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Thread: Obama Opens Bidding on Corporate Taxes

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    Obama Opens Bidding on Corporate Taxes

    A very constructive move I think.
    Fair point for starting numbers.
    Though I think he may have to go even lower to get the $2 Trillion hoard. Perhaps 8%-10%.
    We'll see.
    It's time we dealt with the foreign [and shifting of] earnings and 'inversion'/moving offshore issue.
    We also certainly need infrastructure spending.
    I think there's stuff for Both parties here.


    Obama Opens Bidding on Corporate Taxes
    Proposes One-Time 14% Tax on Overseas Earnings and Links It to Improving Highways, Transit
    By NICK TIMIRAOS and JOHN D. MCKINNON
    Updated Feb. 1, 2015 9:52 p.m. ET
    Obama Opens Bidding On Taxes - WSJ

    WASHINGTON—President Barack Obama is making an opening bid on overhauling corporate taxes and linking it to boosting infrastructure spending, a move that could clear a rare path toward common ground in a deeply divided capital.

    Mr. Obama wants U.S. companies to pay a 14% tax on the approximately $2 trillion of overseas earnings they have accumulated, a White House official said Sunday. They would face a 19% minimum tax on future foreign profits. Companies could reinvest those funds in the U.S. without paying additional tax.
    [.......]
    Doug Holtz-Eakin, a conservative economist and former adviser to GOP presidential candidates, said the proposal appears to be a starting point for broader negotiations with lawmakers. “The good news seems to be that the administration has agreed that lockout [of overseas profits] is an important phenomenon,” said Mr. Holtz-Eakin, president of the American Action Forum, a conservative think tank. He said he is concerned about the proposed tax-rate structure. “But let’s face it, it is an opening bid, not a result,” he added.

    Gene Sperling, a former top economic adviser to Mr. Obama, said criticism over where to set the rates should be taken in stride. “When people are putting out numbers, you’re opening up a process for negotiation,” he said.
    [.......]
    Last edited by mbig; 02-02-15 at 12:18 AM.
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    Re: Obama Opens Bidding on Corporate Taxes

    I won't disagree that the US needs to invest in the much needed repair and upgrade of existing infrastructure.

    However, I wonder what sort of jurisdictional issues might be raised in objection to this taxation.

    From what I gather, the income that he's wanting to tax are the foreign operations of US corporations where the profit was made in that foreign operation, by foreign employees, from the foreign market, and the profit has stayed in that foreign country. Isn't the only connection to the US corporation some sort of 'holding company' relationship to the foreign operation?

    Hey, I don't know, but I'm just asking a question here.
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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by mbig View Post
    A very constructive move I think.
    Fair point for starting numbers.
    Though I think he may have to go even lower to get the $2 Trillion hoard. Perhaps 8%-10%.
    We'll see.
    It's time we dealt with the foreign [and shifting of] earnings and 'inversion'/moving offshore issue.
    We also certainly need infrastructure spending.
    I think there's stuff for Both parties here.


    Obama Opens Bidding on Corporate Taxes
    Proposes One-Time 14% Tax on Overseas Earnings and Links It to Improving Highways, Transit
    By NICK TIMIRAOS and JOHN D. MCKINNON
    Updated Feb. 1, 2015 9:52 p.m. ET
    Obama Opens Bidding On Taxes - WSJ
    Making US companies less competitive is hardly good for the nation and government spending on what is essentially a private good economically is rather wrong headed.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by joG View Post
    Making US companies less competitive is hardly good for the nation and government spending on what is essentially a private good economically is rather wrong headed.
    you apparently saw something that i missed

    what about that proposal would cause US based companies to be less competitive internationally
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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by justabubba View Post
    you apparently saw something that i missed

    what about that proposal would cause US based companies to be less competitive internationally
    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.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by mbig View Post
    A very constructive move I think.
    Fair point for starting numbers.
    Though I think he may have to go even lower to get the $2 Trillion hoard. Perhaps 8%-10%.
    We'll see.
    It's time we dealt with the foreign [and shifting of] earnings and 'inversion'/moving offshore issue.
    We also certainly need infrastructure spending.
    I think there's stuff for Both parties here.


    Obama Opens Bidding on Corporate Taxes
    Proposes One-Time 14% Tax on Overseas Earnings and Links It to Improving Highways, Transit
    By NICK TIMIRAOS and JOHN D. MCKINNON
    Updated Feb. 1, 2015 9:52 p.m. ET
    Obama Opens Bidding On Taxes - WSJ


    Mornin' Mbig. It all is coming down with his Budget.....which includes more spending. Naturally the Demos are focusing on those Middle class economics they came up with.




    Obama's fiscal blueprint, for the budget year that begins Oct. 1, proposes spending $4 trillion $3.99 trillion before rounding and projects revenues of $3.53 trillion.

    That would leave a deficit of $474 billion. Obama's budget plan never reaches balance over the next decade and projects the deficit would rise to $687 billion in 2025. The administration contends that various spending cuts and tax increases would trim the deficits by about $1.8 trillion over the next decade, leaving the red ink at manageable levels.

    GOP Rep. Paul Ryan, the new chairman of the tax-writing House Ways and Means Committee, accused the president of exploiting "envy economics." Interviewed on NBC's "Meet the Press," Ryan said, "This top down redistribution doesn't work.".....snip~

    Obama sending $4 trillion spending plan to Congress

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by eohrnberger View Post
    I won't disagree that the US needs to invest in the much needed repair and upgrade of existing infrastructure.

    However, I wonder what sort of jurisdictional issues might be raised in objection to this taxation.

    From what I gather, the income that he's wanting to tax are the foreign operations of US corporations where the profit was made in that foreign operation, by foreign employees, from the foreign market, and the profit has stayed in that foreign country. Isn't the only connection to the US corporation some sort of 'holding company' relationship to the foreign operation?

    Hey, I don't know, but I'm just asking a question here.
    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.

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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.
    Morning Jog. Well that's where he was thinking of trying to get up half of the money. Or so they say. Naturally he looking to pull money where he can.



    Another centerpiece of the president's tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year. The rate would climb from 23.8 percent to 28 percent.

    Obama wants to require estates to pay capital gains taxes on securities at the time they are inherited. He also is trying to impose a 0.07 percent fee on the roughly 100 U.S. financial companies with assets of more than $50 billion.....snip~

    Obama sending $4 trillion spending plan to Congress

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    Re: Obama Opens Bidding on Corporate Taxes

    Am cautiously optimistic.

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    Re: Obama Opens Bidding on Corporate Taxes

    Quote Originally Posted by US Conservative View Post
    Am cautiously optimistic.
    About what?

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