Republicans to vote to repeal law against offshore tax avoidance

[Vandalshandle]

If they keep this up, their entire base will be nobody but the 1 percenters.

But, I'll acknowledge that if I win the lottery, and collect $300 million, I will rejoin the republican party, send most of it to Grand Cayman, and this sit around and rant about welfare queens.

 

[Darkwind]

Thats who they've always represented. Those who can afford to offshore or have blind trusts.

You mean hard working Americans who want to keep what they earned?

You're right. that IS who they represent.

 

[Clementine]

The bait and switch is popular with any bill. First, give it a name of a worthy and well-supported idea, then add so much crap that it would be harmful.

When people actually read it, and I'm clearly not talking about Pelosi and her ilk, they tend to discover the garbage and reject it, which just causes the other side to pretend they are against the one good thing in the bill.

 

[whitehall]

Republicans to vote? Did the low information left forget that 2/3 of the federal government is controlled by the democrat party? Keep thinking like losers and you will be losers. It should be noted that Bill Clinton pardoned the most notorious tax cheat in history (at the time) while he was on the FBI's 10 most wanted in exchange for a million dollar donation to his "library".

 

[Vandalshandle]

Republicans to vote? Did the low information left forget that 2/3 of the federal government is controlled by the democrat party? Keep thinking like losers and you will be losers. It should be noted that Bill Clinton pardoned the most notorious tax cheat in history (at the time) while he was on the FBI's 10 most wanted in exchange for a million dollar donation to his "library".

White, you failed to miss the point altogether. No, the Republicans are not going to repeal this law. The article even says so. Hell, republicans are ALWAYS making useless votes that have no affect on anything. The point is that they are telling the world that they are in favor of offshort tax shelters for the rich. And, no, they did not come out with their own plan to end these shelters. That is because their constituancy WANTS these shelters, in spite of the fact that they DISCOURAGE job creation, which is a tax deductible expense, in favor of maintaining a parking space, tax free, offshore, where no American is hired with this money.

Apple has billions of dollars offshore, doing absolutely nothing but earning interest.

 

[Political Junky]

The Hidden Cost of Offshore Tax Havens | U.S. PIRG Education Fund

When U.S. corporations and wealthy individuals use offshore tax havens to avoid paying taxes to the federal government, it is an abuse of our tax system. Tax haven abusers benefit from our markets, infrastructure, educated workforce, and security, but they pay next to nothing for these benefits. Ultimately, taxpayers must pick up the tab, either in the form of higher taxes, cuts to public spending priorities, or increased national debt.

Tax havens are countries or jurisdictions with minimal or no taxes. Corporations and individuals shift earnings to financial institutions in these countries to reduce their U.S. income tax liability - costing the federal government $150 billion in lost revenues each year.

Federal taxpayers are not the only victims of offshore tax havens. Tax havens deprive state governments of billions of dollars in badly needed revenues as well. Based how much income is federally reported in each state, and on state tax rates, it is possible to calculate how much each of the state governments lose as a result of offshore tax dodging.

In 2011, states lost approximately $39.8 billion in tax revenues from corporations and wealthy individuals who sheltered money in foreign tax havens. Multinational corporations account for more than $26 billion of the lost tax revenue, and wealthy individuals account for the rest.

 

[Politico]

You Leftytoons are hilarious. FATCA was your baby. And you're mad at the Republicans for trying to stop something you say isn't right to begin with.

 

[The Rabbi]

As Dylan used to say, "You don't need a weatherman to know which way the wind blows".

Thanks one hell of alot GOP. It is pretty damned easy to see who you stand for in the USA. Say hello to the Koch brothers.

Yahoo!

You're such a dunce.

Fact: They did not vote to repeal the law. They were set to vote for a resolution calling for it
Fact: The law requires foreign banks to report to the IRS. Do you want a law in Germany saying your bank must hand over records to their government? Oh yeah, you dont have a bank account.
Fact: The law exists primarily to give Big Brother more information.

 

[The Rabbi]

The Hidden Cost of Offshore Tax Havens | U.S. PIRG Education Fund

When U.S. corporations and wealthy individuals use offshore tax havens to avoid paying taxes to the federal government, it is an abuse of our tax system. Tax haven abusers benefit from our markets, infrastructure, educated workforce, and security, but they pay next to nothing for these benefits. Ultimately, taxpayers must pick up the tab, either in the form of higher taxes, cuts to public spending priorities, or increased national debt.

Tax havens are countries or jurisdictions with minimal or no taxes. Corporations and individuals shift earnings to financial institutions in these countries to reduce their U.S. income tax liability - costing the federal government $150 billion in lost revenues each year.

Federal taxpayers are not the only victims of offshore tax havens. Tax havens deprive state governments of billions of dollars in badly needed revenues as well. Based how much income is federally reported in each state, and on state tax rates, it is possible to calculate how much each of the state governments lose as a result of offshore tax dodging.

In 2011, states lost approximately $39.8 billion in tax revenues from corporations and wealthy individuals who sheltered money in foreign tax havens. Multinational corporations account for more than $26 billion of the lost tax revenue, and wealthy individuals account for the rest.

Remind me which part of that is illegal.
When people take deductions on their income tax they also cost the government money. Explain the difference.
You are such a dunce.

 

[Kosh]

Why would the far left even care about this especially after Obama sold Chrysler to Fiat and now all the taxes on profits benefit the Italians.

 

[The Rabbi]

Why would the far left even care about this especially after Obama sold Chrysler to Fiat and now all the taxes on profits benefit the Italians.

They dont care about it. If the did Jack Lew would never be SecTreasury.

 

[Ellasophia]

Is this Nova guy always so interesting and informed? You libs must have a hoot on this site.