Re: The Real Causes of Income Inequality
Are you sure you have your parties right?
Originally Posted by Blue Doggy
Republicans block ending offshore jobs tax breaks | Reuters
In a USA Today article, I see what you are talking about.
"The companies this bill targets, by and large, aren't opening overseas subsidiaries to make products for Americans," Senate Republican Leader Mitch McConnell said. "They're moving overseas to serve foreign markets, in addition to the markets they already have in place here, and that creates jobs here in the United States."
So INSTEAD of penalizing companies for taking advantage of tax breaks how about LOWERING taxes on companies in the US so they WANT to stay here. Is that such a bad idea? Company A stays here, gets a tax incentive to manufacture here employees 1000 people and now we have 1000 people working and paying income taxes, not taking from welfare or unemployment but paying into the system. Win and Win. More production of products means more sold, more revenue generated all the way around.
At issue is the U.S. tax code's treatment of profits earned by foreign subsidiaries of American corporations. Profits earned in the United States are subject to the 35% corporate tax. But multinational corporations can defer paying U.S. taxes on their overseas profits until they return them to the USA — transfers that often don't happen for years. General Electric, for example, has $62 billion in "undistributed earnings" parked offshore, according to recent Securities and Exchange Commission filings. Drug giant Pfizer boasts $60 billion. ExxonMobil has $56 billion.
My guns wont be illegal, they will only be undocumented.
I am male, white, straight, Christian, Conservative how else can I offend you today.