For once I agree with LJ, the loopholes these comanpies like GE are so good at finding need to be fixed. I have no problem with any company big or small making profits...even huge profits as long as they pay their taxes like the rest of us.
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
OK, question here. I am working with a company that is about to explode financially helping the diesel and coal industries and cleaning up the environment in a very huge way, and they are extremely humanitarian and want to help those who need it. We all want to use as much money as possible to help those who REALLY need it, not the damn greedy, wasteful government. Which county would be the best to start a corporation so we have more money to bring back to the US and actually help people? I think people can invest a lot more in the US at this point if they don't start corporations here and have to pay the 1st or 2nd highest corporate tax in the world. And if you look at how they waste our money and bail out so many people, the majority is just wasted. I would rather keep an extra 10-30% offshore and be able to build shelters and orphanages here in the US with that money than handing it to Obama and Congress so they can hand it out to banks and other bailouts and stimulus packages while people are starving and homeless. Unlike the Democrat mentality where they naively belive that higher taxes and giving more to the government is actually helping people, we KNOW that allowing humanitarians to KEEP more money could actually help a whole lot more people that need it. So, any suggestions as to shat countries to look at so we can actually help more people? Sorry, but I don't trust the US government anymore and want to help people and not have it go to bailouts for stupid business people and stimulous packages that don't work.
With all the corporate tax loopholes the lobbyists write themselves, it might make more sense to cut the corporate tax rate to 10% but permit no deductions.
So in answer to Viking, invest in some good tax lawyers and lobbyists to write you some easily achieved exemptions and you can use your profits to help out citizens instead of letting it got to Federal overhead.
Thomas Sowell: There are no solutions, just trade-offs.
CriticalBill wrote: For once I agree with LJ, the loopholes these comanpies like GE are so good at finding need to be fixed. I have no problem with any company big or small making profits...even huge profits as long as they pay their taxes like the rest of us.
That is fine but look at our tax rates for corporations here. How does this encourage people to keep their companies in the US? Our corporate tax rate is almost 40%. If you moved it to Switlerland it is only 21% and if you more your corporation to Ireland it is only 12.5%. If your corporation made $100 million for example that is a savings of 19-27 million MORE to be able to help people with if you were in one of those nations rather than the United States. In the US they sneeze that much away ever minute as waste! Until our government wakes up, I have no problem supporting companies that move overseas. I am more pro American than most but more anti US government that most too. We are one of the only nations to not LOWER our corporate tax rate as our government is a wasteful geedy broken system.
Amid rising concerns about the state of the U.S. economy, new data compiled by economists at the OECD shows that for the 17th consecutive year the average rate of corporate taxes in non-U.S. countries fell while the U.S. corporate tax rate stayed the same. As a result, the overall U.S. corporate tax rate is now 50 percent higher than the OECD average.
Combined with another new OECD study that calls the corporate income tax the most harmful type of tax for economic growth, the implications for U.S. policy are clear. The long-term prospects of the U.S. economy are at risk as long as our corporate tax rate remains out of step with the rest of the world.
The empirical evidence from the new OECD study suggests that “investment is adversely affected by corporate taxation through the user cost of capital,” meaning the after-tax return on investment. Looking at the firm level, OECD economists found that the effect of corporate taxes is strongest on industries that are older and more profitable because of their larger tax bases. Younger and smaller firms (i.e. start-ups) are less affected because they are less profitable.
The OECD study also found that statutory corporate tax rates have a negative effect on firms that are in the “process of catching up with the productivity performance of the best practice firms.” This suggests that “lowering statutory corporate tax rates can lead to particularly large productivity gains in firms that are dynamic and profitable, i.e. those that can make the largest contribution to GDP growth.”
This year, Asian countries have been very aggressive on the tax front. China’s new 25 percent corporate tax rate, down from 33 percent, went into effect in January. Meanwhile, the Korean government has announced that it will cut its corporate rate from 25 percent to 22 percent, Taiwan is considering cutting its 25 percent corporate rate to 17.5 percent, and Hong Kong will cut its rate from 17.5 percent to 16.5 percent. In response to these developments, a Japanese advisory panel has called upon the government to cut Japan’s corporate tax rate to remain competitive and avoid discouraging foreign investment.
The average corporate income tax rate in the OECD is about 25 percent. The United States’ rate is almost 15 percentage points higher. Of the 30 countries in the OECD, 27 of them have cut their corporate income tax rates since 2000. By standing still, the United States has fallen behind.
SS109 wrote: With all the corporate tax loopholes the lobbyists write themselves, it might make more sense to cut the corporate tax rate to 10% but permit no deductions.
So in answer to Viking, invest in some good tax lawyers and lobbyists to write you some easily achieved exemptions and you can use your profits to help out citizens instead of letting it got to Federal overhead.
All of which is an interesting discussion...but not what the original post was about... The original post was about increased auditing of individuals making over $1-million who may or may not be illegally shielding their income from taxation through the use of illegal tax-shelters and tax-avoidance schemes.
LadyJazzer wrote: All of which is an interesting discussion...but not what the original post was about... The original post was about increased auditing of individuals making over $1-million who may or may not be illegally shielding their income from taxation through the use of illegal tax-shelters and tax-avoidance schemes.
25 replies and you still expect this to be on-topic? You got some high expectations of this ADD infested group, LJ.
"Whatever you are, be a good one." ~ Abraham Lincoln
If they're tax-cheats, then don't let the door hit them in the ass on the way out. (BTW, not everybody who is rich is "innovative", and not everybody who is "innovative" is rich.")
