Should The Rich Be Required To Pay Higher Taxes In the US?

[Boss]

No amount of tariffs on imports is going to fix that. If you put in place a law to prevent Apple from importing Iphones, that would never result in hundreds of people employed to make Iphones for middle class wages. It would result in 5 people being hired, to hit the start button on the automation line that builds the phones.

I don't want to prevent Apple from importing iPhones. I want them to have the iPhones made in America by American workers. The tariff makes it more expensive for them to do what they are doing, and at the same time, we are offering incentives to get them to do something else. They're smart cookies... they'll do what is most profitable. It may be that it's still more profitable for them to have them made overseas and just pay the tariffs... that means the iPhone will be more expensive. Perhaps that leads the way for some entrepreneurial American to invent a phone that is comparable and produce it here with American workers.

The automation thing is a red herring. We're going to have automation and advancement in technology no matter what we do. It's an inevitable thing which doesn't care one way or another about our policies. Does it eliminate jobs? Sure it does.. it's been doing it for 70k years.

Not true. The entire reason Apple has Iphones built in China today, is explicitly because it is not automated.

If labor costs fell in the US, automation would decrease. You have no idea how expensive automation is. One small broken part in one place, causes the entire production line to fail. That doesn't happen with people. When one person is sick, you just move another person to that spot in the line, and keep going. You can move human capital around at will.

Machines, you can't do that. You have to redesign the entire system, when something doesn't fit.

At my company, we've investigated automating several times. It simply isn't fiscally practical for us. So the options are, outsource or go out of business.

If you place tariffs on the parts we import to make our product, we simply won't be in business anymore. Instead of creating jobs, you'll kill off jobs.

Similarly, with Apple, you will never get Americans making Iphones here in the US. It will never happen. Not unless you lower labor costs, less regulations, lower wages.

Short of that, yes Apple is smart. They'll make a completely automated factory, that will produce Iphones with 5 employees pushing the start button. The result will be that US Iphones will be expensive, while international Iphones will be cheap. Fewer Americans will own them, while few jobs are created.

Lots of negatives, zero positives.

Well I understand what you're saying but you're saying it better than I can... Automation isn't a foregone conclusion... when it first comes out, it is clunky and doesn't work right. Things break down, newer and better automation comes along and if you were one of the poor saps who invested in the first phase, you're screwed... you paid a lot of money for something that just wasn't worth it, now there is something cheaper and better. It's one of the pitfalls of free market capitalism.

With ANY level of automation I can imagine in the next century, we're not going to see all Apple iPhones made by just 5 people. That's quite an absurd over-exaggeration. So you are basically telling me a bout of the stomach bug could bring down Apple's production entirely? LMAO.... yeah, right.

 

[Boss]

Yeah, I'm skeptical as well. It's a nice thought, and I believe there shouldn't be a corporate tax at all.

But how would you even be able to enforce such a system?

I agree on corporate tax. We have the highest corporate tax rate in the world and that's ridiculous. But this isn't really about corporate tax on profits as much as individual wealth held abroad. There is about $10 trillion in US wealth abroad. Most of it just sitting there collecting a nice dividend and being used by foreign governments. We need to find an incentive to bring that money home and create new jobs with it. A 10-year tax moratorium is a good place to start.

How do you enforce it? By reporting and accounting, like we enforce everything else. Easy.

And remember, we aren't talking about corporate taxation. When wealth is brought back into the US from abroad, the individual has to pay income tax on that money under current tax law. So 39% of his money is gone before he even gets to see it. He can THEN invest that in his business, but the business will be taxed as well, per usual. So I am suggesting we eliminate that 39% income tax IF he is going to create new jobs with it. You do it for 10 years so that companies can plan and amortize over that time span. Not all companies need or want to expand today. But given such a huge incentive, I find it hard to believe it wouldn't create some new job growth.

Weird YOU don't get how MARGINAL tax rates work

"Think" that money offshore was EARNED? Only EARNED income is taxed at 39% AND only amounts ABOVE about $450,000 a year

EFFECTIVE tax rates are near 23% today on the top 1%, EVEN LOWER on those "job creators' above that 1%er mark!

EFFECTIVE Corp taxes are 12%, NOT the MARGINAL RATE THAT OBAMA PROPOSED TO LOWER AND THE GOP HAS REFUSED!

I know how tax rates work, that's why I'm cleaning your clock here. IF I bring $1 million to the US from my foreign bank, the IRS claims $390k before I ever see my money. As long as my money stays there and doesn't come here, the IRS doesn't and can't tax it. It's not counted as "earned income" because it hasn't been claimed or received as income in the US. But when I bring it here, it becomes "earned income" and taxed accordingly.

I'm saying we should suspend that taxation for 10 years on money brought in to create jobs.

Sorry, ARE YOU CLAIMING AS A US CITIZEN, YOU CAN HOLD MONEY OFFSHORE AND NOT PAY TAXES ON IT? Really? LMAOROG

Cleaning MY clock huh? lol

Yep. That's exactly what I am claiming because it's the truth.

 

[Andylusion]

How do you make Corp A which which has $500 million in the bank in the us, brings in $500 million from offshore,just take the $500 million from the bank and pay div or buy back stock?

Because the $500 million they bring back from offshore has to be used to create new jobs... not operate the company or pay the utility bills.

Cool, HOW? Please be specific, something that doesn't sound like Moa's plan Bubs??? You know something that we could LEGALLY DO? Oops

Well like I said to Andy, it's a matter of reporting and accounting.

Okay... So I just created a new company and hired 100 people. Their total salary and benefits for 2016 come to $5 million. I repatriated $5 million from my account in Belize. This money is not taxed because I can show where I paid 100 new employees $5 million.

Interesting. I can't think of a single example anywhere, that would fit the description you gave.

If you created a 'new company'.... they wouldn't have $5 Million to repatriate.

Take the Ford plant in Ohio, where they just invested $168 Million. That was started in 2011. Only now does it look like they will be hiring people.

Or how about PolyOne plastics company, that bought out SparTech in Ohio. They plan to close their Canadian factory, and invest another $100 Million, on top of the $500 Million they paid for SparTech. But since the purchase, sales have declined, and they have laid off 70 people.

Factories take years of investment, before they start hiring people. And sometimes even after the investment, you don't hire people because the market changes.

This is why I'm skeptical of your idea. Nothing ever works exactly how you see it working in your head.

I'm not opposed to trying it, but I can't think of how it would actually function in the real world. Like I said, I can't think of a single example anywhere that fits your description.

 

[Boss]

Listen YOU dishonest POS, I said from the start, MOVE THE FUK OUT OF THE US, BUT IF YOU WANT THE WORLDS LARGEST MARKET, EXPECT TO PAY THE GAWDDAM TAXES HERE, YOUR PREMISE WAS THEY COULD MOVE AND EVADE THEM!

Without you bullshit premises, what else you got Bubs? You sure as fuk were slapped down on your BS premise that higher tax rates would discourage workers, you were slapped down on your BS trade war. You WERE slapped down on your "repatriation" holiday. What else you got?

And to think, we were actually in agreement a few posts back.

How are you going to make a company in Belize pay US taxes? What if China waddled over here and said... "We demand US companies pay China taxes on it's profits from selling to our people!"? I think most of us my actually die from laughing so hard at such a silly notion.

Now... We MIGHT make them pay a tariff here, but a foreign company is not obligated in ANY way to pay corporate US taxes... they just aren't... not even in your wildest liberal dreams. Even the cut-n-paste you posted about this says it very clearly... they must earn income in the US to be taxed. If they don't have a US office or presence as an entity, they can't be taxed. If they can be taxed..if they retain a US identity... it is only on the profits made in the US by that entity. Volvo pays US corporate taxes on its operations in the United States, not on the entire corporation. They don't have to report to the IRS anything about their corporate profits.

As for your mythical "slap downs" you probably need to go masturbate, son. I've not mentioned "higher tax rates would discourage workers" or anything about trade wars or holidays... you're hearing voices in your head. So take a break... go to the bathroom and take care of business... get it out of your system, then maybe we can have a reasonable conversation again?

 

[Boss]

If you created a 'new company'.... they wouldn't have $5 Million to repatriate.

..............this doesn't even make sense.

 

[Boss]

Factories take years of investment, before they start hiring people. And sometimes even after the investment, you don't hire people because the market changes.

So you think people build factories and they just sit there collecting dust until the market is right?

I don't think that is how it works, man. Sorry. I mean-- love your posts, agree with you most of the time--- give you thumbs up and green checks all the time... but you're not making any sense here.

 

[Dad2three]

Yeah, I'm skeptical as well. It's a nice thought, and I believe there shouldn't be a corporate tax at all.

But how would you even be able to enforce such a system?

I agree on corporate tax. We have the highest corporate tax rate in the world and that's ridiculous. But this isn't really about corporate tax on profits as much as individual wealth held abroad. There is about $10 trillion in US wealth abroad. Most of it just sitting there collecting a nice dividend and being used by foreign governments. We need to find an incentive to bring that money home and create new jobs with it. A 10-year tax moratorium is a good place to start.

How do you enforce it? By reporting and accounting, like we enforce everything else. Easy.

And remember, we aren't talking about corporate taxation. When wealth is brought back into the US from abroad, the individual has to pay income tax on that money under current tax law. So 39% of his money is gone before he even gets to see it. He can THEN invest that in his business, but the business will be taxed as well, per usual. So I am suggesting we eliminate that 39% income tax IF he is going to create new jobs with it. You do it for 10 years so that companies can plan and amortize over that time span. Not all companies need or want to expand today. But given such a huge incentive, I find it hard to believe it wouldn't create some new job growth.

Weird YOU don't get how MARGINAL tax rates work

"Think" that money offshore was EARNED? Only EARNED income is taxed at 39% AND only amounts ABOVE about $450,000 a year

EFFECTIVE tax rates are near 23% today on the top 1%, EVEN LOWER on those "job creators' above that 1%er mark!

EFFECTIVE Corp taxes are 12%, NOT the MARGINAL RATE THAT OBAMA PROPOSED TO LOWER AND THE GOP HAS REFUSED!

I know how tax rates work, that's why I'm cleaning your clock here. IF I bring $1 million to the US from my foreign bank, the IRS claims $390k before I ever see my money. As long as my money stays there and doesn't come here, the IRS doesn't and can't tax it. It's not counted as "earned income" because it hasn't been claimed or received as income in the US. But when I bring it here, it becomes "earned income" and taxed accordingly.

I'm saying we should suspend that taxation for 10 years on money brought in to create jobs.

Sorry, ARE YOU CLAIMING AS A US CITIZEN, YOU CAN HOLD MONEY OFFSHORE AND NOT PAY TAXES ON IT? Really? LMAOROG

Cleaning MY clock huh? lol

Yep. That's exactly what I am claiming because it's the truth.

GAWD YOU'RE A MORON BUBS, BUT I HAVE TO GIVE IT TO YOU, YOU KEEP GETTING UP AFTER I SLAP YOUR ASS DOWN!


UBS tax evasion controversy


The Swiss bank UBS AG became embroiled in controversy starting in 2008 when the U.S. Federal Bureau of Investigation made a formal request to travel to Switzerland to probe a multi-billion-dollar tax evasion case involving the bank


The investigation had, in part, been prompted by disclosures made by Bradley Birkenfeld, a former UBS banker in Switzerland, who testified to the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC), and the U.S. Internal Revenue Service (IRS) that UBS had directed its North American sales force to recruit U.S. taxpayers by offering them access to offshore financial vehicles to hide their assets and avoid taxes

The events sparked by Birkenfeld's whistleblowing and resulting controversy created unprecedented pressure on UBS, the Swiss banking industry and the Swiss government from the U.S. and European Union members eager to clawback delinquent taxes from assets their taxpayers had stashed in offshore accounts maintained by UBS and other Swiss banks. The controversy eventually led to the erosion of Switzerland's fabled bank secrecy laws.


UBS tax evasion controversy - Wikipedia, the free encyclopedia



Offshore Compliance Initiative


One of the Tax Division's top litigation priorities is combatting the serious problem of non-compliance with our tax laws by U.S. taxpayers using secret offshore bank accounts. Increased technical sophistication of financial instruments and the widespread use of the internet have made it easy to move money around the world. According to a 2008 Senate report [external link], the use of secret offshore accounts to evade U.S. taxes costs the Treasury at least $100 billion annually.

Offshore Compliance Initiative | TAX | Department of Justice


US CITIZENS ARE REQUIRED, EVEN IF THEY HAVEN'T STEPPED FOOT ON US SOIL FOR YEARS, TO FILE US TAX RETURNS SHOWING INCOME AND ASSETS OFFSHORE!!

ANY INCOME RECEIVED BY ANY US CITIZEN, IS SUPPOSED TO BE REPORTED AS INCOME IN THE US *REGARDLESS OF SOURCE!



Two Swiss Banks Settle With U.S. Justice Department



The DOJ said both banks provided “detailed information” about foreign customer accounts and how the banks helped them conceal assets to avoid paying U.S. taxes. “As required under the program, these banks will continue to cooperate as we aggressively pursue those individuals and the professionals who facilitated their criminal conduct,” the DOJ said.


Two Swiss Banks Settle With U.S. Justice Department


When U.S. Citizens Living Abroad Owe U.S. Tax

You may not owe any actual tax, but if you're a U.S. citizen, you probably need to file a tax return no matter where you live.
When U.S. Citizens Living Abroad Owe U.S. Tax | Nolo.com

DAMN THAT SLAP HURT BUBS

 

[Dad2three]

Listen YOU dishonest POS, I said from the start, MOVE THE FUK OUT OF THE US, BUT IF YOU WANT THE WORLDS LARGEST MARKET, EXPECT TO PAY THE GAWDDAM TAXES HERE, YOUR PREMISE WAS THEY COULD MOVE AND EVADE THEM!

Without you bullshit premises, what else you got Bubs? You sure as fuk were slapped down on your BS premise that higher tax rates would discourage workers, you were slapped down on your BS trade war. You WERE slapped down on your "repatriation" holiday. What else you got?

And to think, we were actually in agreement a few posts back.

How are you going to make a company in Belize pay US taxes? What if China waddled over here and said... "We demand US companies pay China taxes on it's profits from selling to our people!"? I think most of us my actually die from laughing so hard at such a silly notion.

Now... We MIGHT make them pay a tariff here, but a foreign company is not obligated in ANY way to pay corporate US taxes... they just aren't... not even in your wildest liberal dreams. Even the cut-n-paste you posted about this says it very clearly... they must earn income in the US to be taxed. If they don't have a US office or presence as an entity, they can't be taxed. If they can be taxed..if they retain a US identity... it is only on the profits made in the US by that entity. Volvo pays US corporate taxes on its operations in the United States, not on the entire corporation. They don't have to report to the IRS anything about their corporate profits.

As for your mythical "slap downs" you probably need to go masturbate, son. I've not mentioned "higher tax rates would discourage workers" or anything about trade wars or holidays... you're hearing voices in your head. So take a break... go to the bathroom and take care of business... get it out of your system, then maybe we can have a reasonable conversation again?

Got it Bubs, YOU being dishonest AGAIN. I'm shocked, just shocked

ONCE MORE:

Listen YOU dishonest POS, I said from the start, MOVE THE FUK OUT OF THE US, BUT IF YOU WANT THE WORLDS LARGEST MARKET, EXPECT TO PAY THE GAWDDAM TAXES HERE, YOUR PREMISE WAS THEY COULD MOVE AND EVADE THEM!


YOU KNOW, MOVE THE CORP H/Q BUT SELL IN THE US, THUS OWING US TAXES YOU DUMBASS, LIKE YOU AGREED? LOL



Keep being dishonest Bubs,

 

[Dad2three]

Factories take years of investment, before they start hiring people. And sometimes even after the investment, you don't hire people because the market changes.

So you think people build factories and they just sit there collecting dust until the market is right?

I don't think that is how it works, man. Sorry. I mean-- love your posts, agree with you most of the time--- give you thumbs up and green checks all the time... but you're not making any sense here.

To complicated for you Bubs, in your "reality" EVERY investment needs jobs created right off the bat, never mind R&D or lags in the Corp structure. Go back to the Randian fetish, you made more sense then Bubs than this protectionist crap built on a system that has not worked (repatriation)

 

[Boss]

Like I said, I can't think of a single example anywhere that fits your description.

Okay, well... Let me present you with an example.

I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.

Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.

Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!

 

[Dad2three]

Listen YOU dishonest POS, I said from the start, MOVE THE FUK OUT OF THE US, BUT IF YOU WANT THE WORLDS LARGEST MARKET, EXPECT TO PAY THE GAWDDAM TAXES HERE, YOUR PREMISE WAS THEY COULD MOVE AND EVADE THEM!

Without you bullshit premises, what else you got Bubs? You sure as fuk were slapped down on your BS premise that higher tax rates would discourage workers, you were slapped down on your BS trade war. You WERE slapped down on your "repatriation" holiday. What else you got?

And to think, we were actually in agreement a few posts back.

How are you going to make a company in Belize pay US taxes? What if China waddled over here and said... "We demand US companies pay China taxes on it's profits from selling to our people!"? I think most of us my actually die from laughing so hard at such a silly notion.

Now... We MIGHT make them pay a tariff here, but a foreign company is not obligated in ANY way to pay corporate US taxes... they just aren't... not even in your wildest liberal dreams. Even the cut-n-paste you posted about this says it very clearly... they must earn income in the US to be taxed. If they don't have a US office or presence as an entity, they can't be taxed. If they can be taxed..if they retain a US identity... it is only on the profits made in the US by that entity. Volvo pays US corporate taxes on its operations in the United States, not on the entire corporation. They don't have to report to the IRS anything about their corporate profits.

As for your mythical "slap downs" you probably need to go masturbate, son. I've not mentioned "higher tax rates would discourage workers" or anything about trade wars or holidays... you're hearing voices in your head. So take a break... go to the bathroom and take care of business... get it out of your system, then maybe we can have a reasonable conversation again?

"We demand US companies pay China taxes on it's profits from selling to our people!"? "

Multinational corporations reported paying $128 billion in corporate taxes to foreign countries on $470 billion of taxable income in 2010, according to most recent IRS data.

Asia had the second-largest concentration of reported foreign taxable income in 2010. U.S. corporations reported $83.4 billion in taxable income and paid $21.6 billion taxes in this region.


Most Foreign Taxable Income Is Taxed at Rates over 20 percent

While there are undoubtedly U.S. multinationals that paid low effective rates on their foreign earned income in some countries, a majority of foreign taxable income reported by U.S. corporations was taxed at effective rates between 20 and 30 percent overseas.


How Much Do U.S. Multinational Corporations Pay in Foreign Income Taxes?


lol

 

[Dad2three]

Like I said, I can't think of a single example anywhere that fits your description.

Okay, well... Let me present you with an example.

I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.

Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.

Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!

"I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it."

YOU ARE EITHER EVADING US TAXES OR YOUR PREMISE IS BS TO BEGIN WITH BECAUSE YOU PAID TAXES TO GERMANY, WROTE OFF THAT AMOUNT OFF YOUR US INCOME TAX BURDEN, AND PROB GOT A NET ZERO TAX BURDEN DUMMY!

 

[Dad2three]

American citizens must report all types of income on their U.S. tax returns regardless of the country in which it's earned or received.

 

[Boss]

BUT IF YOU WANT THE WORLDS LARGEST MARKET...

You'll have to pay the hefty tariffs.... See, we agree!

You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?

 

[Dad2three]

BUT IF YOU WANT THE WORLDS LARGEST MARKET...

You'll have to pay the hefty tariffs.... See, we agree!

You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?

GAWD YOU ARE A REAL DUMBFUK BUBS

IF A CORP SELLS PRODUCTS IN THE US, IT HAS LIABILITIES IN THE US, IF YOU DON'T WANT IT, DON'T SELL IT IN THE US. EASY ENOUGH FOR YOU SLOW FUK?


EVERY DOLLAR EARNED BY A US CITIZEN, REGARDLESS OF LOCALITY EARNED, IS REQUIRED TO REPORT IT ON THEIR TAXES, THERE IS NO DOUBLE TAXATION, UNLESS IT'S LESS THAN US TAX RATES (CAYMAN 5%, YOU OWE 34% US) GET IT DUMFUK?

 

[Dad2three]

BUT IF YOU WANT THE WORLDS LARGEST MARKET...

You'll have to pay the hefty tariffs.... See, we agree!

You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?

A TARIFF ISN'T AN INCOME TAX YOU DUMBFUK. It's paid REGARDLESS whether a comp is profitable or not. Gawd

 

[Boss]

Like I said, I can't think of a single example anywhere that fits your description.

Okay, well... Let me present you with an example.

I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.

Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.

Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!

"I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it."

YOU ARE EITHER EVADING US TAXES OR YOUR PREMISE IS BS TO BEGIN WITH BECAUSE YOU PAID TAXES TO GERMANY, WROTE OFF THAT AMOUNT OFF YOUR US INCOME TAX BURDEN, AND PROB GOT A NET ZERO TAX BURDEN DUMMY!

No... I didn't claim it as taxable US income because it wasn't earned in the US or received as income in the US. I paid taxes to Germany from that money, not my US holdings or income. I didn't get to "write off" anything because it wasn't reported income, it wasn't subject to taxation in the US, I didn't earn the income in the US and didn't claim it as income in the US.

I don't really know what you think the tax laws are, but you can't tax money I make in another country just because I am a US citizen. You can only tax what I receive as earned income in the US. You have no tax jurisdiction elsewhere.

 

[Boss]

EVERY DOLLAR EARNED BY A US CITIZEN, REGARDLESS OF LOCALITY EARNED, IS REQUIRED TO REPORT IT ON THEIR TAXES, THERE IS NO DOUBLE TAXATION, UNLESS IT'S LESS THAN US TAX RATES (CAYMAN 5%, YOU OWE 34% US) GET IT DUMFUK?

NONSENSE! You don't know what the fuck you're talking about.

I made $5 million IN Germany... got it? I paid income taxes on it, TO Germany? Following me? The money is still IN Germany, in a German bank, collecting German interest. Each year, I have to pay Germany tax on the interest dividends. It is NOT US INCOME! It doesn't ever BECOME US income unless I bring it to the US and claim it as income. If I do that, I will be taxed AGAIN.

My plan is to eliminate double taxation. Repatriate that wealth and create new jobs with it.

 

[Dad2three]

Like I said, I can't think of a single example anywhere that fits your description.

Okay, well... Let me present you with an example.

I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.

Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.

Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!

"I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it."

YOU ARE EITHER EVADING US TAXES OR YOUR PREMISE IS BS TO BEGIN WITH BECAUSE YOU PAID TAXES TO GERMANY, WROTE OFF THAT AMOUNT OFF YOUR US INCOME TAX BURDEN, AND PROB GOT A NET ZERO TAX BURDEN DUMMY!

No... I didn't claim it as taxable US income because it wasn't earned in the US or received as income in the US. I paid taxes to Germany from that money, not my US holdings or income. I didn't get to "write off" anything because it wasn't reported income, it wasn't subject to taxation in the US, I didn't earn the income in the US and didn't claim it as income in the US.

I don't really know what you think the tax laws are, but you can't tax money I make in another country just because I am a US citizen. You can only tax what I receive as earned income in the US. You have no tax jurisdiction elsewhere.

If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

U.S. Citizens and Resident Aliens Abroad

MORON

 

[Boss]

BUT IF YOU WANT THE WORLDS LARGEST MARKET...

You'll have to pay the hefty tariffs.... See, we agree!

You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?

A TARIFF ISN'T AN INCOME TAX YOU DUMBFUK. It's paid REGARDLESS whether a comp is profitable or not. Gawd

Right... It's NOT an income or corporate tax... it's a fee you're paying to access US markets. If you want to produce your product in China... FINE... Go for it! Just know that when you try to slip it back in to the US to sell to the US market, you're going to pay a high tariff. Maybe it's still worth it? Or maybe some American capitalist figures out a way to do it here and save money?

What you want to do is try to force the capitalist to play by your rules and he doesn't have to. You are saying you want to levy higher taxation on him to discourage his outsourcing... but what stops him from simply relocating to Belize? You see... you've killed your cash cow. Now you don't have a corporation to tax anymore. They've gone... checked out!

...What now, brown cow?