US loses $100 billion a year in offshore tax havens

[sealybobo]

But a corporation is just an organization. It is individuals who benefit (or suffer detriment) from corporations.

See my post above, which you have not addressed.

The government doesn't give me a tax break so I will donate to charity. They give me a tax break IF I donate to charity.

I understand your post above. I just don't buy it. Sure, makes sense that if we eliminate all corporate taxes that it will be good for the consumer, but it will be bad for the country and tax payers who will have to shoulder that burden.

No, Corporations should be paying most of the taxes. Them and the rich people.

Your assumption that if corporations don't pay taxes it will be bad for the country and tax payers is false. Someone pays the taxes; they just don't go away if you tax the corporation instead. The question is who should pay them. If corporations pay it it is essentially consumers who pay it. That is the opposite of your "tax the rich people" goal.

I can understand it sounds contrary, but supporting big corporate taxes is supporting a sales tax that hurts lower incomes relatively more. Plus it makes our corporations less competitive abroad.

It doesn't make sense to tax corporations more and tax CEOs less. Unless you want consumers and not CEOs to pay more of the taxes.

And I do see what you are saying and it does make sense. I just disagree with taxing corporations less and us more.

Corporations have been enthroned and an era of corruption in high places will follow, and the money powers of the country will endeavor to prolong it's reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed. Abraham Lincoln

 

[sealybobo]

Your assumption that if corporations don't pay taxes it will be bad for the country and tax payers is false. Someone pays the taxes; they just don't go away if you tax the corporation instead. The question is who should pay them. If corporations pay it it is essentially consumers who pay it. That is the opposite of your "tax the rich people" goal.

I can understand it sounds contrary, but supporting big corporate taxes is supporting a sales tax that hurts lower incomes relatively more. Plus it makes our corporations less competitive abroad.

It doesn't make sense to tax corporations more and tax CEOs less. Unless you want consumers and not CEOs to pay more of the taxes.

I'm trying to find an article I read once that said, "corporations won't necessarily raise their prices just because they have to pay taxes". And I can choose to not buy their products if they raise their prices too much. And Clinton raised corporate taxes. Did you have a problem in the 90's? I didn't. I was saving money and buying lots of things.

I'm sure you'll find some. It's an issue that is debated and imprecise to measure. It depends upon things like competition in the market and elasticity of demand for the product. But in relatively less competitive markets where corporations can get away with raising prices, they will as will the industry as a whole.

According to the Office of Management and Budget, federal tax collections from corporations peaked in 1943, when corporate tax revenue was 39.8 percent of total federal tax collections. In more recent history, corporate tax revenue was as high as 17 percent of total federal tax collections in 1970, bottoming out at just 6 percent in 1983. During the 1990s, corporate tax revenues rose again following President Bill Clinton’s 1993 tax increase, which raised the top statutory corporate income tax rate from 34 percent to 35 percent.

Simple question.

How does raising the tax rate on a corporation affect the CEO making $50 million.

I don't know.

I think my point was that if we give them a tax break, they won't necessarily lower the price of their goods or hire more people. Instead, the Executives will just divvy up the spoils.

PS. I really like talking to you. You are a smart rational person. I agree 100% with what you said here

"It depends upon things like competition in the market and elasticity of demand for the product. But in relatively less competitive markets where corporations can get away with raising prices, they will as will the industry as a whole."

 

[Iriemon]

I'm trying to find an article I read once that said, "corporations won't necessarily raise their prices just because they have to pay taxes". And I can choose to not buy their products if they raise their prices too much. And Clinton raised corporate taxes. Did you have a problem in the 90's? I didn't. I was saving money and buying lots of things.

I'm sure you'll find some. It's an issue that is debated and imprecise to measure. It depends upon things like competition in the market and elasticity of demand for the product. But in relatively less competitive markets where corporations can get away with raising prices, they will as will the industry as a whole.

According to the Office of Management and Budget, federal tax collections from corporations peaked in 1943, when corporate tax revenue was 39.8 percent of total federal tax collections. In more recent history, corporate tax revenue was as high as 17 percent of total federal tax collections in 1970, bottoming out at just 6 percent in 1983. During the 1990s, corporate tax revenues rose again following President Bill Clinton’s 1993 tax increase, which raised the top statutory corporate income tax rate from 34 percent to 35 percent.

Simple question.

How does raising the tax rate on a corporation affect the CEO making $50 million.

I don't know.

I think my point was that if we give them a tax break, they won't necessarily lower the price of their goods or hire more people. Instead, the Executives will just divvy up the spoils.

Could be. Crank the income tax rate up to about 70% for people making over $10 million and lower the tax rates on the working poor.

PS. I really like talking to you. You are a smart rational person. I agree 100% with what you said here

"It depends upon things like competition in the market and elasticity of demand for the product. But in relatively less competitive markets where corporations can get away with raising prices, they will as will the industry as a whole."

Thanks!

 

[editec]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

 

[sealybobo]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

Why don't you go ask the Republicans to do that.

 

[sealybobo]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

Obama cracks down on overseas tax loopholes
President’s two-part plan calls for hundreds of new federal tax agents

Republicans will cry that this is growing government, that this will raise prices and put people out of work.

WASHINGTON - President Barack Obama vowed Monday to "detect and pursue" U.S tax evaders and go after their offshore tax shelters. In announcing a series of steps aimed at overhauling the U.S. tax code, Obama complained that existing law (created by the GOP from 2002-2006), 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 president said he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign countries rather than recording them at home and called for more transparency in bank accounts that Americans hold in notorious tax havens like the Cayman Islands.

"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly," Obama said.

The president, who hammered on this issue during his long campaign for the White House, said at a White House event that his plan would generate $210 billion in new taxes over 10 years and "make it easier" for companies to create jobs at home. Over a decade, $210 billion would make a modest dent in a federal deficit expected to swell to $1.2 trillion in 2010.

Under the plan, companies would not be able to write off domestic expenses for generating profits abroad. The goal is to reduce the incentive for U.S. companies to base all or part of their operations in other countries.

He said the government also is hiring nearly 800 new IRS agents to enforce the U.S. tax code.

Congress is expected to resist significant portions of Obama's plan.

The administration is not seeking to repeal all overseas tax benefits. Obama called his proposal "a downpayment on the larger tax reform we need to make our tax system simpler and fairer and more efficient for individuals and corporations."

"Nobody likes paying taxes, particularly in times of economic stress," Obama said. "But most Americans meet their responsibilities because they understand that it's an obligation of citizenship, necessary to pay the costs of our common defense and our mutual well-being."

Tax havens abuse
The current tax code, he said, makes it too easy for "a small number of individuals and companies to abuse overseas tax havens to avoid paying any taxes at all."

Obama said he was willing to make permanent a research tax credit that was to expire at the end of the year and is popular with businesses. Officials estimate that making the tax credits permanent would cost taxpayers $74.5 billion over the next decade.

But administration aides said 75 percent of those tax credits cover the cost of workers' wages.

Under existing laws, companies with operations overseas pay U.S. taxes only if they bring the profits back to the United States. If they keep the profits offshore, they can defer paying taxes indefinitely. Obama's plan, which would take effect in 2011, would change that.

Obama officials also said they would close a Clinton-era provision that would cost $87 billion over the next decade by letting U.S. companies "check the box" and treat international subsidiaries as mere branch offices. Officials said it was meant as a paperwork shortcut that is now a widely used and perfectly legal way to avoid paying billions in taxes on international operations.

Treasury Secretary Timothy Geithner joined Obama for the announcement. He said the proposals would end "indefensible tax breaks and loopholes which allow some companies and some well-off citizens to evade the rules that the rest of America lives by."

 

[sealybobo]

57% agree with Obama
12% say this doesn't go far enough
19% say it will cost jobs at home (what did I tell you)
12% say companies will just find other loopholes

 

[raceright]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

AHHH Isolationism love it.
$20.00 dollar tomato's here we come

 

[raceright]

You who do not pay alot of taxes (social security that you bosses match for you is not taxes but retirement) always want your bosses to pay more (they are the rich ) if your boss or bosses (CEO's)
cannot afford or are not willing to pay more taxes then they will either make the public pay more for what they sell or stop selling and if all the loop holes as many of you call them, are closed then the bosses will cut back (guess what they cut first your job). Most of you do not understand that the larger the business the more waste there is and most large Corps put up with it because they never know when the will have to produce more, but guess what in a recession they do not need to produce more quite the opposite.
So take more from them and jobs will be cut.

 

[GHook93]

Fine cut down the tax havens and loop-hole, but then LOWER THE FUCKING 2ND HIGHEST CORPORATE TAX IN THE WORLD! Also do something with the small business killing payroll tax!

If the big O thinks that helping the economy and creating new jobs starts by the equivalent of raising taxes on the already taxed to death business then he has another thing coming! No to mention that the increase taxes will be passed onto the consumers!

 

[GHook93]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

AHHH Isolationism love it.
$20.00 dollar tomato's here we come

Let's also buy that $100K GM/Ford/Chysler/Domestic car with the square tires and no doors!

 

[sealybobo]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

AHHH Isolationism love it.
$20.00 dollar tomato's here we come

See, you must be a Republican/Conservative, because you can't see beyond these Rush Limbaugh talking points.

Let me put your mind at rest dummy. Ready? We will NEVER get rid of all the illegals in this country. We might make them legal, but that's another discussion.

So we might kick out the ones doing jobs Americans will do, but as for migrant seasonal fruit pickers, you can rest assure that we will continue to use people from south of the border to do that work.

So you will get your cheap tomoato's.

OR, grow your own tomato's. Supply and demand. Remember S&D?

PS. I'm going to continue to point out you right wingers and your talking points. They are the same on every issue. If we try to fix anything you guys broke, you say it will raise taxes, prices and cost people their jobs.

Every country protects certain industries that are vital to their economies. Only we haven't protected the ones that are important to us.

And while you STILL don't get that, the election is over and it seems like most Americans have woke up. Now it is your turn. Protectionism. Shut the fuck up with your right wing talking points. Getting soooo old.

 

[sealybobo]

You who do not pay alot of taxes (social security that you bosses match for you is not taxes but retirement) always want your bosses to pay more (they are the rich ) if your boss or bosses (CEO's)
cannot afford or are not willing to pay more taxes then they will either make the public pay more for what they sell or stop selling and if all the loop holes as many of you call them, are closed then the bosses will cut back (guess what they cut first your job). Most of you do not understand that the larger the business the more waste there is and most large Corps put up with it because they never know when the will have to produce more, but guess what in a recession they do not need to produce more quite the opposite.
So take more from them and jobs will be cut.

In good economies, like the one under Clinton, companies didn't mind paying those taxes.

And it didn't affect prices, because competition took care of that.

And it didn't affect jobs, because companies hire more people when times are good.

When times are bad, wages go lower, jobs go overseas, etc. Its called disaster capitalism. And its done on purpose. Same thing happened during the Great Depression and Guilded Age.

All created by the mega welthy robber barons and the politicans who work for them. TOdya, that's mostly the GOP.

 

[sealybobo]

The solution is quite simple.

Don't allow those XPAT corporations to do business in the USA.

You want to be a foreign corporation? Fine.

Take your business elsewhere.

AHHH Isolationism love it.
$20.00 dollar tomato's here we come

Let's also buy that $100K GM/Ford/Chysler/Domestic car with the square tires and no doors!

I think you should be kicked out of this country for being so anti American. You sound like a terrorist would sound bashing the US.

Now, suck on this headline from last week you fucking traitorous bitch.

Ford Motor Co., the healthiest of Detroit's auto makers, scored a small victory, outselling Toyota Motor Co. for the first time in at least a year as the Japanese auto maker's sales fell even more preciptiously than those of its U.S. rival.


Must be something wrong with Toyota's cars if they can't beat such a piece of shit like a Ford.

Go back to Texas you fucking anti American red necks!!!

 

[raceright]

AHHH Isolationism love it.
$20.00 dollar tomato's here we come

Let's also buy that $100K GM/Ford/Chysler/Domestic car with the square tires and no doors!

I think you should be kicked out of this country for being so anti American. You sound like a terrorist would sound bashing the US.

Now, suck on this headline from last week you fucking traitorous bitch.

Ford Motor Co., the healthiest of Detroit's auto makers, scored a small victory, outselling Toyota Motor Co. for the first time in at least a year as the Japanese auto maker's sales fell even more preciptiously than those of its U.S. rival.


Must be something wrong with Toyota's cars if they can't beat such a piece of shit like a Ford.

Go back to Texas you fucking anti American red necks!!!

hahahahehehahahhhehehehhAHAHAWHAT THE FUNNY HAHAHAH
WHAT A TOTAL WANNNA BE YOU ARE.
Try New York,Chicago,Maine no redneck here Michigan and you are going to preach about the economy <go ask you boss for a few days off you need it (you will always hate your boss but guess what you will always need and have one).hahahahhhehehhehhehahhahha

 

[Ame®icano]

From this morning...

May 4 (Bloomberg) -- President Barack Obama proposed raising about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques used by U.S. companies such as Caterpillar Inc. and Procter & Gamble Co.

Obama’s plan also would make it riskier for Americans to stash money in tax-havens.

Bloomberg

 

[Iriemon]

From this morning...

May 4 (Bloomberg) -- President Barack Obama proposed raising about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques used by U.S. companies such as Caterpillar Inc. and Procter & Gamble Co.

Obama’s plan also would make it riskier for Americans to stash money in tax-havens.

Bloomberg

He needs to re-write the whole tax code rather than piece meal attack loopholes. The whole code is riddled with them.

 

[mash107]

People save a few hundred billions dollars?

How do I sign up?!!

 

[WillowTree]

Simple fix: Lower the Corporate tax rate in the US.

I think offshore tax havens are utilized by individuals to shield income as well as corporations, but I don't know the breakdown.

I agree with you on corporations.

In fact eliminate corporate taxes.

Tax the individuals who benefit from the corporation more instead.

You are wrong. Back in the day, corporations paid more of the taxes so we could pay less. For some strange reason they have conned you guys into thinking that they should get the breaks and YOU should pay more. WRONG!!! They should pay more.

But oh god, they won't make as much in profits, and they'll raise the price of their products and they won't hire as many people.

You guys are too easily manipulated.

I was going to say they won't stop until they convince you that they shouldn't pay any taxes but I see you are already there.

Americans really need to wake up.

So the synapse hasn't connected yet? Tax the corporations more and A. they move overseas,, or B they pass it on to we the consumer!

 

[WillowTree]

The government doesn't give me a tax break so I will donate to charity. They give me a tax break IF I donate to charity.

I understand your post above. I just don't buy it. Sure, makes sense that if we eliminate all corporate taxes that it will be good for the consumer, but it will be bad for the country and tax payers who will have to shoulder that burden.

No, Corporations should be paying most of the taxes. Them and the rich people.

Your assumption that if corporations don't pay taxes it will be bad for the country and tax payers is false. Someone pays the taxes; they just don't go away if you tax the corporation instead. The question is who should pay them. If corporations pay it it is essentially consumers who pay it. That is the opposite of your "tax the rich people" goal.

I can understand it sounds contrary, but supporting big corporate taxes is supporting a sales tax that hurts lower incomes relatively more. Plus it makes our corporations less competitive abroad.

It doesn't make sense to tax corporations more and tax CEOs less. Unless you want consumers and not CEOs to pay more of the taxes.

Stopping illegal employers from hiring illegal workers will raise their prices too. What should we do here?

What are you going to do with all the illegals just here for a chance at a better life bigot?