I saw the basis for this earlier, on Facebook, frankly, and tweaked it a bit (shortened it) but it seems like these few moves by our Congress would go a long way to helping the country with jobs and taxes, both:
* End off-shoring jobs. Repeal all taxes that benefit companies to take manufacturing offshore. A seeming "no-brainer";
* End offshore banking of corporate profits and their tax evasion via the Cayman Islands or anywhere else. Don't make this "okay" any longer. It should never have been "okay." Another "no-brainer", don't you think?;
* Get manufacturing for export back as the American staple of business and wealth-generation;
* Get American & US-based foreign corporations to actually pay their actual tax obligations;
* Establish a minimum corporate tax of at least 10%, minimum, that ALL foreign companies must pay in order to do business in and with America. End the ability to pay zero taxes for corporations
It seems to make so much sense and it's simple. Everyone but the corporations, their lobbyists and the Congressmen they "buy" would be for it, too.
I'm not saying or suggesting this would solve all our problems, economically and financially, by any means, but I do think this would go a long way to repairing the damage done to our manufacturing base and so, again, our economy, if these few things were put in place.
Hey, we can hope, can't we?
More than hope, we can push our legislators in Washington. These are long overdue.
Enjoy your weekend, y'all.
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Dr. Who Back For Christmas
4 hours ago
2 comments:
We need to simplify corporate taxes--eliminate most specific tax break loopholes--including breaks for offshoring jobs. However, this should be accompanied by lowering corporate tax rates--if necessary educate voters on basic economics, that corporate taxes are inevitably passed on to consumers. This would eliminate the need to use tax havens--in fact, it could result in the US being a 'corporate tax haven', creating jobs in the US.
10% of what? Total profit? US profit? Revenue? How is tax calculated when a US subsidiary sells to a foreign branch of the same company?
So it's been decided corporations have "personhood", great.
In the world you'd create, apparently companies and corporations have no obligation to give back to the cities/counties/states/nations they exist in, so we can keep the streets paved, the schools open, the teachers teaching, the water/air/soil clean, the sewers draining, etc? Did I get that right? I'm serious--and not sarcastic--on this. It seems what you're saying.
The fact is, if we did away with taxes on companies and corporations, they'd eat down that profit and come back for more, in any other way they could get it. They got our pensions, there isn't much left, you know?
Yes, they should pay some minimum--all companies. It's the price they pay to exist in the world.
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