I doubt there is any argument that any laws that close loopholes for the mere sheltering of income from taxes makes good sense be it from Corporations or individuals.
But the notion that Companies doing business outside of the country running subsidiaries or satellite offices is a very bad idea for several reasons; their income is already being taxed by the countries they operate in and the legislation the way I understand it in it's current form is tantamount to double taxation and puts companies at a significant disadvantage.
US companies are already at a competitive disadvantage with the highest corporate tax rates in the FREE world and foreign nations who also subsidize their companies to compete with our own; Airbus is the best example.
The REAL issue that is being lost here is NOT Obama's attempt to eliminate loopholes; but his continued populist anti-capital rhetoric in an attempt to AVOID or extend the REAL debate that in order to pay for the trillions of taxpayer dollars he is pissing away for his Liberal Socialist agenda; he will have to raise EVERYONE's taxes.
Expect for an HONEST debate to continue to be delayed until AFTER the 2010 midterm elections so that the Democrats, those new and improved and more transparent politicians, can avoid the potential political fallout before those elections.
I think this is what the REAL debate is and not about the attempted elimination of "loopholes" for the rich. After all, what are we talking about; a few billion dollars? How is that even a dent on the trillions in deficits and debt we have now accumulated and are now accumulated at a vastly accelerated rate?
It is almost as laughable as Obama's claim that their "stimulus" has created 150,000 jobs; gawd I laugh even typing that.
Last edited by Truth Detector; 05-06-09 at 02:35 PM.
Why do you think corporations move to Singapore, Hong Kong, India, Bangladesh, Thailand, China and Vietnam?
"If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu
In a word, they are greedy and don't want to share.
They get ZERO sympathy. I say make the ****ers pay Americans to do those jobs.
Lets fix our economy before we subsidize the economies of other countries.
"I am appalled that somebody who is the nominee...would take that kind of position"
"A court took away a presidency"
"...the brother of a man running for president was the governor of the state..."
It's horrifying because Trump is blunt instead of making overt implications.
"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)