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Thread: Obama Opens Bidding on Corporate Taxes

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by MMC View Post
    About what?
    The new congress.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by US Conservative View Post
    The new congress.
    Oh yeah.....there I would be, too.

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    Re: Obama Opens Bidding on Corporate Taxes

    A bit more on this from Bloomberg.



    Keeping the cap at $3.4 million, or indexed to inflation, may seem more reasonable. But then the cap is arbitrary and hardly has any impact. There's already a limit on how much people can contribute to these accounts each year ($53,000 for a 401(k), including employer match; $5,500 for an IRA if you are not self employed and under 50). These limits make it nearly impossible to have tens of millions of dollars in retirement accounts anyway.

    The cap will initially only impact a rarefied population. But that population will grow as more people reach retirement with career-old-401(k) plans (defined contribution pension plans did not really catch on until the mid 1990s) and rates rise. There are better ways to reform the tax code and collect revenue from the wealthy. A cap based on current, historically low interest rates, merely adds more complication and little benefit.....snip~

    The Problem With Obama's Plan to Limit Retirement Savings - Bloomberg Business

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by ludin View Post
    usually those companies are setup at subsidiaries to the parent company. they are basically a separate entity from the main company. the holding company is basically an oversite to the subsidiary.

    the main holding company doesn't see one dime of the money that it makes.
    yes there is huge jurisdictional issues in play.

    Obama has no power to tax money outside the US held by a foreign company.
    Subsidiaries are separate, distinct legal entities for the purposes of taxation, regulation, and liability.

    So if am Techgiant X and I am selling super cpu's in the US and then I have a subsidiary in Europe and Asia.

    Those company are completely separate from me for the purposes listed above.
    whatever money they make can't be taxed through the parent company.
    But in practice what's happening is Diverting USA profits from one shell company to another.
    ie
    http://www.debatepolitics.com/govern...make-deal.html

    These new taxes would fund Infrastructure that almost everyone/every state/congress wants and the country needs.
    Things DO have to be funded.
    Otherwise there will rightly be deficit Criticism.
    You can't agree with spending money but not taxing to get it.
    Is there a better one?

    And yes, MMC, It's troubling to see Obama's budget deficit rising into the out years. Not even pretense of balance.
    But he is expecting GOP cuts from his opening gambit which may cut those deficits significantly.

    Fox
    http://www.foxnews.com/politics/2015...te-profits-to/
    ...The proposal improves on an idea that the administration has pushed since the summer of 2013. The administration's budget last year proposed a smaller four-year bridge-and-highway fund. While it paid for it by taxing accumulated foreign earnings, it did not specify a formula.

    This time, the budget will call for the one-time tax on the up to $2 trillion in estimated U.S. corporate earnings that have accumulated overseas. That would generate about $238 billion, by White House calculations. The remaining $240 billion would come from the federal Highway Trust Fund, which is financed with a gasoline tax.

    The former chairman of the House Ways and Means, now-retired Rep. Dave Camp, R-Mich., proposed a similar idea last year with a lower mandatory tax, but the plan did not make headway in Congress.

    At issue is how to get companies to bring back some of their foreign earnings to invest in the United States. The current 35% top tax rate for corporations in the United States, the highest among major economies, serves as a disincentive and many U.S. companies with overseas holdings simply keep their foreign earnings abroad and avoid the U.S. tax.

    Under Obama's plan, the top corporate tax rate for company profits earned in the U.S. would drop to 28%. While past foreign profits would be taxed immediately at the 14%, going forward new foreign profits would be taxed immediately at 19%, with companies getting a credit for foreign taxes paid....
    So in the deal joG, may also be a cutting of our Too high overall top USA corporate 35% rate to 28%.
    IOW, More competitive
    , not less.
    Though it probably needs to be even lower.
    Last edited by mbig; 02-02-15 at 11:42 AM.
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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by mbig View Post
    But in practice what's happening is Diverting USA profits from one shell company to another.
    ie
    http://www.debatepolitics.com/govern...make-deal.html

    These new taxes would fund Infrastructure that almost everyone/every state/congress wants and the country needs.
    Things DO have to be funded.
    Otherwise there will rightly be deficit Criticism.
    You can't agree with spending money but not taxing to get it.
    Is there a better one?


    And yes, MMC, It's troubling to see Obama's budget deficit rising into the out years. Not even pretense of balance.
    But he is expecting GOP cuts from his opening gambit which may cut those deficits significantly.


    these corporations don't want to claim they're from the USA, pay taxes in the USA, but heaven forbid the USA doesn't go out of its way to protect their IP, keep the global oil supply going, etc.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by mbig View Post
    But in practice what's happening is Diverting USA profits from one shell company to another.
    ie
    http://www.debatepolitics.com/govern...make-deal.html

    These new taxes would fund Infrastructure that almost everyone/every state/congress wants and the country needs.
    Things DO have to be funded.
    Otherwise there will rightly be deficit Criticism.
    You can't agree with spending money but not taxing to get it.
    Is there a better one?

    And yes, MMC, It's troubling to see Obama's budget deficit rising into the out years. Not even pretense of balance.
    But he is expecting GOP cuts from his opening gambit which may cut those deficits significantly.

    Fox
    In new budget, Obama proposing 14 percent tax on overseas profits to fund infrastructure projects | Fox News

    So in the deal joG, may also be a cutting of our Too high overall USA corporate 35% rate to 28%.
    IOW, More competitive
    , not less.
    Though it probably needs to be even lower.
    In the end it doesn't matter. the president doesn't have the power or the jurisdiction to tax companies that are overseas and make them pay US taxes on money not in the US.
    I could care less what he is wanting the tax money for.

    a subsidiary is a separate entity from it's holding company.
    as long as that money doesn't enter the US the government cannot tax that money and has no legal authority to do so.

    also that isn't a tax cut but a tax increase on businesses. that 28% is in addition to the taxes that they already pay in the US.
    so not only are those companies having to pay taxes in their respective countries they now have to pay a tax in the US as well.

    also it doesn't matter who the president is.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by joG View Post
    I understood they would be taxed for profits made overseas. That will cost something. Whether it will cause lower reinvestment or higher prices for capital or just out right product prices will determine the path of competitive loss. But it will always weaken the company relative to companies that are not required to pay.
    our nation, the only other one being eritrea, PRESENTLY obligates profits earned abroad
    so, how would this measure make our country LESS competitive internationally?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by justabubba View Post
    our nation, the only other one being eritrea, PRESENTLY obligates profits earned abroad
    so, how would this measure make our country LESS competitive internationally?
    It is always a ceteris paribus thing. If you increase the tax, you will be less competitive than today. With Germany and China grabbing the lead in trade even now, we will fall back more. But, if that is okay with you? Just say so, but don't act as though you didnÄt know.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by joG View Post
    It is always a ceteris paribus thing. If you increase the tax, you will be less competitive than today. With Germany and China grabbing the lead in trade even now, we will fall back more. But, if that is okay with you? Just say so, but don't act as though you didnÄt know.
    then it would seem what the president is proposing would be more in sync with what you are asserting
    so, why the objections?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by justabubba View Post
    then it would seem what the president is proposing would be more in sync with what you are asserting
    so, why the objections?
    In sync? How do you mean? The President wants the tax in order to reduce US competitiveness?

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