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....