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

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    Left warns, CEOs laud Gang of Six on overseas tax

    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?
    Comments?
    Response?


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

    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.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Its sure not my ideal either but given the GOP controls the house, and that we have so many conservative Democrats in congress, I don't see anything better on the horizon until after the 2012 election.

    What's the alternative? This protects the seniors and poor from big cuts, and provides some increased revenues by ending some tax loopholes and credits.
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    I'm not absolutely sure on the specifics here. I guess I need far more info. If the idea is to not tax income brought back to the states that were earned overseas, I agree it's a bad idea. If it's an idea to make the tax simplier and maybe a little less to encourage bringing the money back, I'd need more details.

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

    I am unhappy about cutting ANY taxes, as a way to reduce the debt.

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

    Quote Originally Posted by Thunder View Post
    I am unhappy about cutting ANY taxes, as a way to reduce the debt.
    No one is talking about cutting taxes. But as long as there are fewer tax payers, the debt and deficit aren't going to get fixed.
    Last edited by apdst; 07-21-11 at 01:14 AM.

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

    Quote Originally Posted by apdst View Post
    No one is talking about cutting taxes.
    yes, they are.

    the Gang of Six plan will reduce the top rate to 30%.

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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%.
    Oh, well, I'm all for it.

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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?
    Comments?
    Response?
    No one seems to get that the only way to keep the American people productive and our finances in order will ultimately require that America's wealthy make do with smaller sums of capital than they've been accustomed to possess and increase in the last couple decades. That much of our country's values can't be concentrated among the higher income bracket while still maintaining a stable middle class.

    It's just solves one problem (the deficit) by heightening another (loss of jobs) which will ultimately return us to the first problem (the deficit) when increasingly larger numbers of Americans slip into homelessness and poverty.
    Last edited by Morality Games; 07-21-11 at 01:28 AM.
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    Re: Left warns, CEOs laud Gang of Six on overseas tax

    Quote Originally Posted by Morality Games View Post
    No one seems to get that the only way to keep the American people productive and our finances in order will ultimately require that America's wealthy make do with smaller sums of capital than they've been accustomed to possess and increase in the last couple decades. That much of our country's values can't be concentrated among the higher income bracket while still maintaining a stable middle class.

    It's just solves one problem (the deficit) by heightening another (loss of jobs) which will ultimately return us to the first problem (the deficit) when increasingly larger numbers of Americans slip into homelessness and poverty.
    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.

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