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Response to xchrom (Original post)

Mon Sep 2, 2013, 09:35 AM

11. Where's the "idea"? The article just says to tax money held offshore

The fact is, the US and UK are the only 2 countries who tax foreign profits. And the UK is seriously considering whether to continue it or not. The tax "credit" is only on compulsory taxes paid and not all taxes that may have been paid. Couple this with the highest corp tax rate in the world, and you get foreign profits staying foreign. Of course, few companies PAY the 35% because of deductions, loopholes etc.
Do two things. 1- stop trying to tax foreign profits over and above whats already been paid. 2- do away with deductions and lower the corp tax rate. This would get rid of the armies of lawyers corps use to reduce their rates. No need to work to get out of a lower tax rate. Foreign money would then return to the US as there would be no financial need to keep it overseas.
The desire to stick it to corporations never does any good. They ALWAYS find a way around it

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Arrow 26 replies Author Time Post
xchrom Sep 2013 OP
Scuba Sep 2013 #1
hobbit709 Sep 2013 #2
Royal777 Sep 2013 #20
dkf Sep 2013 #3
eShirl Sep 2013 #4
Celebration Sep 2013 #5
socialist_n_TN Sep 2013 #15
FreeJoe Sep 2013 #6
Half-Century Man Sep 2013 #10
FreeJoe Sep 2013 #16
radiclib Sep 2013 #7
alc Sep 2013 #8
mbperrin Sep 2013 #12
oldhippie Sep 2013 #17
AnotherMcIntosh Sep 2013 #21
mbperrin Sep 2013 #23
Dustlawyer Sep 2013 #9
LineReply Where's the "idea"? The article just says to tax money held offshore
7962 Sep 2013 #11
mbperrin Sep 2013 #13
7962 Sep 2013 #14
mbperrin Sep 2013 #18
7962 Sep 2013 #19
mbperrin Sep 2013 #22
7962 Sep 2013 #24
mbperrin Sep 2013 #25
valerief Sep 2013 #26
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