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Don't Let Corporations Offshore Profits


US Politics & Gov't  (tags: Corporate Criminals, Taxes )

TomCat
- 689 days ago - politicsplus.org
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Comments

TomCat S. (234)
Sunday December 2, 2012, 9:06 am
Greedy corporations and their means of evading that taxes they own, have become more exposed in the public eye, because Republican efforts to represent them, during the last election. As a result, the 99% have been calling for an end to corporate welfare, which we pay mostly in the form of tax breaks. Here is the latest corporate scheme to avoid paying their taxes.
 

Kit B. (276)
Sunday December 2, 2012, 9:20 am

I wonder if this is not very much the same policy that Obama has suggested. We lower taxes on corporations that hire and keep their profits in the US. In turn increase taxation on those corporations that continue to hire off shore, and keep their nest eggs tightly wrapped in protected accounts, far away from IRS scrutiny.

I wonder how this would affect the current thinking about the new "Free Trade" deals, or TPP, the so called Trans Pacific Partnership. To date the free trade deals have worked well for profits and poorly for the American workers.

 

pam w. (191)
Sunday December 2, 2012, 9:43 am
I agree, Kit and think it's time to take another look at "deals" which are one-way only!
 

Chris C. (151)
Sunday December 2, 2012, 9:47 am
I'm, of course, for higher taxes for those corps that hire offshore and lower taxes for those that keep their profits and jobs here in the USA. I think the whole nation is more aware of this after the last election and is watching, watching, watching!
 

Dandelion G. (380)
Sunday December 2, 2012, 1:24 pm
I'm so tired of the Elites, the top of the heap, the Corporations and their spokes mouth pieces that whine again and again. How about the people who by all their scams, loopholes, tax evading, skimming the top off, gambling, and a host of other wheeling and dealing has left millions out of work, homes, medical care, and food. How about those people?

Not one of them at the top of the food chain worry about where they will sleep, whether they will eat today or not. Oh my, they might have to pay a wee bit more, so they whine, don't look here but do go after those grandmothers and grandfathers who are on Social Security, maybe instead of $1,000 a month they can make due on $800. Take some more out of the Food Stamp budget after all children don't eat that much, cut out Medicaid and let the poor die off, who needs them anyways, if they hire off shore or hire visa employees to come in and work for cheap.

I wonder when a good majority of the American public will understand they've been told to go eat cake?
 

David C. (29)
Sunday December 2, 2012, 1:25 pm
Thank you tom
 

JL A. (275)
Sunday December 2, 2012, 1:35 pm
Excellent analysis TomCat! The math I've seen indicates if these taxes get paid, the Bush Cuts for the high earnings expire and capital gains income tax rate returns to 30% the ENTIRE debt would be eliminated--not just a balanced budget.
 

Michael Kirkby (85)
Sunday December 2, 2012, 2:50 pm
Signed & Tweeted.
 

Joanne M. (22)
Sunday December 2, 2012, 3:09 pm
Thanks. Corporations will do whatever they can to maximize their profits legally so we need to look at having laws to ensure that they pair their fair share of taxes.

I am curious as to what prevents corporations from relocating outside of the US totally as a means to avoid paying US taxes. China and other markets are rapidly replacing the US as the top markets. I can see that at some point it may be advantageous for these companies to have their headquarters in another country. Several major companies have already made the move to Hong Kong to save on taxes.
 

Jennifer C. (172)
Sunday December 2, 2012, 4:09 pm
Thanks.
 

Lynn Squance (232)
Sunday December 2, 2012, 4:45 pm
TC "A far more sensible solution is to stop deferring tax on overseas income, until the funds are brought back to the US. The argument against this solution is that US corporations would be double taxed on the same profit, first by a foreign government and then by the US. That argument is valid, but there is an easy fix. Give the corporations tax credits for income taxes paid to foreign governments. "

I heartily agree with this. As a result of my employment with HSBC Bank Canada, I have a small annual income where UK tax is deducted at source. I claim that tax on my Canadian tax return and receive a credit for foreign taxes paid. That way I am not paying tax twice. This approach makes total sense to me.

The question I would ask of these corporations Is nationality only a matter of convenience for them, or does nationality, and all the values that go with it, really matter?

 

Dave C. (216)
Sunday December 2, 2012, 5:43 pm
....or jobs.....

(Tax Breaks only for companies that pay taxes and hire locally/nationally, not just globally)
 

Dorothy N. (63)
Sunday December 2, 2012, 7:36 pm
Owe Lynn Squance and some others more stars...

This does have to be dealt with, and soon!
 

Marianne B. (113)
Sunday December 2, 2012, 9:40 pm
I am in total agreement with Dandelion.Could not have said it better.
 

. (7)
Sunday December 2, 2012, 9:50 pm
I'm with Dave, tax breaks only for companies that pay taxes and hire locally/nationally, not just globally.
 

Roger M. (0)
Sunday December 2, 2012, 10:45 pm
Same story here in the U.K., of course. At a time when so many people are experiencing real hardship it's staggering that large corporations seem to be doing pretty much as they please.

Revolution, anyone?
 

Pat A. (116)
Monday December 3, 2012, 1:25 am
We have a similar problem in the UK - where it appears - all corporations need to do is to take the head of Customs and Revenue out to lunch and LO!!! their need to pay taxes vanishes faster than snow in the sun! I believe that some of the offenders are Starbucks, Amazon, Vodafone, and many, many more - so many in fact that conservative estimates say it is more than all the cuts being imposed by the rich Right Wing on those too crippled, ill, and generally unable to fight back!
http://www.bbc.co.uk/news/business-17625874
http://www.telegraph.co.uk/finance/newsbysector/epic/vod/9322368/Vodafone-paid-zero-UK-corporation-tax-last-year.html
There are many many other articles on the net...

"A far more sensible solution is to stop deferring tax on overseas income, until the funds are brought back to the US. The argument against this solution is that US corporations would be double taxed on the same profit, first by a foreign government and then by the US. That argument is valid, but there is an easy fix. Give the corporations tax credits for income taxes paid to foreign governments. That makes the total tax the corporations pay the same, regardless of where the profit is made. It would also eliminate the incentive for corporations to offshore jobs in order to defer paying taxes. In addition, we should create an incentive for shifting operations back to the US by providing tax breaks for companies who repatriate jobs they have already relocated overseas." - Let the SOBs pay tax SOMEWHERE for all the resources they use - police, roads, infrastructure - I would prefer it to be in whichever country they used those resources - not like one major international company who has its alleged head offices apparently in a room in Lichtenstein!


 

TomCat S. (234)
Monday December 3, 2012, 5:51 am
Thanks everyone, Kudos to Kit, Joanne ans Pat.

Kit, I don't know if this is what Obama intended, but it is similar.

Joanne, if companies relocate completely offshore to evade US Taxes, then there must be taxes and fees for them to sell products in the US.
 

John Gregoire (257)
Monday December 3, 2012, 6:38 am
Many other countries going after US companies for not paying a fair share of taxes on profits. We should close those loopholes quickly -just think of the savings!
 

Arielle S. (317)
Monday December 3, 2012, 12:54 pm
Would that the greedy would just stop being so greedy. A profit is just fine but it seems the more they get, the more they want and at any cost. I wonder how it might work to simply say, "born here, pay taxes here" - doesn't matter where you keep your money or where your business is, if you're an American, you pay taxes to the American government.
 

Dorothy N. (63)
Monday December 3, 2012, 1:50 pm
Hi, Roger M., sending sympathy and the thought that this is far more annoying since so many people in so many countries are having hard times BECAUSE corporations are doing pretty much as they please...

I'm with Arielle M., at least to the point where corporations and wealthy people should have to pay taxes SOMEWHERE!
 

Kamila A. (141)
Tuesday December 4, 2012, 4:38 pm
John, that own of yours is really cute. Is it real?
I agree with Kit that the election made more people aware of how greedy the wealthy are, and how its never enough for them. They still act as if they are going to get their way. I am with Dandelion, that the people have been told to eat cake but the cake is half-eaten and smeared all over their faces. How much more can we take?
 

TomCat S. (234)
Wednesday December 5, 2012, 7:09 am
Thanks guys!
 
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