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Thread: Left warns, CEOs laud Gang of Six on overseas tax

  1. #11
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by TheDemSocialist View Post
    I personally think this "plan" is pure ****ing garbage.....

    Left-wing activists and politicians on Wednesday sharply criticized a plan to end U.S. taxation of most corporate offshore profits as endorsed by the Senate's so-called "Gang of Six."

    In backing the idea of a territorial tax system, a deficit-reduction plan from the Gang of Six would hand multinational corporations a victory in their fight for lower and simpler taxes on profits they post outside the country.

    The Business Roundtable, a lobbying group for the CEOs of many of the nation's largest companies, praised the plan for "supporting lower corporate tax rates and moving toward a competitive territorial system of taxation."

    "We already have huge problems with corporations moving jobs overseas and shifting their profits to tax havens to reduce their U.S. tax bills,"

    Independent Senator Bernie Sanders said the plan would "hurt American workers by giving U.S. companies more incentives to avoid U.S. taxes by shipping jobs to low-tax countries."

    At present, an estimated $1 trillion in profits is being held offshore by U.S. companies. They pay taxes on those profits to the countries where the profits are held but not to the United States under the complex deferral system.


    Read more at: Left warns, CEOs laud Gang of Six on overseas tax | Reuters

    This plan is pure ****ing garbage....

    Thoughts?
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    Response?

    Edit to my previous post here: After reading up on more of the specifics, I have changed my mind in supporting the Gang of 6 plan. It will further hurt the already suffering middle class a an enlarge the already largest disparity of wealth in this country since the 1920's.
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  2. #12
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by apdst View Post
    More money out of peoples's pockets isn't going to fix a goddamn thing. More tax revenue isn't going to create jobs.

    It's been tried and failed miserably.

    Cutting taxs or NO taxs doesnt create jobs either...except maybe in china

    This is all bull****...you can abolish taxs on corporations in the USA if they think they can make an extra buck in china thats exactly where all the jobs will be...taxing or not taxing doesnt fix greed

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by lpast View Post
    Cutting taxs or NO taxs doesnt create jobs either...except maybe in china

    This is all bull****...you can abolish taxs on corporations in the USA if they think they can make an extra buck in china thats exactly where all the jobs will be...taxing or not taxing doesnt fix greed
    It's not that simple. Let me start out that I still feel from what I know this is a bad proposal and I'll explain why.

    First, cutting taxes would help create jobs. Just using the above scenario, if we removed the tax corporations owe on money earned in the U.S. and increased the tax on bringing money back into the country, it would indeed create jobs here.

    By removing taxes on the money corporations bring into the company will only encourage companies to take more business off-shore.

    I'll say though, that perhaps your statement only applied to cutting taxes as proposed here. I'd then agree.
    Last edited by 1Perry; 07-21-11 at 09:47 AM.

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    I know this is a tough one to swallow but we have had a gigantic investment revenue flight from the US in the last 2 years. Im not talking public, like treasuries, Im talking investment capital. Its gone, its probably not coming back and its in the neighborhood of 25% of the GDP. Now I need to remember which investment article I read it in...sorry. Ill look for it.

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by OpportunityCost View Post
    I know this is a tough one to swallow but we have had a gigantic investment revenue flight from the US in the last 2 years. Im not talking public, like treasuries, Im talking investment capital. Its gone, its probably not coming back and its in the neighborhood of 25% of the GDP. Now I need to remember which investment article I read it in...sorry. Ill look for it.
    It's been going on for more than 2 years. IMO there is no need to find the article. Most would agree that it's a large number. The answer is not in encouraging the actions though.

    IMO to argue that we need this money back in the country (which by itself is a valid arguement) we need to realize that even more important is in stopping this money from leaving in the first place.

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by apdst View Post
    More money out of peoples's pockets isn't going to fix a goddamn thing. More tax revenue isn't going to create jobs.

    It's been tried and failed miserably.
    Taxes are a measure for compensating lower-incomes for the loss of opportunity that comes from free trade, through welfare, as well as providing essential public services.

    If I wanted to create jobs in the private sector, I would penalize companies that push free trade to its highest excesses; that is, I would illegalize certain aspects of free trade currently standard and impose more regulations. I would be much more willing to treat an American company that employs foreign labor like a foreign company, import taxes and all.

    The only way of making American jobs is to make the alternatives more expensive.
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    They did this not so long ago. It was great for the corporations and their shareholders.

    A tax holiday enacted in 2004 failed to produce the promised economic benefits. The evidence shows that firms mostly used the repatriated earnings not to invest in U.S. jobs or growth but for purposes that Congress sought to prohibit, such as repurchasing their own stock and paying bigger dividends to their shareholders. Moreover, many firms actually laid off large numbers of U.S. workers even as they reaped multi-billion-dollar benefits from the tax holiday and passed them on to shareholders.

    Tax Holiday for Overseas Corporate Profits Would Increase Deficits, Fail to Boost the Economy, and Ultimately Shift More Investment and Jobs Overseas — Center on Budget and Policy Priorities
    I might also add that that act in 2004 was enacted as a one-time 'dividend repatriation tax holiday'. If you keep doing this every 5 or 6 years, the corporations will just stockpile even more profits overseas and wait for the 'holiday' to bring it back.
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by BWG View Post
    I might also add that that act in 2004 was enacted as a one-time 'dividend repatriation tax holiday'. If you keep doing this every 5 or 6 years, the corporations will just stockpile even more profits overseas and wait for the 'holiday' to bring it back.
    I agree with this point and while I will not discuss my point further in this thread this exact same arguement is used for amnesty for illegal immigrants and it's as wrong for the same reasons.

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by OpportunityCost View Post
    I know this is a tough one to swallow but we have had a gigantic investment revenue flight from the US in the last 2 years. Im not talking public, like treasuries, Im talking investment capital. Its gone, its probably not coming back and its in the neighborhood of 25% of the GDP. Now I need to remember which investment article I read it in...sorry. Ill look for it.
    We are still running a capital surplus and will likely continue to unless the value of the dollar crumbles. The capital surplus has likely declined as it always does during recession.

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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by 1Perry View Post
    It's been going on for more than 2 years. IMO there is no need to find the article. Most would agree that it's a large number. The answer is not in encouraging the actions though.

    IMO to argue that we need this money back in the country (which by itself is a valid arguement) we need to realize that even more important is in stopping this money from leaving in the first place.
    He needs to find the article because he likely misunderstood it.

    Why do we need green pieces of paper back in the economy?

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