiction in which the profits were generated.

Our tax code is grossly inefficient and uncompetitive. America is one of the few countries that tax overseas profits. This should be changed.

 

[Redfish]

BTW, as per the OP, most of those profits are taxed. They're just not taxed by the US government. They are taxed in the jurisdiction in which the profits were generated.

Our tax code is grossly inefficient and uncompetitive. America is one of the few countries that tax overseas profits. This should be changed.

yes, but if that was changed how could we punish the evil, profit making, worker hating corporations?

 

[The Rabbi]

Do not know where they got the BS 2 trillion #.
More like 12 trillion and growing.
You get more of what you reward and less of what you punish.
Excessive corporate taxation cheats share holders, PEOPLE, out of massive amounts of dividends.
The growth of the moocher class is what kills economic growth.

The investment class, IS the moocher class.

And fattening them up does zero to help economic growth.

You worked for the NYSE, the enabler of "the moocher class."

Actually he worked for their cleaning service.

 

[Sallow]

How ignorant you are.
How many hundreds of thousands of YOUR OWN DOLLARS have you earned and put at risk investing in a business?
Most of the investment in this country is small business putting back into their own businesses the little profits they do make after government plunders them to hand out to the moocher class.
Or are you one of those that believes with Obama that no one ever built their own business?

We work 70 hour weeks to stay afloat for almost 40 years now.

Your class warfare talking points are for sophomore tag along salary sheeple.
We work, invest and live in the real world.

Specifically?

I lost around 100K in a bar in Atlanta.

Anymore fucking stupid questions?

So because you made a bad investment you want everyone who made good investments to be punished? You are a true liberal. You want someone else to be responsible for your failures.

Um..no.

It's not about punishing anyone.

Either really decouple government from business..or don't.

What you guys and your masters seem to want is a government that completely supports business and the wealthy..and nothing else.

I've put ways to decouple government from business:

-Stop government contracts.
-Get rid of patents.
-Get rid of government infrastructure.

Then you can lower the taxes and get rid of regulations.

Game?

 

[Sallow]

Do not know where they got the BS 2 trillion #.
More like 12 trillion and growing.
You get more of what you reward and less of what you punish.
Excessive corporate taxation cheats share holders, PEOPLE, out of massive amounts of dividends.
The growth of the moocher class is what kills economic growth.

The investment class, IS the moocher class.

And fattening them up does zero to help economic growth.

You worked for the NYSE, the enabler of "the moocher class."

I did.

And?

I still do work at a place that primarily enables the "moocher class".

 

[boedicca]

There aren't "untaxed" U.S. corporate profits being held overseas. Those profits were earned overseas and taxed by the jurisdictions in which they were earned.

In other news, the UK is lowering corporate income tax rates in order to spur its economy. The U.S. has the highest corporate income tax rates in the world. If you want less of something, tax it.

 

[Sallow]

The investment class, IS the moocher class.

And fattening them up does zero to help economic growth.

You worked for the NYSE, the enabler of "the moocher class."

Actually he worked for their cleaning service.

You know that how?

Because you were outside the NYSE with a tin cup, dressed in rags and pissing on the street while crying because your bottle of rum just got emptied?

 

[Sallow]

There aren't "untaxed" U.S. corporate profits being held overseas. Those profits were earned overseas and taxed by the jurisdictions in which they were earned.

In other news, the UK is lowering corporate income tax rates in order to spur its economy. The U.S. has the highest corporate income tax rates in the world. If you want less of something, tax it.

How's the UK military doing these days?

The current defence budget is £34.3bn, falling to £33bn in 2014-15.
Armed forces budget to be cut by £500m | UK news | The Guardian

You want to emulate the UK? Go for the whole enchilada..

 

[Staidhup]

There is one viable solution that unfortunately the liberal progressive movement detests, provide corporations the ability to repatriate post tax earned currencies back in to the US without further taxation, significantly decrease corporate taxes, and adopt federal right to work legislation. The end result would serve to rekindle manufacturing, creation of jobs, and yes increased federal, state, and property tax revenues. But then again what would the left do if they don't have someone to blame for their ignorance.

 

[initforme]

Why don't we just go with a zero percent tax rate for corporations and increase the tax rate on the middle class by 15 percent? Let's also increase the taxes on the poor. Then let's give those subsidies all to the corporations so they cannot fail. Then they can create more jobs at $7.25 an hour and say "see, now a lot more people are working.". Also, let's get rid of clean air regulations so we can look like Beijing. Utopia.

 

[initforme]

Funny those at the very top basically try to stick it to the little guy. Ain't it great?

 

[Mac1958]

.

Dang, I feel like I've been time-warped into the middle of a 60's hippie commune:

"Aw, the Man is out to get us, dude."

"Yeah dude, the little guy doesn't stand a chance against the Man, dude. Why bother, you know?"

"Yeah dude, you're right man. Pass the bong, will ya dude?"

.

.

 

[PredFan]

The money belongs to the corporations. They have a right to do whatever they want with it. If we had any economic sense at all we'd make it attractive to bring back here, but that will never happen because the idiots are in charge.

 

[g5000]

There aren't "untaxed" U.S. corporate profits being held overseas. Those profits were earned overseas and taxed by the jurisdictions in which they were earned.

Nope. When you buy a pharmaceutical in America, the profits from that sale magically appear in Ireland. Even if the entire life cycle of that pill, from manufacture to digestion took place entirely in the United States.

 

[g5000]

US Multinationals Overseas Profits, Multinational Corporation, Tax Shelters, Taxes, Ireland, Bermuda, Luxembourg, Offshore, Netherlands, Corporations, Havens : Finfacts Ireland

 

[initforme]

Yes let's bring the corporations back. I would bet my life that if we did go to a zero percent corporate tax and got rid of every regulation they would then insist that they pay their workers $5 an hour an no benefits. Why bring things back here when you don't have to pay a decent wage over there? I say let em go over there and have them forfeit their citizenship here... or pay up.

 

[PredFan]

Yeah sure more tyrannical behavior will bring th back right. We wouldn't want to make doing business in the US the smarter thing to do now would we.

 

[Erand7899]

Just unreal..

WASHINGTON (Reuters) - Foreign profits held overseas by U.S. corporations to avoid taxes at home nearly doubled from 2008 to 2013 to top $2.1 trillion, said a private research firm's report, prompting a call for reform by the Senate's top tax law writer.

"The new numbers ... certainly highlight what is one of the key challenges for tax reform. I do think there need to be some reforms in this area," Senate Finance Committee Chairman Ron Wyden told reporters on Tuesday on Capitol Hill.

Under U.S. law, corporations do not have to pay income tax on most of their overseas profits until they are brought into the United States. These earnings can be held offshore for years if they are classified as indefinitely invested abroad.

Research firm Audit Analytics said in a report issued last week that the total of such earnings was up 93 percent from 2008 to 2013, citing federal financial filings for companies listed in the Russell 1000 index of U.S. corporations.

Conglomerate General Electric Co had the biggest pile of earnings stored abroad, at $110 billion, the firm said.

Next were software maker Microsoft Corp, with $76.4 billion; drugmakers Pfizer Inc, with $69 billion, and Merck & Co Inc, with $57.1 billion; and high-tech group Apple Inc, with $54.4 billion, it said.

In response, GE said in a statement: "GE operates in more than 170 countries, and most of these overseas earnings have been reinvested in active business operations like manufacturing facilities and loans to non-U.S. customers."

Microsoft, Merck and Pfizer were not immediately available for comment. Apple did not respond to requests for comment.

BAUCUS AND WYDEN

Congress has quarreled for years over the law that lets multinationals stash profits abroad tax-free. Some favor killing the law - known as offshore corporate income tax deferral - and some back a one-time tax holiday that would let companies bring foreign profits home, or "repatriate" them, at a low tax rate.

Debate over offshore deferral flared again in November when Wyden's predecessor as finance committee chairman, former Democratic Senator Max Baucus, proposed doing both. Baucus resigned weeks later to become U.S. ambassador to China.

Wyden in the past has called for repeal of offshore deferral, along with a repatriation holiday, among other changes to the tax code, which he last month called "a rotten carcass that the special interests feast on."Untaxed U.S. corporate profits held overseas top $2.1 trillion: study

Time to get rid of both.

What a rotten shame. All that money and the politicians cannot get their grubby little hands on any of it. That is more than enough to make a left winger cry in anguish.

BTW, none of those corporations need the United States for anything more than a market. Be very, very, careful that you do not run off the golden geese.