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Old 05-05-2009, 09:24 AM #1
tuna
 
 
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Obama Tax Shelter Crackdown

As you may have heard, Obama has announced plans to include new tax regulations in his next budget that will limit the ability of corporations and individuals to reduce their US tax burden by shifting money overseas.

Currently, corporations and wealthy people who make profits overseas can defer paying US taxes on those profits until they repatriate that money to America (eg bring it back). If they spend those profits outside of America or otherwise never repatriate it, then they never pay taxes on it. The exact methods by which they do this are various, but the bottom line is that by moving profits overseas they significantly decrease their tax burdens. The White House estimates that the move will net over $200 billion in new revenues over the next decade.

I think that this is a decent first step and an UNBELIEVABLE demonstration of the Obama administration's will to confront the privileged interests. There are no groups in Washington with more clout than the companies that benefit most from these tax rules. The investment banks like Goldman Sachs and the conglomerates like GE defer paying taxes on hundreds of billions of dollars of profits. GE alone in its 2008 annual report claimed to have deferred paying taxes on $75 billion in profits that it has no plans of ever repatriating (and thus paying taxes on).

Long-term, though, it is obvious that we need to create an entirely new tax system from a blank slate. The one we have is such a convoluted mess that even a tax expert can't understand every area of it. Laypeople cannot possibly understand it at all. Our basic corporate tax rate is one of the highest in the world at ~35%, but we end up collecting one of the lowest percentages in the world because of the many complicated deductions, deferments, and other legal loopholes. Even this talk of "deferred taxes" probably has a lot of people giving blank stares. And when the electorate does not understand something, obviously it cannot be called upon to make a sound democratic judgment about it.
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Old 05-05-2009, 09:34 AM #2
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inb4 businesses be running to france, yo!
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Old 05-05-2009, 09:43 AM #3
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Not only that but the thousands of jobs that these loopholes have sent overseas... I mean GE alone employs several thousands in India to do what afew thousand used to do right here. Good move on Obama, prices may go up in the distant future (domestic employees are expensive but from personal experience, worth every penny) but honestly, it'll mean that the massive pay wage injustice in this country may also be fixed by higher competition in the working pools. Go BO!
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Old 05-05-2009, 09:56 AM #4
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He does **** I hate, he does **** I like. I wish hed make up his mind.
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Old 05-05-2009, 10:01 AM #5
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Obamanation.

He sucks.

McCain would of been bad too. Not even going to elaborate.
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Old 05-05-2009, 12:01 PM #6
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McCain would of been bad too. Not even going to elaborate.

Ron Paul was the only REAL candidate.
Sounds about right.
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Old 05-05-2009, 01:34 PM #7
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He does **** I hate, he does **** I like. I wish hed make up his mind.
Lol same.
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Old 05-05-2009, 02:51 PM #8
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He's finally doing something productive
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Old 05-05-2009, 03:19 PM #9
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Link to reliable source? I don't doubt it, but I'd like to see a publication like The Economist or something like BBC report on this.

EDIT: http://www.voanews.com/english/2009-05-04-voa43.cfm

I know I am not for inhibiting economic efficiency for the sake of keeping jobs in the U.S., however my initial response to making U.S. companies pay taxes to the U.S. government is "good **** ." Though, I don't know near enough about the tax system to form an educated opinion on whether this is good/bad or right/wrong. It seems like some tax shelters are just benefits the rich gave themselves as a present for being so wicked awesome cool, but there are definitely tax breaks that are legitimately beneficial for a society to have. It appears, again, to my uneducated eye, that the code in question falls in the former category.
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Old 05-05-2009, 04:44 PM #10
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How many times are they going to be taxed?
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Old 05-05-2009, 04:52 PM #11
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How many times are they going to be taxed?
Perhaps they should pay their taxes in the first place... If I tried some of that **** the IRS would shred me to pieces, but when people with piles money do it all of a sudden it magically becomes about protecting businesses so nothing ever happens.
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Old 05-05-2009, 05:05 PM #12
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Perhaps they should pay their taxes in the first place... If I tried some of that **** the IRS would shred me to pieces, but when people with piles money do it all of a sudden it magically becomes about protecting businesses so nothing ever happens.
that's because they have the cash to grease palms.



anyway, guys. in simple terms: they're holding X amount of money in an area where they wont have to pay taxes on it[tax haven], that means Uncle Sam is missing out on that chunk of change he should be getting on that X amount. what this is doing is getting that money regardless of where it's held.
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Old 05-05-2009, 05:18 PM #13
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I dont get some of you guys. No matter what he does, you'll never like him
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Old 05-05-2009, 05:25 PM #14
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I dont get some of you guys. No matter what he does, you'll never like him
The whole point about being a sore loser is pissing and moaning about every little thing, democrats did the same thing after Bush's elections.
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Old 05-05-2009, 05:45 PM #15
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well since there is no such thing as a tax on business, this is just another tax added on to the burden of everyday americans. The costs will just be offset by higher prices. Hooray!
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Old 05-05-2009, 05:53 PM #16
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well since there is no such thing as a tax on business, this is just another tax added on to the burden of everyday americans. The costs will just be offset by higher prices. Hooray!


Corporations are taxed seperately, so yes, there is such a thing as taxes on a business
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Old 05-05-2009, 05:58 PM #17
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Awesome

This was one thing I really wanted to see Obama try to get done. I know there's gonna be a lot of lobbyists coming his way. Hopefully he'll turn em down n such like he said he was going to do.
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Old 05-05-2009, 06:19 PM #18
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Corporations are taxed seperately, so yes, there is such a thing as taxes on a business


no **** companies pay taxes, but do you think they just bite the bullet and eat the taxes? No, they pass the costs on to us, the consumer. So guess who is actually paying the taxes? The average american citizen, not some fat cat sitting in a corporate highrise, even though that's the guy Obama says he wants to go after.
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Old 05-05-2009, 06:37 PM #19
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well since there is no such thing as a tax on business, this is just another tax added on to the burden of everyday americans. The costs will just be offset by higher prices. Hooray!
Have you ever heard of a thing called price elasticities? My guess is no. You should consider reading about this basic economic principle before opening your mouth.
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Old 05-05-2009, 08:03 PM #20
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Have you ever heard of a thing called price elasticities? My guess is no. You should consider reading about this basic economic principle before opening your mouth.
Alright smarty pants. Explain yourself then, at least I said what I think instead of just listing a "basic economic principle" and calling it an argument.

In general, when costs go up, prices must go up as well to continue making money for the company. I really don't think there can be much of an argument here.
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Old 05-05-2009, 08:16 PM #21
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Alright smarty pants. Explain yourself then, at least I said what I think instead of just listing a "basic economic principle" and calling it an argument.

In general, when costs go up, prices must go up as well to continue making money for the company. I really don't think there can be much of an argument here.
costs go up? the income of the corporation is being taxed, costs aren't "going up".
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