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

[Pennywise]

The hubris and insanity of progressive leftists is they actually think they can stop water from flowing downhill.

Grow the fuck up you idiots.

 

[WinterBorn]

We need to convert to the Fair Tax. This will fund the gov't, allow businesses to flourish, and save citizens plenty.

 

[Sallow]

.

Drop corporate tax rates to 10% with a 5% minimum.

Reverse the current hostile anti-business environment.

You'll see that money repatriated and new foreign capital flood in.

But our Great & Glorious Leaders In Central Planning say we can't have that.

.

I'd be in favor of that if the following happened.

-All government contracts were cancelled. Government would manufacture, build and provide services without private industry involved.

-All government services provided to private corporations would be on a fee basis. Which would mean they would have to pay a fee to use the courts, roads, bridges and other services.

-Corporations would lose their "people" status. They would no longer be able to make donations.

-The financial sector would be wholly responsible for backing accounts. Corporate executives would be criminally liable for loss.

-There would no longer be "limited liability" protection involved. Corporate executive would be both criminally and financial responsible for corporate wrong doing.

-Patents and copyrights would be limited to 5 years.

You are out of your fucking mind.
If a company does not make a profit you want to imprison their executives?
You haven't a clue about business.
You want government to start a manufacturing business(es) from scratch?

Seems that the cat is out of the bag, now ain't it?

 

[Sallow]

Why is there an assumption that all profits made by US companies should be filtered thru the coffers of the federal gov't?

Yes, those companies made money. So? Why do some people assume it is either paid to Uncle Sam or they are doing something wrong?

It's government that allows business to flourish.

No government? No capitalism.

Government provides a vast array of services, infrastructure and resources that are mainly funded by the people WORKING for these private corporations.

They get money coming and going.

A little parity is not much to ask.

And it's part of the United States Constitution.

 

[deltex1]

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.

Obabble will get right on it after he adjust women's wages at the White House.

 

[iamwhatiseem]

Time to get rid of both.

Time to get rid of Presidents that are corporatist.
You voted for him twice. You have nothing to complain about since you still ardently support him.

 

[Sallow]

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.

Obabble will get right on it after he adjust women's wages at the White House.

Who's "Obabble"?

 

[Sallow]

Time to get rid of both.

Time to get rid of Presidents that are corporatist.
You voted for him twice. You have nothing to complain about since you still ardently support him.

Eyah..

Obama Urges Business Tax Rewrite to Help Spur New Jobs - Bloomberg
Obama to seek tighter tax rules for corporate offshore profits -official | Reuters

And you voted for whom?

 

[Gadawg73]

Why is there an assumption that all profits made by US companies should be filtered thru the coffers of the federal gov't?

Yes, those companies made money. So? Why do some people assume it is either paid to Uncle Sam or they are doing something wrong?

It's government that allows business to flourish.

No government? No capitalism.

Government provides a vast array of services, infrastructure and resources that are mainly funded by the people WORKING for these private corporations.

They get money coming and going.

A little parity is not much to ask.

And it's part of the United States Constitution.

Give it up, you are clueless.
It is BUSINESS and PEOPLE that allows government to "flourish" and squander EARNED resources.
Government earns nothing.

 

[Gadawg73]

"No government, no capitalism"
Wow, what a crock of shit.
PEOPLE made this a capitalist society, NOT government.
The Founders feared the power of government.

 

[Darkwind]

You people act as if you have a right to these monies.

You don't, you know.

 

[iamwhatiseem]

Time to get rid of both.

Time to get rid of Presidents that are corporatist.
You voted for him twice. You have nothing to complain about since you still ardently support him.

Eyah..

Obama Urges Business Tax Rewrite to Help Spur New Jobs - Bloomberg
Obama to seek tighter tax rules for corporate offshore profits -official | Reuters

And you voted for whom?

Eyah all you want.
Wall Street and corporations are doing extremely well. Extremely.
And all you can do is sit there and give me Obama lip service. Words are not actions.
Your buddy is a corporatist elitist.
And you bend over everyday to shine his shoes

 

[rightwinger]

"No government, no capitalism"
Wow, what a crock of shit.
PEOPLE made this a capitalist society, NOT government.
The Founders feared the power of government.

Capitalism would not exist without a government to protect their interests

 

[Sallow]

Time to get rid of Presidents that are corporatist.
You voted for him twice. You have nothing to complain about since you still ardently support him.

Eyah..

Obama Urges Business Tax Rewrite to Help Spur New Jobs - Bloomberg
Obama to seek tighter tax rules for corporate offshore profits -official | Reuters

And you voted for whom?

Eyah all you want.
Wall Street and corporations are doing extremely well. Extremely.
And all you can do is sit there and give me Obama lip service. Words are not actions.
Your buddy is a corporatist elitist.
And you bend over everyday to shine his shoes

Didn't read the links?

Couldn't answer my question?

Then you got personal?

Typical.

 

[iamwhatiseem]

"No government, no capitalism"
Wow, what a crock of shit.
PEOPLE made this a capitalist society, NOT government.
The Founders feared the power of government.

Capitalism would not exist without a government to protect their interests

OH MY GOD.
What a total line of crap.
You are gone. There is no hope for you.
WHat you should have wrote.....
Corporatism and market manipulation would not exist without a government to protect their interest.

 

[Kosh]

Again the hypocrisy of the far left on this is amazing and quite entertaining.

Considering that the biggest offenders were some of the donors to Obama in 2008 and 2012.

It is like the far left lackeys that chat they want more jobs in America when they own an IPhone or they claim they want the corporations to pay more here in the US while Obama sells Chrysler to foreign company.

Oh the far left is just funny that way, the problem is they can not see it.

 

[Darkwind]

"No government, no capitalism"
Wow, what a crock of shit.
PEOPLE made this a capitalist society, NOT government.
The Founders feared the power of government.

Capitalism would not exist without a government to protect their interests

Capitalism existed prior to governments and can exist without government. The truth is, governments need capitalism for all the feel good oppression progressives wish to inflict upon the world.

 

[Sallow]

Why is there an assumption that all profits made by US companies should be filtered thru the coffers of the federal gov't?

Yes, those companies made money. So? Why do some people assume it is either paid to Uncle Sam or they are doing something wrong?

It's government that allows business to flourish.

No government? No capitalism.

Government provides a vast array of services, infrastructure and resources that are mainly funded by the people WORKING for these private corporations.

They get money coming and going.

A little parity is not much to ask.

And it's part of the United States Constitution.

Give it up, you are clueless.
It is BUSINESS and PEOPLE that allows government to "flourish" and squander EARNED resources.
Government earns nothing.

Should be easy for you then...

Name a country..or a state..where first a business was set up..and then out of that grew a government?

 

[Sallow]

"No government, no capitalism"
Wow, what a crock of shit.
PEOPLE made this a capitalist society, NOT government.
The Founders feared the power of government.

Capitalism would not exist without a government to protect their interests

Capitalism existed prior to governments and can exist without government. The truth is, governments need capitalism for all the feel good oppression progressives wish to inflict upon the world.

Well not really.

Capitalism involves "capital" which is currency of some sort.

That currency must have value thats agreed upon by both sides of a trade.

Buyers and Sellers.

What you essentially had prior to capitalism, in the private sphere, was barter.

 

[iamwhatiseem]

Eyah..

Obama Urges Business Tax Rewrite to Help Spur New Jobs - Bloomberg
Obama to seek tighter tax rules for corporate offshore profits -official | Reuters

And you voted for whom?

Eyah all you want.
Wall Street and corporations are doing extremely well. Extremely.
And all you can do is sit there and give me Obama lip service. Words are not actions.
Your buddy is a corporatist elitist.
And you bend over everyday to shine his shoes

Didn't read the links?

Couldn't answer my question?

Then you got personal?

Typical.

DO you not understand the difference between talk and action?
DO you not understand that people say one thing and do another?
I don't give a flying f*ck what Obama or ANY politician says. NONE.
They are all full of shit. All of them. There is not an honest politician in Washington. Not one.
I don't care what they say they are going to do. I care WHAT THEY ACTUALLY DO OR NOT DO.
The facts are:
Earnings are critically down for 93% of the population.
Earnings for the wealthy have NEVER BEEN BETTER. Never Sallow.
Record earnings for Wall Street in 3 of the last 5 years.
Underemployment is a staggering problem that no one is even talking about.
It is a fantastic time to be wealthy in America.
For the other 93% of the population. Sucks to be us.
But you keep right on supporting your guy - that is what is important right?