Small Business owners side with Democrats

Republicans refuse to close loopholes that allow corporations and the wealthy to skip out on taxes and encourage businesses to ship jobs out of the country.


"As political leaders push to reduce the nation's deficit with dramatic spending cuts, small business owners are asking Washington to lower the deficit by closing offshore tax loopholes, which cost the United States as much as $100 billion a year.

On Wednesday, Rep. Lloyd Doggett (D-Texas) and 43 other House Democrats introduced the Stop Tax Haven Abuse Act, a companion to legislation Sen. Carl Levin (D-Mich.) unveiled earlier in July. The bill targets tax dodging by both corporations and wealthy individuals, who can also stash money in secretive offshore bank accounts and even set up their own foreign corporations to avoid paying U.S. taxes. Doggett and Levin say their bill could generate $100 billion a year in revenue that is currently just sitting in corporate coffers abroad.

Scott Klinger, Tax Policy Director at Business for Shared Prosperity, a nonpartisan small-business advocacy group, said offshore tax loopholes are not just bad tax policy, they also mean job loses for American workers. "Tax loopholes that reward corporations for shifting jobs and investment offshore undermine small and domestic businesses that invest and create jobs in America."

http://www.huffingtonpost.com/2011/07/2 ... 11181.html

I'm a small business owner and have been for two decades. The Republicans, supposedly the party of "business", doesn't care about me or people like me. They only care about the largest corporations and will do whatever those corporations demand to keep small business owners wondering when anyone is going to care about THEIR issues. It amazes me that so many other small business owners keep believing that somehow, someday, the Republicans are going to pay them back for their loyalty to them and pass legislation that will benefit small business. The loopholes and perks beloved of Republicans in Congress benefit the big guy, and put you at a competitive disadvantage. Wake up, business owners. They don't care about you.

I only take care of me. And if you have a savvy CPA you get the same deductions as the big boys.

Martin Ent Inc wrote: I only take care of me. And if you have a savvy CPA you get the same deductions as the big boys.

LOL, I have a good CPA but even he can't offshore virtually my whole operation. Can yours?

Also wondering how much TARP money you got?

Well I pay for a news letter that directs me to what a small business person can do to offset income and taxes. So I try to keep up on what is a legal deductions. I personally make nothing and so far my corp has made nada as well.
But my CPA makes alot hope he follows my news tips for his own sake. LOL

Those pooooor over-taxed US Corporations... Of course, we all know about G.E. effectively paying $0 .... Here are some more numbers that show just how horrible things are for some of the big hitters:

Microsoft reported only $445 million in taxes in the U.S. and other foreign countries, just 7 percent of its $6.32 billion in pre-tax profit. Microsoft's effective worldwide tax rate fell to 17.5 percent in the last fiscal year, down from 25 percent the previous year and 31 percent in the year to June 30, 2006. The company said it expects to owe tax at an effective rate in the next year of between 19 percent and 22 percent.

Few companies, including Thomson Reuters, pay the standard U.S. corporate rate of 35 percent thanks to loopholes and deductions but the Microsoft tax rate is still at the low end when compared with other large technology companies.

In their last reported fiscal years, Google Inc's effective tax rate was 21 percent, Apple Inc's 24 pct, and IBM's was 25 percent.

http://www.reuters.com/article/2011/07/ ... 2A20110727


Breaks your heart, doesn't it?

"encourage businesses to ship jobs out of country"
Like the Dems do when they make it harder and harder to do business in this country because of excessive regulations? That ships jobs overseas too.
Just yesterday I read the story of an Alabama coal mine owner who just gave up, closed his doors and put 100 out of work because of excessive regulations.

And corporate tax loopholes? The Dems had plenty chances to close those when they ruled the House and Senate, but they refused. And the CEO of GE? He is a big buddy of your man Obama, so don't expect his loopholes to disappear either.

SS109 wrote: Just yesterday I read the story of an Alabama coal mine owner who just gave up, closed his doors and put 100 out of work because of excessive regulations.

Just curious, but how do you know the regulations were "excessive"? Could it just be that his operation was too dangerous and sketchy a prospect to make it and in fact should have closed down?

It's easy to blame "excessive regulations" when a something like this happens but maybe it just shouldn't have been in business. Would you complain if someone who was in the business of say, canning mushrooms, shut down the operation because his plant was antiquated and dirty and kept giving customers botulism? Would you say that "excessive regulations" caused the business failure?

Would that be like the Massey coal mine that falsified their safety records and killed 25 miners?... I guess if those "excessive regulations" had actually been followed, there would be 25 families who's breadwinner was still there to put food on the table, instead of the widows getting some of those "welfare checks" that you all get so bat-sh*t-crazy about.

If they can't keep their employees safe, then perhaps they SHOULD have to close their business...