Obama to propose tax code changes

[Stuxnet]

Originally posted by: spidey07
It's real easy. If you put up barriers to productivity like he's proposing the producers will just go elsewhere.

This pretty much sums it up:
"The letter, signed by 200 companies and trade groups like the U.S. Chamber of Commerce, said the firms would not be on a level playing field with international rivals, many of which are not required to pay taxes at home on overseas entities."

Yep. This is a double-edged sword.

Obama doesn't understand how people and business think. He expects everyone to behave in a manner that's best for the collective good. I was shocked at his response about a month ago when he addressed a question at one of his teleprompter conferences concerning the effects of his tax plans on charities.

"People shouldn't give to charity because of a tax incentive, they should do it because it's a good thing to do."

What an ignorant, idiotic, short-sighted, remark.

Until he "gets" it, he's going to cost charities a lot of money and people a lot of jobs.

Are tax havens RIGHT? Of course not... companies should pay every dime of tax they owe. But the real world - the one Obama is governing from the outside - doesn't work that way.

He needs to get on board with humans' true rationale so he can make it work for him instead of against him.

 

[Skitzer]

Originally posted by: JeffreyLebowski

Originally posted by: ayabe

Originally posted by: spidey07
It's real easy. If you put up barriers to productivity like he's proposing the producers will just go elsewhere.

This pretty much sums it up:
"The letter, signed by 200 companies and trade groups like the U.S. Chamber of Commerce, said the firms would not be on a level playing field with international rivals, many of which are not required to pay taxes at home on overseas entities."

Barriers to productivity? What a joke.

Just like the super high corporate tax rate is a huge drag on the economy even though the effective rate is less than half that.

Well they can have the rate lowered, but they don't get to abuse the law anymore, which is great PR for them and will result in a net increase in revenues since their effective rate is going to be higher.

Oh well guess they shouldn't have abused the system, going to be paying more in the end now.

They won't be paying more in the end. WE will. They will just raise the price on their goods and services to offset the increase in tax liabilities.

All Dear Leader is doing is "sticking it to the man" so his dumb ass followers will think he is doing something to help, but in the end, he's raising the cost of living on everyone.

I don't understand why most don't realize this ........ it's like it just gets glossed over.

 

[ProfJohn]

Originally posted by: Phokus
Good. I'm glad we're seeing some success at finding tax evaders.

You must be speaking about all the people Obama has appointed to his cabinet?

 

[Stuxnet]

Originally posted by: ProfJohn

Originally posted by: Phokus
Good. I'm glad we're seeing some success at finding tax evaders.

You must be speaking about all the people Obama has appointed to his cabinet?

Wow... talk about walking right into it!!!

Owned

 

[Carmen813]

If they are taking profits made domestically and sending them overseas to avoid paying taxes, than that is a loophole that should be closed. If they are making profits *and* spending that money overseas, I'm not sure how we have a right to collect any taxes on them. If they are making that money overseas and sending it back to the U.S., then I think taxes probably should be applied.

 

[ayabe]

Originally posted by: Skitzer

Originally posted by: JeffreyLebowski

Originally posted by: ayabe

Originally posted by: spidey07
It's real easy. If you put up barriers to productivity like he's proposing the producers will just go elsewhere.

This pretty much sums it up:
"The letter, signed by 200 companies and trade groups like the U.S. Chamber of Commerce, said the firms would not be on a level playing field with international rivals, many of which are not required to pay taxes at home on overseas entities."

Barriers to productivity? What a joke.

Just like the super high corporate tax rate is a huge drag on the economy even though the effective rate is less than half that.

Well they can have the rate lowered, but they don't get to abuse the law anymore, which is great PR for them and will result in a net increase in revenues since their effective rate is going to be higher.

Oh well guess they shouldn't have abused the system, going to be paying more in the end now.

They won't be paying more in the end. WE will. They will just raise the price on their goods and services to offset the increase in tax liabilities.

All Dear Leader is doing is "sticking it to the man" so his dumb ass followers will think he is doing something to help, but in the end, he's raising the cost of living on everyone.

I don't understand why most don't realize this ........ it's like it just gets glossed over.

No, what you don't realize is that WE'RE ALREADY PAYING FOR IT NOW AND HAVE BEEN FOR YEARS.

Who the hell do you think makes up for the "lost" revenue? WE DO.

You stupid peasants would have the status quo remain supreme for eternity.

You know that ~$42 million dollars was spent on lobbying in the first quarter of 2009 in order to defeat the mortgage cramdown and changes to credit cards laws.

Can't wait to see how much is spent to defeat this, we lose again.

 

[Stuxnet]

Originally posted by: ayabe

Originally posted by: Skitzer

Originally posted by: JeffreyLebowski

Originally posted by: ayabe

Originally posted by: spidey07
It's real easy. If you put up barriers to productivity like he's proposing the producers will just go elsewhere.

This pretty much sums it up:
"The letter, signed by 200 companies and trade groups like the U.S. Chamber of Commerce, said the firms would not be on a level playing field with international rivals, many of which are not required to pay taxes at home on overseas entities."

Barriers to productivity? What a joke.

Just like the super high corporate tax rate is a huge drag on the economy even though the effective rate is less than half that.

Well they can have the rate lowered, but they don't get to abuse the law anymore, which is great PR for them and will result in a net increase in revenues since their effective rate is going to be higher.

Oh well guess they shouldn't have abused the system, going to be paying more in the end now.

They won't be paying more in the end. WE will. They will just raise the price on their goods and services to offset the increase in tax liabilities.

All Dear Leader is doing is "sticking it to the man" so his dumb ass followers will think he is doing something to help, but in the end, he's raising the cost of living on everyone.

I don't understand why most don't realize this ........ it's like it just gets glossed over.

Who the hell do you think makes up for the "lost" revenue? WE DO.

Exactly how is this "lost revenue" tracked and subsequently passed along to us?

 

[JD50]

Originally posted by: jbourne77

Originally posted by: ayabe

Originally posted by: Skitzer

Originally posted by: JeffreyLebowski

Originally posted by: ayabe

Originally posted by: spidey07
It's real easy. If you put up barriers to productivity like he's proposing the producers will just go elsewhere.

This pretty much sums it up:
"The letter, signed by 200 companies and trade groups like the U.S. Chamber of Commerce, said the firms would not be on a level playing field with international rivals, many of which are not required to pay taxes at home on overseas entities."

Barriers to productivity? What a joke.

Just like the super high corporate tax rate is a huge drag on the economy even though the effective rate is less than half that.

Well they can have the rate lowered, but they don't get to abuse the law anymore, which is great PR for them and will result in a net increase in revenues since their effective rate is going to be higher.

Oh well guess they shouldn't have abused the system, going to be paying more in the end now.

They won't be paying more in the end. WE will. They will just raise the price on their goods and services to offset the increase in tax liabilities.

All Dear Leader is doing is "sticking it to the man" so his dumb ass followers will think he is doing something to help, but in the end, he's raising the cost of living on everyone.

I don't understand why most don't realize this ........ it's like it just gets glossed over.

Who the hell do you think makes up for the "lost" revenue? WE DO.

Exactly how is this "lost revenue" tracked and subsequently passed along to us?

ayabe: It's a write off for them.

Jerry: How is it a write off?

ayabe: They just write it off.

Jerry: Write it off what?

ayabe: Jerry, all these big companies, they write off everything.

Jerry: You don't even know what a write off is.

ayabe: Do you?

Jerry: No. I Don't.

ayabe: But they do. And they're the ones writing it off.

Jerry: ...I wish I could have the last 20 seconds of my life back.

 

[Fern]

Originally posted by: miketheidiot
anyways, so i think it is pretty dumb that companies can receive a tax deduction in the us for investments abroad and then not pay taxes on the returns from that investment. I think they should fix the deduction, not the taxes, however. I don't see what this woudl do, its not like people are going to close their plants, they will still pay the same in taxes on their american operations.

Um yeah well if that actually true.

Read the thread, particularly my response above.

I calling bullsh!t on the claim that you can claim deductions AND defer tax on profits.

Originally posted by: Michael
I have been looking and looking for the "deduction" USA companies get to deduct and yet not pay taxes on foreign income. The closest I saw in a news story is the idea that someone on NYC provides admin support to an overseas office and that expense is deducted and the overseas income is not taxed.

That actually is not allowed under the current tax laws and if it were found in a tax audit the company would be required to charge the foreign entity for the USA services plus a reasonable mark-up.
This looks like nothing but a tax increase wrapped around the political cover of "fairness" when it simply is a lie. The simple fact is that US tax rates are high and the US taxes you even if you make the money outside the USA. This puts US companies at such a huge disadvantage that the deferal of taxes was brought in ages ago.

The R&D tax break that he is offering in return is also a joke. That has been around forever. There is no political will to allow that credit to expire. So it is an empty promise.

Michael

See the above bolded portion - You are correct.

If the US company incurrs an expense for their foreign incorporated subsidiary they cannot deduct it.

They must either charge it back (book a chargeback) meaning the foreign incorporated subsidiary must reimburse them or book it as a loan. Either way, it's not deductible by the US company.

Fern

 

[Phokus]

Originally posted by: jbourne77

Originally posted by: ProfJohn

Originally posted by: Phokus
Good. I'm glad we're seeing some success at finding tax evaders.

You must be speaking about all the people Obama has appointed to his cabinet?

Wow... talk about walking right into it!!!

Owned

Only ProfJohn could spin Obama holding his nominees to a higher scrutiny that most republicans would as a bad thing :roll:

 

[Stuxnet]

Originally posted by: Phokus

Originally posted by: jbourne77

Originally posted by: ProfJohn

Originally posted by: Phokus
Good. I'm glad we're seeing some success at finding tax evaders.

You must be speaking about all the people Obama has appointed to his cabinet?

Wow... talk about walking right into it!!!

Owned

Only ProfJohn could spin Obama holding his nominees to a higher scrutiny that most republicans would as a bad thing :roll:

He wasn't talking about Obama, he was talking about his nominees: apparently it's pretty tough to find a Democrat who's paying his own damn taxes while criticizing all of these evil, baby-eating corporations.

Walk the walk.