Great news from--who else? Independent Vermont Senator Bernie Sanders:
Bernie Sanders Introduces Bill To End Offshore Tax Havens and Outsourcing of Jobs
Two things that should never have been put in the books anyway but they were because the wealthy and corporations can buy our legislators with "campaign contributions" and get the legislation they want, in spite of what's good for the nation.
Right now, America, we have laws on the books making it legal to take profits that were made here in the US, take them to the Cayman Islands and so, make them tax free.
That is textbook insanity. It's certainly fiscally irresponsible.
And the other thing that should no way have ever been made law was that companies would get tax credits, too, for offshoring manufacturing and so, manufacturing jobs.
More crazy.
We all know we want more jobs back here in our country, maybe especially manufacturing jobs. This is an excellent way to begin that process.
These two efforts, that is, bringing profits and jobs back "on shore", back to America, would go a long, long way toward fixing two major problems in this country. The first being tax revenue on profits made here in the country and the other of bringing jobs back.into the country.
There shouldn't be one government representative that is against either of these goals.
Sadly, however, because the corporations and wealthy virtually own the Republicans and the Republican Party, they won't be for it.
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3 comments:
Compare the US tax rates to the rest of the world--EU average, World average, just about any country you'd want to be compared to...we've got the highest rates, and way, way above average. Add that to our unique taxation of foreign income...then you wonder why companies don't want to headquarter here, why they avoid US taxes?
Do you even know what our rates are compared to everywhere else?
Drop rates to somewhere near the world average, drop most or all loopholes, drop special tax credits and such so the politically connected pay the same as everyone else. Businesses will come back to the US. Chances are that a smaller cut will result in a bigger pie, and overall revenue will go up.
America is a great country. It isn't twice as good as everywhere else, it isn't worth paying twice the corporate taxes.
Our effective tax rates, after all deductions and credits are taken are at least on par with world rates and, as in the case of, for one great example, GE, General Electric, they pay zero taxes and we actually end up paying them back and they're not the only ones with such a rate.
Additionally, we have what are considered to be the best markets in the world. Even for our infrastructure, let alone for--what is that thing?--patriotism? Or how about even loyalty? Or how about yoou recognize the whole thing has to work and you want to make sure we have good to great infrastructure and schools so the whole thing works, why shouldn't they pay a fair tax rate?
So with deductions and loopholes, what is the approximate effective US corporate tax rate? What should the effective rate be?
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