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

[danielpalos]

Laissez-fair trade right wingers; better products at lower cost always increases market share.

 

[Boss]

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.

No, you're the dumb fuck. A mouth-breathing moron. We have waste, fraud and abuse in every thing government touches. You can't run to that as justification for gutting the military. Of all the things government does, that's the biggest constitutional responsibility.

 

[Boss]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

 

[Markle]

They wouldn't have to do such a thing because that's not how the foreign tax credit works. What you described is indeed a double tax ... the foreign tax credit eliminates that.

Here's how it actually works using your figures and assuming the income qualifies for the foreign tax credit.....

Corporation A is in the U.S. and makes $100 net profit

Corporation B is outside the U.S. and makes the same

Corporation A pays $38.90 in tax which leaves them with a net profit of $61.10 after taxes.

Corporation B pays $20 in foreign taxes and then files a federal tax return in the U.S. on that money. They are taxed at 38.9% on the full $100.00 net profit. That's $38.90 in tax. But because of the foreign tax credit, they can put the $20.00 they paid in foreign tax on their return as an itemized deduction, subtracted from the $38.90 they would owe, they now owe $18.90 to the IRS. Like company A, they end up with a net profit of $61.10 after taxes.

Their total tax burden comes out to the same as corporation A of $38.90. $20.00 in foreign tax plus $18.90 in federal tax. There is no double tax.

Now granted, not everyone qualifies; and for those who do, the calculations can get trickier depending on their circumstances; and the tax payer can choose between taking it as a deduction versus taking it as a credit.

False

When "B" pays their tax in Faunlandia of 20% that is $20.00

That is then a deduction from their net profit of $20.00 from the $100.00 leaving $80.00 in net profit.

That is then $80.00 brought into the United States where they are forced to pay an additional 38.90% or, in this case $31.12 leaving a net profit, after taxes of $48.12

Even if your calculation is correct. Do you know the difference between a tax credit and a tax deduction? Why would they pay an additional tax of $18.90 when they can keep the money in Faunlandia and re-invest the entire $80.00?

 

[Faun]

They wouldn't have to do such a thing because that's not how the foreign tax credit works. What you described is indeed a double tax ... the foreign tax credit eliminates that.

Here's how it actually works using your figures and assuming the income qualifies for the foreign tax credit.....

Corporation A is in the U.S. and makes $100 net profit

Corporation B is outside the U.S. and makes the same

Corporation A pays $38.90 in tax which leaves them with a net profit of $61.10 after taxes.

Corporation B pays $20 in foreign taxes and then files a federal tax return in the U.S. on that money. They are taxed at 38.9% on the full $100.00 net profit. That's $38.90 in tax. But because of the foreign tax credit, they can put the $20.00 they paid in foreign tax on their return as an itemized deduction, subtracted from the $38.90 they would owe, they now owe $18.90 to the IRS. Like company A, they end up with a net profit of $61.10 after taxes.

Their total tax burden comes out to the same as corporation A of $38.90. $20.00 in foreign tax plus $18.90 in federal tax. There is no double tax.

Now granted, not everyone qualifies; and for those who do, the calculations can get trickier depending on their circumstances; and the tax payer can choose between taking it as a deduction versus taking it as a credit.

False

When "B" pays their tax in Faunlandia of 20% that is $20.00

That is then a deduction from their net profit of $20.00 from the $100.00 leaving $80.00 in net profit.

That is then $80.00 brought into the United States where they are forced to pay an additional 38.90% or, in this case $31.12 leaving a net profit, after taxes of $48.12

Even if your calculation is correct. Do you know the difference between a tax credit and a tax deduction? Why would they pay an additional tax of $18.90 when they can keep the money in Faunlandia and re-invest the entire $80.00?

No, not false. My, you're rightarded...

Figuring the Credit
You can claim a foreign tax credit only for foreign taxes on income, war profits, or excess profits, or taxes in lieu of those taxes. In addition, there is a limit on the amount of the credit that you can claim. Your foreign tax credit is the amount of foreign tax you paid or accrued or, if smaller, the foreign tax credit limit.

Foreign Tax Credit - How to Figure the Credit​

Savvy?

As I said earlier, for income that qualifies, you deduct what you paid in foreign tax. Your total tax burden is no greater than someone else making the same net profit here in the States. There is no double tax, you uneducable moron.

 

[JoeNormal]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Yeah, and you also want all individual taxpayers to bend over and forgive the tax money that corporations have stashed overseas. Maybe we should also give all the CEOs blow jobs just to sweeten the deal. What a fucking moron.

 

[Boss]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Yeah, and you also want all individual taxpayers to bend over and forgive the tax money that corporations have stashed overseas. Maybe we should also give all the CEOs blow jobs just to sweeten the deal. What a fucking moron.

You're such an idiot you don't even know the stupidity of things you're posting. Taxes are paid to the IRS.

 

[JoeNormal]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Yeah, and you also want all individual taxpayers to bend over and forgive the tax money that corporations have stashed overseas. Maybe we should also give all the CEOs blow jobs just to sweeten the deal. What a fucking moron.

You're such an idiot you don't even know the stupidity of things you're posting. Taxes are paid to the IRS.

And where does the IRS get 'their' money?

 

[Boss]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Yeah, and you also want all individual taxpayers to bend over and forgive the tax money that corporations have stashed overseas. Maybe we should also give all the CEOs blow jobs just to sweeten the deal. What a fucking moron.

You're such an idiot you don't even know the stupidity of things you're posting. Taxes are paid to the IRS.

And where does the IRS get 'their' money?

The IRS doesn't have money. They collect tax money from taxpayers.

 

[JoeNormal]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Yeah, and you also want all individual taxpayers to bend over and forgive the tax money that corporations have stashed overseas. Maybe we should also give all the CEOs blow jobs just to sweeten the deal. What a fucking moron.

You're such an idiot you don't even know the stupidity of things you're posting. Taxes are paid to the IRS.

And where does the IRS get 'their' money?

The IRS doesn't have money. They collect tax money from taxpayers.

Ok, when a discussion devolves into semantics, it's time to put it out of its misery.

 

[Slade3200]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Why is that? There's got to be a line where enough is enough right?

 

[Slade3200]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Yeah, and you also want all individual taxpayers to bend over and forgive the tax money that corporations have stashed overseas. Maybe we should also give all the CEOs blow jobs just to sweeten the deal. What a fucking moron.

You're such an idiot you don't even know the stupidity of things you're posting. Taxes are paid to the IRS.

Oh the irony of this statement... thanks for the laugh

 

[danielpalos]

Deny and disparage the rich, steak and lobster privileges, until the People, get some results!

 

[Boss]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Why is that? There's got to be a line where enough is enough right?

Sure! But you're not debating where that line is, you're lobbying for massive cuts. I don't think we need cuts... maybe trim some waste... maybe not give our enemies billions of dollars... maybe avoid giving away our technology to China and others... but as some realistic means to bring our huge deficit in check, it's an idiotic argument.

 

[Slade3200]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Why is that? There's got to be a line where enough is enough right?

Sure! But you're not debating where that line is, you're lobbying for massive cuts. I don't think we need cuts... maybe trim some waste... maybe not give our enemies billions of dollars... maybe avoid giving away our technology to China and others... but as some realistic means to bring our huge deficit in check, it's an idiotic argument.

Military spending is the largest driver of the deficit BY FAR (from descrssionary spending) I support a strong military and am not calling for massive cuts. But you are naive if you don't think there is just as much waste in military spending as there is in government programs. I'd bet there is more waste in military spending than any other department

 

[JohnnyApplesack]

It would be nice to have some of that money come back home.

no prob, merely destroy the Ruling Class and their employees the Neoliberal Capitalist Class, outlaw multi-national corporations altogether, and pretty much execute the entire top one percent of the top one percent

that might work

 

[Boss]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Why is that? There's got to be a line where enough is enough right?

Sure! But you're not debating where that line is, you're lobbying for massive cuts. I don't think we need cuts... maybe trim some waste... maybe not give our enemies billions of dollars... maybe avoid giving away our technology to China and others... but as some realistic means to bring our huge deficit in check, it's an idiotic argument.

Military spending is the largest driver of the deficit BY FAR (from descrssionary spending) I support a strong military and am not calling for massive cuts. But you are naive if you don't think there is just as much waste in military spending as there is in government programs. I'd bet there is more waste in military spending than any other department

Nope... biggest driver for of the deficits are servicing the $20 trillion debt. Defense spending is high but it's the primary function of our government.

Now.... your housing cost is probably your biggest expense... does that automatically mean you need to cut your housing cost because your checkbook is overdrawn? Or could the problem possibility be something else?

 

[Boss]

It would be nice to have some of that money come back home.

no prob, merely destroy the Ruling Class and their employees the Neoliberal Capitalist Class, outlaw multi-national corporations altogether, and pretty much execute the entire top one percent of the top one percent

that might work

It didn't work for Mao.

 

[Slade3200]

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

I don't give a damn about other countries... I want MY military to spend more... in every case, in all areas. And not by a little but by a lot. Only idiots and morons want it otherwise.

Why is that? There's got to be a line where enough is enough right?

Sure! But you're not debating where that line is, you're lobbying for massive cuts. I don't think we need cuts... maybe trim some waste... maybe not give our enemies billions of dollars... maybe avoid giving away our technology to China and others... but as some realistic means to bring our huge deficit in check, it's an idiotic argument.

Military spending is the largest driver of the deficit BY FAR (from descrssionary spending) I support a strong military and am not calling for massive cuts. But you are naive if you don't think there is just as much waste in military spending as there is in government programs. I'd bet there is more waste in military spending than any other department

Nope... biggest driver for of the deficits are servicing the $20 trillion debt. Defense spending is high but it's the primary function of our government.

Now.... your housing cost is probably your biggest expense... does that automatically mean you need to cut your housing cost because your checkbook is overdrawn? Or could the problem possibility be something else?

Horrible comparison... Housing costs are primarily mortgage payments or rent and that is comparable to mandatory spending like Social Security and Medicare which are the primary drivers of our debt. In the discretionary spending arena I'd look at my food, entertainment, travel, and commodity purchases... If i was spending more than 50% of my budget on food and much of that was eating out then i'd probably start by making adjustments there. A 10% cut on that is going to be much more effective than cutting 10% on something that only comprises a small fraction of my budget.

 

[danielpalos]

"Re-classify" those companies as "Mexican" for legal fiction purposes, and tax their unrepatriated "remittances".