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

  1. #21
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Makes total sense to tax a business on money they earned outside of America, not using American infrastructure.
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by BWG View Post
    They did this not so long ago. It was great for the corporations and their shareholders.



    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.
    The points to consider

    The companies are not bring the money back as it will be taxed. It is not being put to any use in the US and is being used in other countries. So as the US is not getting any tax revenue from this money now, and it is not seeing any benifits from this money being in other countries (other then higher stock prices for the companies) it does make economic sense to allow US companies to bring the money back from oveseas operations tax free. At which point that money could be put to productive use within the US.
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by RStringfield View Post
    He needs to find the article because he likely misunderstood it.
    I don't think he misunderstood.

    Why do we need green pieces of paper back in the economy?
    It's what the government has been bitchin for companies to do for the last couple years.

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

    Quote Originally Posted by Morality Games View Post
    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.
    LOL... Loss of opportunity? Like the lossed opportunity to starve to death?

    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.
    God, what incredible ignorance. If you want to improve the trade deficit and reduce our capital surplus then we should just default.

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

    Quote Originally Posted by 1Perry View Post
    I don't think he misunderstood.
    He certainly misunderstood. We ARE running a capital surplus. The capital surplus and trade deficit balance out. Our capital surplus has declined as has the trade deficit since the recession. That always happens.

    You people have no fing clue about international trade or the economics involved.

    It's what the government has been bitchin for companies to do for the last couple years.
    A capital surplus is DEFINITELY a good thing, but I doubt you understand why as you are also bitching about the trade deficit. You can't have one without the other.

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

    Quote Originally Posted by RStringfield View Post
    He certainly misunderstood. We ARE running a capital surplus. The capital surplus and trade deficit balance out. Our capital surplus has declined as has the trade deficit since the recession. That always happens.
    The arguement is that there is a lot of money off shore that companies would like to bring back on shore.

    You people have no fing clue about international trade or the economics involved.
    What you said had nothing to do with what is being discussed.

    A capital surplus is DEFINITELY a good thing, but I doubt you understand why as you are also bitching about the trade deficit. You can't have one without the other.
    I'm going to bet that this request is skipped. Please copy for me where I mentioned the trade deficit.

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

    Quote Originally Posted by 1Perry View Post
    The arguement is that there is a lot of money off shore that companies would like to bring back on shore.

    What you said had nothing to do with what is being discussed.
    What?! Trade has nothing to do with capital surpluses?

    I'm going to bet that this request is skipped. Please copy for me where I mentioned the trade deficit.
    You did not say anything about the trade deficit, specifically. However, you are complaining about low taxes on money earned in foreign markets that comes back to the US. When that money returns it increases the capital surpluses which will then increase the trade deficit. I assumed that was the motive of your complaint but it seems you are confused about what we are taxing.

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

    Quote Originally Posted by StillBallin75 View Post
    If you want to cut spending and solve the debt/deficit, it's a good place to start. And it's not like the territorial tax system is what this plan is all about.
    But the problem here is those tax dollars aren't being added to our country's revenue base. To me, that's a problem.

    Pundits keep saying we have a spending problem; I say that's true if you take into account what much of the spending was for between 2003 and 2008: tons of defense spending, nation building primarily in Iraq and Afghanistan, TARP and 5-years of tax cuts with little tax revenue coming in to pay for it all. Now, add to that the Stimulus, the extension of the Bush tax cuts, unemployment benefits and health care benefits to veterans (which I totally agree with) and it's very easy to see how quickly it all added up. But regardless of which side of the political divide you're on, you're not being honest about how this country got into its economic mess if you refuse to acknowledge that this time of spending had been going on for the last 8-year, five of which was out of control (in my view); the last 3 out of desparation (keeping the economy from going into total free-fall) and necessity (helping to prop up the consumer base). If you can't be honest about this, then we really have nothing to discuss.

    So, the way I see it we didn't begin to have a spending problem until we had a revenue problem first! To that, I blame:

    1) Treasury for not doing their due diligence to keep watch over these commercial entities that were "too big to fail".

    2) Congress for continuing to write legislation that appropriated funds for which Treasury could not afford.

    3) Both finance committees in Congress - House: Weighs and Means; Senate: Finance Committee. They are the entities within Congress who are suppose to review the reports coming out of Treasury and ensure the money was there.

    4) Congressional Budget Office for at times providing conflicting reports covering specific legislation.

    5) The President (GWB and Obama) for signing legislation that kept the spending going WITHOUT insisting on raising revenue and cutting spending. (Although I give Obama some credit in this area because he has called for ending the Bush tax cuts and has tried to inject revenue back into Treasury.)

    If folks would be honest and look at our nation's economic problems objectively, they'd know the truth of it.

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

    Quote Originally Posted by RStringfield View Post
    You did not say anything about the trade deficit, specifically. However, you are complaining about low taxes on money earned in foreign markets that comes back to the US. When that money returns it increases the capital surpluses which will then increase the trade deficit. I assumed that was the motive of your complaint but it seems you are confused about what we are taxing.
    Now granted my trade surplus/deficit expertise is very rusty but if I recall this only applies to "foriegn" money, not money from American companies they are holding off shore. No?

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

    Quote Originally Posted by Thunder View Post
    yes, they are.

    the Gang of Six plan will reduce the top rate to 30%.
    This plan is more smoking mirrors and does nothing to cut debt

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