What should be done, if anything, to bring home $5 trillion held overseas by American businesses?

[Missouri_Mike]

/---- They already paid taxes in the foreign countries. Bring it it back to the US would cost them an additional tax - that's double taxation.

It's only double taxation if both are done by the same government. Dumbass.

Getting taxed twice is double is it not?

 

[pwjohn]

Make all earnings taxable. Overseas and here at home. Earnings held overseas taxed at a much higher rate.

So people who earn money outside the US, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft.

Don't be stupid! This thread has nothing to do with individual earnings. Read the thread title!

So companies who earn money outside the US, pay taxes in other countries, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft

Better?

Much better

If a. company writes off capital expenses on earnings over here to build factory's over there that produce substantial profits than they should pay taxes on those profits over here. At least at the same rate they pay on profits earned here.

 

[WinterBorn]

Make all earnings taxable. Overseas and here at home. Earnings held overseas taxed at a much higher rate.

So people who earn money outside the US, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft.

Don't be stupid! This thread has nothing to do with individual earnings. Read the thread title!

So companies who earn money outside the US, pay taxes in other countries, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft

Better?

Much better

If a. company writes off capital expenses on earnings over here to build factory's over there that produce substantial profits than they should pay taxes on those profits over here. At least at the same rate they pay on profits earned here.

Then push for changes in the laws. Otherwise, it is pure theft.

 

[pwjohn]

Make all earnings taxable. Overseas and here at home. Earnings held overseas taxed at a much higher rate.

So people who earn money outside the US, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft.

Don't be stupid! This thread has nothing to do with individual earnings. Read the thread title!

So companies who earn money outside the US, pay taxes in other countries, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft

Better?

Much better

If a. company writes off capital expenses on earnings over here to build factory's over there that produce substantial profits than they should pay taxes on those profits over here. At least at the same rate they pay on profits earned here.

Then push for changes in the laws. Otherwise, it is pure theft.

So you're saying that theft at the point of a gun is ok?

 

[WinterBorn]

So people who earn money outside the US, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft.

Don't be stupid! This thread has nothing to do with individual earnings. Read the thread title!

So companies who earn money outside the US, pay taxes in other countries, and leave the money outside the US should be taxed IN the US? WTF? That amounts to theft

Better?

Much better

If a. company writes off capital expenses on earnings over here to build factory's over there that produce substantial profits than they should pay taxes on those profits over here. At least at the same rate they pay on profits earned here.

Then push for changes in the laws. Otherwise, it is pure theft.

So you're saying that theft at the point of a gun is ok?

Where di you get that? I didn't say anything close to that. But I guess making up what I say helps you feel better.

 

[Slade3200]

The income tax rate that you've quoted doesn't take into account the deductions that are typical. As for updated information, here's a chart that shows it's only gone down since 2000-2005. Also, despite all those concessions, the employment rate hasn't improved.

For some odd reason, people simply don't realize the difference between marginal and effective tax rates. One would think after Mitt Romney released his taxes that people would understand that difference, but, sure as God made little green apples, many appear not to.

Simply put, if one's marginal tax rate is, say 25% and one's deductions and exemptions allow one to actually pay tax such that one's effective rate is 15%, with no change other than a reduction in one's marginal tax rate from 25% to 15%, one will pay the same sum of money in taxes.

OT:
That chart may be among the best one's I've seen recently that illustrates the lie that is one of the main supply siders' mantras: cutting corporate taxes increases job growth.

15% across the board, no deductions. That's what I would like to see for all Federal Income tax.

Better would be the Fair Tax.

No,

Keep the tax system the way it is and raise tariffs on any manufacturing outside this country...Make it uneconomic to bring it back in hence forcing the businesses to stay in the country.

Keep the science, infrastructure and common sense investment flowing.

It's nice in theory but do you realize the impact that will have? The majority of goods are already being manufactured over seas. Pretty much all textiles are made abroad. The end result will be a huge inflation in prices for consumer goods, a supply shortage, and many small businesses having to close their doors. We are nowhere closed to handle the manufactiring needs of our own country. One of my businesses deals in sports apparel, we would surely be out of business if we were cut of from our manufacturers or forced to pay a larger tax for our goods.

There needs to be a progressive plan to this enormous problem. It's not as simple as many make it out to be.

 

[Slade3200]

I'm all for getting rid of child tax credits as well as certain business tax credits.

How about we address the real problem instead of the symptoms though? Lets stop spending so god damned much.

Tax credits incentivize private investment, growth and opportunity... do you really think the government would put those funds to better use?

 

[Slade3200]

I'm all for getting rid of child tax credits as well as certain business tax credits.

How about we address the real problem instead of the symptoms though? Lets stop spending so god damned much.

We have a general welfare clause and a common defense clause. where do we, "cut the waste"?

Budget and appropriations. We need smart leadership not under the control of special interest groups

 

[Slade3200]

You rightards are simply fucking nuts. There is no other explanation. No matter how many times this is explained, y'all still can't grasp it.

Foreign Tax Credit

If you paid or accrued foreign taxes to a foreign country or U.S. possession and are subject to U.S. tax on the same income, you may be able to take either a credit or an itemized deduction for those taxes.

Which is exactly what I demonstrated in my example. Why is that impossible for you to comprehend?

Here is my simplified example. Specifically how is this different from what you say?

So the company in Faunland pays Faunland's 20% corporate tax rate on their $100.00 of net profit leaving $80.00. They bring that $80.00 into the U.S. and pay a 38.9% corporate tax rate for the privilege of bringing that $80.00 into the states. That's an additional $31.12 in taxes. Eighty dollars minus $31.12 leaves them with $48.88 net profit after the money comes in the states?

Why would they do such a thing?

What do you mean by "bringing into the country" how is this 38% tax applied?

 

[Faun]

/---- They already paid taxes in the foreign countries. Bring it it back to the US would cost them an additional tax - that's double taxation.

It's only double taxation if both are done by the same government. Dumbass.

Getting taxed twice is double is it not?

Not if the two taxes add up to the same amount as what one would pay here in the U.S., it's not.

 

[Boss]

We need smart leadership not under the control of special interest groups

LMAO... Oh well.... There goes the entirety of the Democrat Party! BRAVO!

 

[Slade3200]

We need smart leadership not under the control of special interest groups

LMAO... Oh well.... There goes the entirety of the Democrat Party! BRAVO!

Totally, then we get left with those squeaky clean Republicans, right? Haha

 

[Missouri_Mike]

/---- They already paid taxes in the foreign countries. Bring it it back to the US would cost them an additional tax - that's double taxation.

It's only double taxation if both are done by the same government. Dumbass.

Getting taxed twice is double is it not?

Not if the two taxes add up to the same amount as what one would pay here in the U.S., it's not.

Who's amount? Who gets to set this arbitrary amount of taxes people must pay world wide? And what country get's their cut first.

 

[Faun]

/---- They already paid taxes in the foreign countries. Bring it it back to the US would cost them an additional tax - that's double taxation.

It's only double taxation if both are done by the same government. Dumbass.

Getting taxed twice is double is it not?

Not if the two taxes add up to the same amount as what one would pay here in the U.S., it's not.

Who's amount? Who gets to set this arbitrary amount of taxes people must pay world wide? And what country get's their cut first.

There's no arbitrary amount, each country determines their own tax rates. The country where the income is earned gets first cut.

 

[Jarlaxle]

That is the down side of being a consumer economy. In the grand scheme of things we produce jack shit that only other rich nations can really afford to even think about purchasing. It's like the animals that go extinct are the ones who over specialize, and that's our economy. If a company can invest in a more "balanced" economy it behooves them. Thus when we market the US to get that offshore cash we need to be mindful of the "risk factors" and offer a little more incentive than say other countries with more "stable" markets could get away with - in direct opposition to that however, we not only have a very off kilter market, but we also have the highest taxes in the world - this is not a winning combination...

It's been shown many, many times that the US does not have the highest taxes in the world. The corporate propaganda mills would like you to believe that so they can get people to allow them to pay less.

US corporate tax rate is too high.

What would you recommend, going full third-world?

So...you consider Germany a third world country?

 

[JoeNormal]

That is the down side of being a consumer economy. In the grand scheme of things we produce jack shit that only other rich nations can really afford to even think about purchasing. It's like the animals that go extinct are the ones who over specialize, and that's our economy. If a company can invest in a more "balanced" economy it behooves them. Thus when we market the US to get that offshore cash we need to be mindful of the "risk factors" and offer a little more incentive than say other countries with more "stable" markets could get away with - in direct opposition to that however, we not only have a very off kilter market, but we also have the highest taxes in the world - this is not a winning combination...

It's been shown many, many times that the US does not have the highest taxes in the world. The corporate propaganda mills would like you to believe that so they can get people to allow them to pay less.

US corporate tax rate is too high.

What would you recommend, going full third-world?

So...you consider Germany a third world country?

I wonder how they do it. Oh yeah, they don't have a bloated military that acts as the world's policeman.

 

[Boss]

That is the down side of being a consumer economy. In the grand scheme of things we produce jack shit that only other rich nations can really afford to even think about purchasing. It's like the animals that go extinct are the ones who over specialize, and that's our economy. If a company can invest in a more "balanced" economy it behooves them. Thus when we market the US to get that offshore cash we need to be mindful of the "risk factors" and offer a little more incentive than say other countries with more "stable" markets could get away with - in direct opposition to that however, we not only have a very off kilter market, but we also have the highest taxes in the world - this is not a winning combination...

It's been shown many, many times that the US does not have the highest taxes in the world. The corporate propaganda mills would like you to believe that so they can get people to allow them to pay less.

US corporate tax rate is too high.

What would you recommend, going full third-world?

So...you consider Germany a third world country?

I wonder how they do it. Oh yeah, they don't have a bloated military that acts as the world's policeman.

People who complain about the cost of the military are apparently ignorant of mathematics as well as economics and government... probably human nature as well.

Why do we bother wasting our time explaining things to morons? We should just ship you off to some third world country so you can live like monkeys. You lack the sophistication to function in our society.

Nations our size are protected by a military. It costs money. It's an essential expense. In our particular system it's a fundamental power of government. We're not going to get rid of it. But for some inexplicable reason, morons think we can.

Rather than us wasting our time trying to explain it to the equivalent of a chimp, we should simply exile you.

 

[EverCurious]

^ This. See also pay to our soldiers goes back into the economy and technically should lower that supposed cost debt by some factor - though I've never bothered to figure out what it is. I can tell you that a huge segment of the population up here in Alaska is military and our economy has been massively rocking forever. I mean we've got like $1T in savings, and we barely even noticed the recession ya'll had from the housing bubble. Admittedly we are getting twacked at the moment because low oil abruptly sucked like $3B dollars out of our state budget, but we've pared that down to $1B and are still looking for "ammenities" that we spoiled brats are willing to suffer though.

Legit argument I heard in the Eagle River town hall on what to cut to balance the state budget; "We absolutely can not cut the cleaning crews on 3rd and 4th Avenue. The tourists will think we're living in the third world and go back to those stupid igloo jokes." ~rolls eyes~

 

[JoeNormal]

It's been shown many, many times that the US does not have the highest taxes in the world. The corporate propaganda mills would like you to believe that so they can get people to allow them to pay less.

US corporate tax rate is too high.

What would you recommend, going full third-world?

So...you consider Germany a third world country?

I wonder how they do it. Oh yeah, they don't have a bloated military that acts as the world's policeman.

People who complain about the cost of the military are apparently ignorant of mathematics as well as economics and government... probably human nature as well.

Why do we bother wasting our time explaining things to morons? We should just ship you off to some third world country so you can live like monkeys. You lack the sophistication to function in our society.

Nations our size are protected by a military. It costs money. It's an essential expense. In our particular system it's a fundamental power of government. We're not going to get rid of it. But for some inexplicable reason, morons think we can.

Rather than us wasting our time trying to explain it to the equivalent of a chimp, we should simply exile you.

I spent three years in the defense industry you dumb fuck. I know just how wasteful and inefficient it is. What are your qualifications to even comment on this? We could defend ourselves for a small fraction of what what we do except that it has become so profitable that the major players affect policy change in order to keep the gravy train rolling.

 

[Slade3200]

It's been shown many, many times that the US does not have the highest taxes in the world. The corporate propaganda mills would like you to believe that so they can get people to allow them to pay less.

US corporate tax rate is too high.

What would you recommend, going full third-world?

So...you consider Germany a third world country?

I wonder how they do it. Oh yeah, they don't have a bloated military that acts as the world's policeman.

People who complain about the cost of the military are apparently ignorant of mathematics as well as economics and government... probably human nature as well.

Why do we bother wasting our time explaining things to morons? We should just ship you off to some third world country so you can live like monkeys. You lack the sophistication to function in our society.

Nations our size are protected by a military. It costs money. It's an essential expense. In our particular system it's a fundamental power of government. We're not going to get rid of it. But for some inexplicable reason, morons think we can.

Rather than us wasting our time trying to explain it to the equivalent of a chimp, we should simply exile you.

Are people saying to get rid of our military? maybe they are saying we don't have to spend exponentially more than every other country on earth on our military. Even those with similar size populations and economy's. I think that is the real message that you are confusing