Obama is trying to get US companies to pay taxes, hopefully he succeeds

Discussion in 'Politics, Religion, Social Issues' started by Hieveryone, Jul 26, 2014.

  1. Hieveryone macrumors 68020

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    #1
  2. noisycats macrumors 6502a

    noisycats

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    #2
    I don't favor big corporations not paying taxes, but when a large percentage of their profits are made off shore, I don't really see them not paying US taxes on that portion as illegal or unethical.
     
  3. Southern Dad macrumors 65816

    Southern Dad

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    If we try and force them to pay taxes on money earned offshore and kept offshore, we will see some of these companies move their headquarters overseas for tax reasons. Lawmakers have considered a "Tax Holiday" for repatriating overseas money. The problem is if these corporations bring the money back to the USA they have to pay income tax on it. If it remains overseas, where it was earned, they don't.

    Walgreens eyes loophole end run around taxes - USA Today

    Senators weigh tax 'holiday' to help fund highway repairs - Reuters
     
  4. MrWillie macrumors 65816

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    I wonder if the fact that the US has the highest taxes in the world has anything to do with it ?

    Please bring the money here, so i can tax the crap out of it, and then squander the money. Sure thing Barry. :rolleyes:
     
  5. G51989 macrumors 68030

    G51989

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    The US has the highest taxes in the world?

    Uhh...as someone who has actually lived in other developed countries, I can assure you. It doesn't.
     
  6. MrWillie macrumors 65816

    MrWillie

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    Well, which counties have higher corporate taxes than the US. Enlighten us please.

    Japan comes close, but close doesn't win the race.
     
  7. G51989 macrumors 68030

    G51989

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    http://money.cnn.com/2013/07/01/news/economy/corporate-tax-rate/

    The US of A might have the highest rate when at first glance, but it really doesn't.

    In most other developed countries you can't really write off anything. You pay the tax rate. Or hide it in tax havens.

    In the US, you can write off most of your expenses as a business expense, and you can get other writeoffs for anything you can think of.

    SO most large business in America pays more around 12%, very very very few pay the full 35%.

    Some of them even under 4%

    Or nothing!

    http://thinkprogress.org/economy/2012/04/09/460519/major-corporations-no-taxes-four-year/

    [​IMG]


    http://www.ctj.org/pdf/notax2012.pdf

    As we can see here, its all part of a plan to move all the Tax Burden to the the middle and working class.

    As far as personal taxes go, Taxes in America are very low as far as most developed countries go.

    ----------

    I actually kinda agree with you.

    Why Force them to pay taxes on money earned overseas?

    I don't see a reason to as the money was not earned here.

    I also don't think taking all of that money back to the states is really gonna have much of an affect on the Average American either.

    Its a moot issue.
     
  8. Southern Dad macrumors 65816

    Southern Dad

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    #8
    I checked the weather report for Hell, CA it's not frozen over. :)

    I think that if the money was brought back to the USA it would be used for expansion and projects here in the USA. The could allow a repatriation holiday with a stipulation that the money be used for expansion in the USA within 5 years or taxes would be due for bringing it back.
     
  9. quagmire macrumors 603

    quagmire

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    I agree they shouldn't be taxed on money earned overseas and was already taxed. The US is just trying to double dip....
     
  10. Huntn macrumors G5

    Huntn

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    What about companies like GE that pay no US taxes?

    G.E.’s Strategies Let It Avoid Taxes Altogether(2011).


    We only have ourselves to blame for this disgrace.
     
  11. G51989 macrumors 68030

    G51989

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    Its a little chilly ;)

    I just don't think it would be, the money kept overseas while I do think should be tax free, is not owned by by mom and pop, its not gonna into expanding anything in America, its gonna right into hedge funds and investments in other investments.

    Theres nothing wrong with investing and the stock market, but the problem is, when all of it goes into the financial market, and almost none of it goes to building business on the ground, it doesn't create much.

    Thats why I don't thnk it won't effect much.
     
  12. MacNut macrumors Core

    MacNut

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    #12
    Isn't that how taxes work, double dipping. I give you a dollar, it gets taxed, you give that dollar to someone else it gets taxed again.
     
  13. quagmire macrumors 603

    quagmire

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    Technically each time that dollar moves it is new income for whoever receives it. The money off shore is already Apple's. It shouldn't be taxed again because they are bringing it home.
     
  14. MacNut macrumors Core

    MacNut

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    How did it get off shore, if had to come from somewhere. They are still an American company.
     
  15. G51989 macrumors 68030

    G51989

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    #15
    Because lots of big companies

    Sell their product in places that aren't America?
     
  16. MacNut macrumors Core

    MacNut

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    Where is corporate headquarters? That is where the tax money should come from. Not where they sell their goods but where the decisions are made. If Apple were to leave the country and build a HQ elsewhere fine no more american taxes. Last time I checked they are building a new campus in America.
     
  17. quagmire macrumors 603

    quagmire

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    Then they shouldn't be taxed in other countries where they sell their products.
     
  18. samiwas macrumors 65816

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    #18
    Until the corporate tax rate is zero, and they take everything they can, they will continue to distort and deceive.

    And those same people will deride a single mom bringing home $12,000 a year for not paying taxes, because she's the problem. Yeah, and GE's credit was worth a quarter million of those moms' total incomes.

    For what it's worth, even with all that, GE is the worst performing investment in my portfolio. They haven't even eclipsed their highest level since 2008.
     
  19. Michael Goff Suspended

    Michael Goff

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    #19
    The US has nowhere near the highest Corporate Tax Rate. It looks like it does, but if you look at what's actually paid you'll realize that it's near the lowest. And these low taxes aren't exactly bringing about a giant boom.
     
  20. MacNut macrumors Core

    MacNut

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    #20
    Don't the consumers who buy those goods get taxed?
     
  21. G51989 macrumors 68030

    G51989

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    This doesn't make sense.

    If they are selling their products, lets say iPhones.

    They ship their iPhones from China to Germany.

    They pay Chinese and German taxes.

    Why should they pay American taxes? That product was never in America.
     
  22. MacNut macrumors Core

    MacNut

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    So that money never sees Cupertino? Ever? It just stays off shore and Tim Cook needs to fly to Germany to gain access to it?

    Most of Apple products are not made in America, so no taxes?
     
  23. G51989 macrumors 68030

    G51989

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    Much of it is kept in the country where it is earned, some of it is kept in banks in say a place like Switzerland.

    Corporations are WAY more complicated than

    Sell iPhone in Munich
    Money Deposited in the Cupertino Local bank for Apple

    A company like Apple for Example, has different divisions for different regions, thats where the money normally goes.

    Not to say Apple is the only one who does this, most large companies do.
     
  24. MacNut macrumors Core

    MacNut

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    #24
    So when Apple does a earnings call why don't they just list the stuff they sold in America?
     
  25. Southern Dad macrumors 65816

    Southern Dad

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    #25
    The problem is if you forced Apple to bring all those profits back to the USA where they would be taxed, they'd move their headquarters somewhere else and we'd lose a whole lot more tax dollars.

    I did notice that the big nasty Walmart isn't on your list.
     

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