What should be done, if anything, to bring home $5 trillion held overseas by American businesses?

[usmbguest5318]

It would be nice to have some of that money come back home.

Start with names like Kennedy, Pelosi, Kerry, Clinton, Schumer, Warren. Make sure they have no money overseas. Then we can go from there.

Just what would be the problem with it if they did have money overseas? Lots of people do. There's nothing inherently wrong with it.

Moreover, the individuals you mentioned aren't self-employed, so if they have money overseas, it's merely in a bank account there rather than in the U.S.

Exactly. I have no problem with those people having money overseas. I have a problem with those people that support Liberal Elites who have money overseas and yet have a problem with conservatives having money overseas. During the previous regime, we had VP Biden threatening the revocation of US Citizenship of a Facebook multimillionaire living Singapore.

I have a problem with those people that support Liberal Elites who have money overseas and yet have a problem with conservatives having money overseas.

Well, that's reasonable enough.

FWIW, I don't who might actually think as you describe, but I am relatively sure there must be some people who do, for there is no question that there are people who vocal, irrational and unreasonable.

 

[task0778]

Obviously they aren't doing that so maybe your feel good solution isn't the answer.

Then they can leave that money overseas. You feel good about others making more money than you but paying less in tax??

That's what they're doing now so obviously your tax the shit out of them plan isn't working to get more investment here. I don't worry about trivial things like if someone makes more than me. I also think the entire tax system is a joke. We need a flat tax if you want it to be fair to everyone equally.

Nope, that plan is working as designed. Want your money here? Pay your taxes on it. Why should they be allowed to avoid paying tax on their income but others, like myself, cannot?

Well you're sure teaching those rich people a lesson. In the mean time they just keep the money over seas. You're showing them though, keep up the good work.

Just a thought though. Maybe you're paying too much or too little in taxes? I mean if you think you deserve 50% or whatever amount of their money to go to the government how much of yours should go there? Are you willing to match what they pay?

It's not about teaching them a lesson. It's about paying taxes. If they bring their money back here, they pay the taxes on that money. No one else gets a break on their taxes where they can avoid paying much of the taxes they owe. Neither should anyone doing business overseas.

Why shouldn't an American company build and sell their products in a foreign country?

 

[Markle]

Lower the tax bite and the dough wil come flowing in.

wouldn't that require reducing spending or increasing debt?

Are you serious?

If so, that clearly explains why Progressives are so far out in the weeds when it comes to economics in the real world.

 

[Markle]

should we end the drug war for two years to compensate for lost revenue?

Are you serious?

There is no revenue now, how could there be less?

 

[Markle]

Is the monies in banks overseas creating jobs overseas?

Of course. Why not?

 

[Faun]

Then they can leave that money overseas. You feel good about others making more money than you but paying less in tax??

That's what they're doing now so obviously your tax the shit out of them plan isn't working to get more investment here. I don't worry about trivial things like if someone makes more than me. I also think the entire tax system is a joke. We need a flat tax if you want it to be fair to everyone equally.

Nope, that plan is working as designed. Want your money here? Pay your taxes on it. Why should they be allowed to avoid paying tax on their income but others, like myself, cannot?

Well you're sure teaching those rich people a lesson. In the mean time they just keep the money over seas. You're showing them though, keep up the good work.

Just a thought though. Maybe you're paying too much or too little in taxes? I mean if you think you deserve 50% or whatever amount of their money to go to the government how much of yours should go there? Are you willing to match what they pay?

It's not about teaching them a lesson. It's about paying taxes. If they bring their money back here, they pay the taxes on that money. No one else gets a break on their taxes where they can avoid paying much of the taxes they owe. Neither should anyone doing business overseas.

Why shouldn't an American company build and sell their products in a foreign country?

I didn't say they shouldn't. What I did say is that they should pay the taxes on profit they wish to bring back into the U.S., per current U.S. tax laws.

 

[Markle]

It would be nice to have some of that money come back home.

Folks with money overseas should pay the tax on it and bring the money back into the U.S..

Why?

 

[Markle]

No, it's not double tax. Bringing their money here means they are taxed here the rate based on their tax bracket minus any taxes already paid elsewhere.

So the company in Faunland pays Faunland's 20% corporate tax rate on their $100.00 of net profit leaving $80.00. They bring that $80.00 into the U.S. and pay a 38.9% corporate tax rate for the privilege of bringing that $80.00 into the states. That's an additional $31.12 in taxes. Eighty dollars minus $31.12 leaves them with $48.88 net profit after the money comes in the states?

Why would they do such a thing?

 

[Markle]

If I, a US citizen, get in trouble in a foreign country, I'm on my own. When US corporations get in trouble in foreign countries, especially oil companies, we leave no stone unturned to bail them out, including the full force of our military and the lives of US servicemen.

Depends on what you have done and what country you chose for your trouble doesn't it?

 

[Markle]

Freeze the accounts until the corporations agree to pay what they should have to begin with.

Please explain your idea... It sounds like you are suggesting that the US government freeze American bank accounts for anybody that has money in an offshore account until they transfer those funds into an American account and pay taxes on it. Is that what you are saying? Hows all this supposed to work?

Yes, that's the idea.

How exactly does that work? For example, how does the government know how many accounts you have and how much money is in each account? How is it all regulated and enforced?

I'm confident that if our intelligence agencies don't already know who has what where, they could find out. It would also require some cooperation from the countries where the money is held and that might need to be coerced in some way. That probably wouldn't be too difficult either because those nations require defense and possibly infrastructure support from the US.

. There's no double taxation problem; companies receive credit for taxes paid over to other governments.

The corporate tax bill – nominally 35 percent – is not due in America until the foreign profits come home. In the jargon of the corporate world, the taxes are "deferred" until the profits are "repatriated."


be confident NOT ONE SINGLE CORPORATION WILL COME BACK TO THE U.S.

NOT ONE.

What is their incentive?

 

[CowboyTed]

Two-year tax amnesty.

should we end the drug war for two years to compensate for lost revenue?

What lost revenue? That's money that's overseas right now.
.

Mac you know that other countries have money in US too... The Saudis alone have 1 trillion in US....

5 Trillion abroad is not that much...

 

[Mac1958]

Two-year tax amnesty.

should we end the drug war for two years to compensate for lost revenue?

What lost revenue? That's money that's overseas right now.
.

Mac you know that other countries have money in US too... The Saudis alone have 1 trillion in US....

5 Trillion abroad is not that much...

It's actually about half that. But sure it is. We're talking trillions, not billions. That's big even in government dollar-printing terms.
.

 

[ScienceRocks]

Trump was right when he said Tariff imports and make it harder to outsource to the third world....

Shame he didn't keep his promises...

The most important thing we must do is predict our businesses here in America and make it very hard to outsource.....

Fuck the traitors...Rebuilding our middle class will make far more then 5 trillion.

 

[jasonnfree]

If I, a US citizen, get in trouble in a foreign country, I'm on my own. When US corporations get in trouble in foreign countries, especially oil companies, we leave no stone unturned to bail them out, including the full force of our military and the lives of US servicemen.

Depends on what you have done and what country you chose for your trouble doesn't it?

Nope. Our military protects our 'interests' overseas. Our interests don't always include we the people. We make other countries and our shipping lanes safe for investments in trade for our companies and corporations to do business offshore, whether those 'interests' serve the American people or not.

 

[Faun]

No, it's not double tax. Bringing their money here means they are taxed here the rate based on their tax bracket minus any taxes already paid elsewhere.

So the company in Faunland pays Faunland's 20% corporate tax rate on their $100.00 of net profit leaving $80.00. They bring that $80.00 into the U.S. and pay a 38.9% corporate tax rate for the privilege of bringing that $80.00 into the states. That's an additional $31.12 in taxes. Eighty dollars minus $31.12 leaves them with $48.88 net profit after the money comes in the states?

Why would they do such a thing?

No, they do not pay 38.9%. They pay their rate minus the 20% they already paid. There is no double tax. You people keep spreading lies among yourselves so you don't know what you're talking about.

 

[Cecilie1200]

Two-year tax amnesty.

should we end the drug war for two years to compensate for lost revenue?

What lost revenue? That's money that's overseas right now.
.

Mac you know that other countries have money in US too... The Saudis alone have 1 trillion in US....

5 Trillion abroad is not that much...

Yes, well, people who yarp about trade deficits and "money going overseas" tend to miss the part where the people overseas exporting and selling items in the US then take that money and invest it in US financial securities, which balances out pretty nicely against the so-called "trade deficit".

 

[Cecilie1200]

Two-year tax amnesty.

should we end the drug war for two years to compensate for lost revenue?

What lost revenue? That's money that's overseas right now.
.

Mac you know that other countries have money in US too... The Saudis alone have 1 trillion in US....

5 Trillion abroad is not that much...

It's actually about half that. But sure it is. We're talking trillions, not billions. That's big even in government dollar-printing terms.
.

Yes, but since we're not talking hard, physical currency for the most part, that's rather irrelevant.

 

[Cecilie1200]

Trump was right when he said Tariff imports and make it harder to outsource to the third world....

Shame he didn't keep his promises...

The most important thing we must do is predict our businesses here in America and make it very hard to outsource.....

Fuck the traitors...Rebuilding our middle class will make far more then 5 trillion.

Off the top of my head, I can't think of any point in regards to trade that Trump is right. Whatever the man is good at, macroeconomics and international trade and finance are not those things.

 

[Slyhunter]

That's what they're doing now so obviously your tax the shit out of them plan isn't working to get more investment here. I don't worry about trivial things like if someone makes more than me. I also think the entire tax system is a joke. We need a flat tax if you want it to be fair to everyone equally.

Nope, that plan is working as designed. Want your money here? Pay your taxes on it. Why should they be allowed to avoid paying tax on their income but others, like myself, cannot?

Well you're sure teaching those rich people a lesson. In the mean time they just keep the money over seas. You're showing them though, keep up the good work.

Just a thought though. Maybe you're paying too much or too little in taxes? I mean if you think you deserve 50% or whatever amount of their money to go to the government how much of yours should go there? Are you willing to match what they pay?

It's not about teaching them a lesson. It's about paying taxes. If they bring their money back here, they pay the taxes on that money. No one else gets a break on their taxes where they can avoid paying much of the taxes they owe. Neither should anyone doing business overseas.

Why shouldn't an American company build and sell their products in a foreign country?

I didn't say they shouldn't. What I did say is that they should pay the taxes on profit they wish to bring back into the U.S., per current U.S. tax laws.

And if they don't wish to bring the money back to the US because the taxes are too high for them to do it?

 

[Faun]

Nope, that plan is working as designed. Want your money here? Pay your taxes on it. Why should they be allowed to avoid paying tax on their income but others, like myself, cannot?

Well you're sure teaching those rich people a lesson. In the mean time they just keep the money over seas. You're showing them though, keep up the good work.

Just a thought though. Maybe you're paying too much or too little in taxes? I mean if you think you deserve 50% or whatever amount of their money to go to the government how much of yours should go there? Are you willing to match what they pay?

It's not about teaching them a lesson. It's about paying taxes. If they bring their money back here, they pay the taxes on that money. No one else gets a break on their taxes where they can avoid paying much of the taxes they owe. Neither should anyone doing business overseas.

Why shouldn't an American company build and sell their products in a foreign country?

I didn't say they shouldn't. What I did say is that they should pay the taxes on profit they wish to bring back into the U.S., per current U.S. tax laws.

And if they don't wish to bring the money back to the US because the taxes are too high for them to do it?

Then they leave that money overseas. It's their choice.