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Promises kept?

fff

Well-known member
What a shocker! Actually following up on a campaign promise. What, oh what, is this world coming to? :D


WASHINGTON (Reuters) – President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.

U.S. officials said that in an announcement planned for 11:05 a.m. EDT, Obama will seek to follow through on a campaign promise to change the tax treatment of American firms with overseas operations.

That portion of his plan -- opposed by such firms as Pfizer Inc and Oracle Corp -- would raise more than $100 billion in revenue over the next decade.

In an echo of a line he used often on the campaign trail last year, Obama vowed in a February address to the U.S. Congress to make the tax code more fair by "finally ending the tax breaks for corporations that ship our jobs overseas."

Currently, U.S. firms are allowed to defer paying taxes on profits earned overseas if they plow those profits back into their foreign subsidiaries.

Critics say those rules encourage businesses to bolster their foreign operations instead of creating jobs at home.

More: http://news.yahoo.com/s/nm/20090504/pl_nm/us_obama_economy_taxes
 

Steve

Well-known member
by most counts Obama broke the promises that made him center left (or moderate) in the campaign and kept the far left liberal promises that the media downplayed during the campaign. so while I would expect fff to jump with glee over this one.. the end result will be corporations leaving all together,.. and being completely under foreign ownership..

BTW fff how much tax can we collect from a formally US firm now operating as a foreign owned firm manufacturing in a foreign country importing goods to the US?
 

TexasBred

Well-known member
fff said:
What a shocker! Actually following up on a campaign promise. What, oh what, is this world coming to? :D


WASHINGTON (Reuters) – President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.

U.S. officials said that in an announcement planned for 11:05 a.m. EDT, Obama will seek to follow through on a campaign promise to change the tax treatment of American firms with overseas operations.

That portion of his plan -- opposed by such firms as Pfizer Inc and Oracle Corp -- would raise more than $100 billion in revenue over the next decade.

In an echo of a line he used often on the campaign trail last year, Obama vowed in a February address to the U.S. Congress to make the tax code more fair by "finally ending the tax breaks for corporations that ship our jobs overseas."

Currently, U.S. firms are allowed to defer paying taxes on profits earned overseas if they plow those profits back into their foreign subsidiaries.

Critics say those rules encourage businesses to bolster their foreign operations instead of creating jobs at home.

More: http://news.yahoo.com/s/nm/20090504/pl_nm/us_obama_economy_taxes

How many jobs will this create in America??
 

aplusmnt

Well-known member
Sandhusker said:
I guess ffff really doesn't want to talk about Obama's campaign promises.... :roll:

If you notice ffff is not posting replies since she has been back, she is just doing drive by cut and paste and then not coming back to defend what she posted.

She is just a bitter old woman that thinks she won something and wants to gloat.
 

TexasBred

Well-known member
reader (the Second) said:
I notice not a single one of you applauded this action. I wonder who gave companies big tax breaks for shipping jobs overseas?

What hypocrites to not applaud an action to help bring jobs back to the U.S. by disincentivizing companies to outsource.

Instead you attack the poster and ignore the post.

Reader the post did not say one word about creating one new job in the US. Only taxing those who do business overseas. Now just who is that going to hurt ????
 

TexasBred

Well-known member
reader (the Second) said:
TexasBred said:
reader (the Second) said:
I notice not a single one of you applauded this action. I wonder who gave companies big tax breaks for shipping jobs overseas?

What hypocrites to not applaud an action to help bring jobs back to the U.S. by disincentivizing companies to outsource.

Instead you attack the poster and ignore the post.

Reader the post did not say one word about creating one new job in the US. Only taxing those who do business overseas. Now just who is that going to hurt ????

Do you understand the term "disincentive"? By making it MORE expensive to ship jobs overseas, it helps persuade businesses to keep their jobs here.

Are you guys really this dense? Or pretending to be?

Did you not hear your president speak a month or so ago ??? Asked when Americans could expect jobs outsourced to other countries to return, President Obama replied, “Not all of these jobs are going to come back … And it probably wouldn’t be good for our economy for a bunch of these jobs to come back because, frankly, there’s no way that people could be getting paid a living wage on some of these jobs — at least in order to be competitive in an international setting.”
 
A

Anonymous

Guest
reader (the Second) said:
TexasBred said:
reader (the Second) said:
I notice not a single one of you applauded this action. I wonder who gave companies big tax breaks for shipping jobs overseas?

What hypocrites to not applaud an action to help bring jobs back to the U.S. by disincentivizing companies to outsource.

Instead you attack the poster and ignore the post.

Reader the post did not say one word about creating one new job in the US. Only taxing those who do business overseas. Now just who is that going to hurt ????

Do you understand the term "disincentive"? By making it MORE expensive to ship jobs overseas, it helps persuade businesses to keep their jobs here.

Are you guys really this dense? Or pretending to be?


:lol: :lol: :lol: :lol: Rush or Anne didn't tell them it was OK- so they can't be for it....

I'll bet old Foreclosure Phil and his buddies will be lobbying Congress against any moves like this to make the rich and wealthy actually have to pay taxes... :wink:
 

TSR

Well-known member
I 've often wondered if having access to the American market is worth anything to these companies that move overseas from America?? Do they have larger markets elsewhere to make their profits?? Or do they feel any allegiance to the US at all??? :?
 

Steve

Well-known member
reader (the Second) said:
There's no discussing with you folks on 99% of the issues, so why should she waste her breath?

She posts intelligent arguments and all you can do is insult her in response since you can't really refute the arguments :roll: :roll:

the end result will be corporations leaving all together,.. and being completely under foreign ownership..

having posted on the same issue in two or three threads I limited my response here as I didn't expect fff to actuall add anything relevent to the debate,.. ,.. yet neither of my posts contained an insult and here is your response..

R2

Are you guys really this dense? Or pretending to be?

no I am not as stupid as your insult implies , but when a corporation finds it is cheaper to not be a US corporation, and their operations are mainly in a foreign country and they only import to the US.. the additional tax will only force them to move corporate headquarters abroad as well..

when they become a completely foreign based corporation that imports to the US how much tax revenue will we get from them? [n]nothing[/b].... sure adds up fast...

A better way to re-coup the lost tax revenue would have been to give them an incentive period of lower taxes and close the loophole that has existed for decades...

but then again Democrats seldom look past the finely prepared goose dinner to see where the golden eggs came from :roll: :roll: :wink:
 

hypocritexposer

Well-known member
WASHINGTON, DC—The U.S. Chamber of Commerce Chief Economist Dr. Marty Regalia issued the following statement today in response to the administration’s announcement that it is seeking to reform international tax provisions:

“This issue is about jobs in America and the competitiveness of American companies. Deferral has been mischaracterized as a ‘tax break’ but is actually a vital mechanism providing relief for American businesses from double taxation.

“The United States is the only major industrialized country which double taxes the overseas earnings of our companies. Since other countries don’t subject their companies to double taxation, U.S. companies need deferral to stay competitive in the global marketplace.

“When you limit deferral, you limit the ability of U.S. companies to compete, you impede growth in the U.S. economy, and you cause the loss of jobs – both at the companies directly impacted and companies in their supply chains.

“Tax increases that hurt U.S. companies’ global competitiveness hurts U.S. workers here at home. A huge tax hike on U.S. employers is not the way to stimulate our economy. Congress should reject this approach.”

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
 

TSR

Well-known member
hypocritexposer said:
WASHINGTON, DC—The U.S. Chamber of Commerce Chief Economist Dr. Marty Regalia issued the following statement today in response to the administration’s announcement that it is seeking to reform international tax provisions:

“This issue is about jobs in America and the competitiveness of American companies. Deferral has been mischaracterized as a ‘tax break’ but is actually a vital mechanism providing relief for American businesses from double taxation.

“The United States is the only major industrialized country which double taxes the overseas earnings of our companies. Since other countries don’t subject their companies to double taxation, U.S. companies need deferral to stay competitive in the global marketplace.

“When you limit deferral, you limit the ability of U.S. companies to compete, you impede growth in the U.S. economy, and you cause the loss of jobs – both at the companies directly impacted and companies in their supply chains.

“Tax increases that hurt U.S. companies’ global competitiveness hurts U.S. workers here at home. A huge tax hike on U.S. employers is not the way to stimulate our economy. Congress should reject this approach.”

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

This US Chamber of Commerce, is it the same one that wants amnesty and open borders for the illegals??
 

TexasBred

Well-known member
reader (the Second) said:
The president, who hammered on this issue during his long campaign for the White House, said at a White House event that his plan would generate $210 billion in new taxes over 10 years and "make it easier" for companies to create jobs at home. Over a decade, $210 billion would make a modest dent in a federal deficit expected to swell to $1.2 trillion in 2010.

Under the plan, companies would not be able to write off domestic expenses for generating profits abroad. The goal is to reduce the incentive for U.S. companies to base all or part of their operations in other countries.

The current law, Obama said, "says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York. "

He said the government also is hiring nearly 800 new IRS agents to enforce the U.S. tax code.

I apologize..it does create job....800 new IRS agents...and raises $20 billion a year...hardly enough to service the interest on a multi trillion dollar deficit.
 

Texan

Well-known member
reader (the Second) said:
What hypocrites to not applaud an action to help bring jobs back to the U.S. by disincentivizing companies to outsource.
Speaking of hypocrites, what did you think about Geithner standing up there by Obama talking about catching tax cheats?

"...under Secretary Geithner's leadership..."

I thought that was kinda funny. What did you Obama supporters think about that? :lol:
 

hopalong

Well-known member
Texan said:
reader (the Second) said:
What hypocrites to not applaud an action to help bring jobs back to the U.S. by disincentivizing companies to outsource.
Speaking of hypocrites, what did you think about Geithner standing up there by Obama talking about catching tax cheats?

"...under Secretary Geithner's leadership..."

I thought that was kinda funny. What did you Obama supporters think about that? :lol:

The liberals are going to have top gather around ans try to make a sensible answer to the question, but they can't really :D :D
 

hypocritexposer

Well-known member
I can't see how raising taxes on profits made in foreign countries is going to keep jobs in the US..

With the highest corporate taxes in place, and now taxing profits made in timbuk2, it will do just the opposite.

I posted an article showing that outsourcing is on record pace, since Obama took the helm. This will only increase the pace.

Stimulus funds that had been used for capital investments might have helped.

If Canada wants to increase their manufacturing and production industries, all they will need to do is lower their corporate income taxes a bit, and there will be a rush of American companies, setting up shop.
 
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