Obama to roll out international tax proposals
Reuters
Washington
Barack Obama plans to roll out a set of proposals on international tax policies on Monday, in an announcement with potential implications for U.S. multinational firms.
The White House said Obama will be joined by Treasury Secretary Timothy Geithner for the event.
Obama’s budget outline released in February made reference to proposals to change the tax treatment of U.S. firms with overseas operations and measures to crack down on international tax evasion.
The White House said at the time the measures would bring in $210 billion in additional revenue over the next decade.
During his campaign last year, Obama spoke out against provisions in the tax code that allow U.S. firms with overseas operations to defer payment of taxes on corporate profits if they plowed the money back into their foreign subsidiaries.
Obama said this gave companies incentives to ship jobs overseas.
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Wild Thing’s comment……
This idiot is charging head long into the abyss and dragging the country with him.
When will the people wake up and see what this goon is doing. It seems that he just does as he pleases and there is very little outrage or speaking against him. Our 2 party system was not the best but was better than Obama’s 1 party system.
Bob A.
I do see some people coming around but those who are on the entitlement train will never see the errors of their ways. They feel it is owed to them somehow, that they’ve suffered more than anyone else so I have to be taxed into oblivion to make them have a more “retiring” type of life.
This will tick off a lot of foreign countries as well as American executives. They will work on other plans to escape taxes. What needs to be done is to halve the US business tax rate, then halve it again. Make it the lowest in the Western world and those American businesses will flock back here. So will lots of foreign businesses.
We also need to break the unions. Make every state a right to work state, then every state will gain some of those returning businesses.
Texas right now is a thriving economy. It is because we have a very low state business tax, no state income tax and are a right to work state. We are getting businesses moving here from other states with high taxes and big unions. Over half of ALL new jobs in America the last several years have been in Texas.
If we seceeded America would be hurt badly economically as well as morally.
This is Choice, Obama and Geithner are worried about Tax cheats. Sorta like the pot calling the kettle Black.
Timothy ‘the Tax-cheat’ is going to fix the problem is this a riot or what. Akin to hiring the Fox to guard the hen house.
Someone said. Fire Janet Napolotano, how about we fire the whole bunch of incompetant slobs and start all over again.
I had thought Timothy Geithner just a tax cheat but I am beginning to believe that he is too dumb to fill out his taxes.
When will these people learn that the choice is to have a US company making widgets for 11 cents in China, with a Chinese partner or buying the widgets from a Chinese company for 15 cents ea?
The choice is never going to be to make widgets in a Union closed shop plant in New York for $2.00 ea.
Of course, they will learn when our trade collapses and unemployment reaches the New Deal levels of 20%.
Soylent Green economics do not work. That was one of the silly things in the movie.
Bob A., yes and he is doing all of this
so fast. It shocks me every day to see
more and more happening, there is no way
to even keep up if you and I and others
did posts about all he is doing.
Lynn, that is exactly what they are feeling
and like you said we all are paying for it.
Your right too, there are some that are
waking up little by little, it sure takes a
lot for them to see how dangerous Obama is.
Tom, that would be so fantastic if what you
said would happen. OH how wonderful that
would be!!!!!!
“What needs to be done is to halve the
US business tax rate, then halve it again.
Make it the lowest in the Western world and
those American businesses will flock back
here. So will lots of foreign businesses.”
Yes the unions too, they really have done a
lot of damage.
Thanks for sharing that about Texas too.
Mark, yes ole Geithner right there doing
this is beyond words in how idiotic this
whole thing is.Good one Mark!!
Avitar, well said, your right.