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The Treasury is weighing a proposal to eliminate some, but not all, of the taxes on overseas profits of U.S.-based companies, the Wall Street Journal reported on Saturday, citing two people familiar with the deliberations.
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Eliminating the taxes on some of the profits is a central element of the Obama administration’s broader plans to overhaul the corporate tax code, the newspaper said.
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Business have long complained that the U.S. system of taxing companies’ overseas profits hits companies that have often already paid been taxed in the countries where the profits were earned.
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Read the whole thing here. The US is one of the few countries that tax overseas profits. Eliminating or greatly reducing the burden could prompt countries to repatriate billions in profits locked overseas. Just two years ago, the Obama Administration was trying to RAISE these taxes. So, progress.
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Notice his entire plan is only for a year yep to get him past the election so he can continue his path of destruction on the US economy ..
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and has been noted before, corporations do not pay taxes, they collect them, then pass them on, along with all attendant accounting costs, etc., to the next company in the chain, until the accumulated totals are ultimately paid by the end user.
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DIRECTIONS: West Bound I-4: Exit 108 Turn left Park and Ride is first right East Bound I-4: Exit 108 Park and Ride is directly across the street
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The FairTax would do a lot of beneficial things including take power away from congressional politicians, which is why so many of them oppose it.. or act like they really are kind of vague in their understanding of the bill.
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LOL,,,I LOVE this o-HOLE is showing signs of desperation now going to extraordinary measures to beg for the votes of his elite supporters he never mentions, and pretends don 39;t exist Oprah MUCH?
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Funny isn 39;t it, WE THE TEA have raised HELL for a couple of years,only to be ignored, but just a few of his hi-powered friends speak publicly hinting they 39;re having doubts about his presidency, and he 39;s falling all over himself to accommodate them GO FIGURE?;-] .
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Hmmm. You think MAYBE he 39;ll be picking and choosing between his own crony capitalists and his ‘enemies’ in the corporate world as to who gets ‘excluded’ from the tax elimination?
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Yup. I 39;m sure the White House is going through the lists right now the ‘friends’ and ‘enemies’ donor lists they seem to have had since Inauguration Day.
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Radical idea : help ALL the companies and individuals trying to do business (which usually means getting out of their way). Don 39;t try to pick winners (GE, solar companies) and create losers (oil companies, coal-burning utilities). Help the free market operate, keep a level playing field, and stop the criminals like Bernie Madoff (audited, and cleared, 9 times). For more details look up Reaganomics.
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You are exactly correct mrm, that is why raising taxes on business (especially oil companies) AKA the evil rich, is just another back door tax on everybody.
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More of the same, the government picking and choosing winners, the big libs will get a tax break (and then contribute heavily to the campaign) and any company remotely conservative leaning, will probably get a tax hike (you know because the evil rich are only conservatives, liberal rich are not evil in the least.)
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We don 39;t need a lower tax rate we need less taxes. If the Tax code was simpler everyone would be so much happier and it would be allot easier to deal with corruption.
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Government should not be in the business of helping business, and, just as true, it shouldn 39;t be in the business of discouraging others. Destroy all Tax loopholes, all gimmics, all handouts, and then, lower the tax rate on everyone.
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Depends on who gets the tax breaks. FOB (friends of Obama only) or all business. Personally I don’t trust Obama and his crony friends who somehow always end up with special deals that screw everyone else. For how long is the real question. All the uncertainty, time frame and costs (regulation and health bill) must be fixed for the sake of the country.
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In 1995, President Bill Clinton stood before the nation and proclaimed, ‘The era of big government is over.’ The following year, the federal budget deficit stood at 1….
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br/br/a href=http://biggovernment.com/publius/2011/09/10/u-s-may-end-some-taxes-on-overseas-profits/Read more…/abr/br/
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p Read it all at img src=http://getfavicon.appspot.com/http://biggovernment.com a href=http://biggovernment.com/publius/2011/09/10/u-s-may-end-some-taxes-on-overseas-profits/ biggovernment.com /a /p

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