Posted on July 7, 2014 by UncleTell Posted in Issues regarding US persons abroad 11 Comments I picked this up over the weekend and am not sure what to make out of it. Unpatriotic U.S. Corporations If this gets traction with the “Homelanders” then I guess RBT for individuals will have a very hard time. Because after all ….. “Corporations Are People Too” Share this:TwitterFacebookEmailLike this:Like Loading...
CBT if it was the norm for American corporation would kill them. They couldn’t compete with foreign companies. Hence the carve out from CBT they now have where they can defer the tax by not bringing the money back to the US. Now they can’t compete even with this and there is a rush to inversions (by a foreign company to become foreign). This has been caused by the drop in corporate tax rates across the world. They want to make the walls higher to stop this but then there will be a bigger rush for the exits.
They are going to have to stop taxing companies overseas profits like the rest of the world does.
Obama believes he has to be competitive with corporate taxes because companies can leave. Obama believes you have to be competitive on state taxes because people can leave. He believes he doesn’t have to be competitive on individual taxes because people can’t leave. Brockers are the only segment calling him on that bit. Mostly though it’s about the regulatory burden rather than the tax rate because they already built the walls with the exit tax.
As far as “corporations are people too” you should read the ruling itself. The summary at the beginning addresses that issue and it should not be paraphrased. There is enough propaganda going around regarding that ruling without adding any more.
As far as the referenced article, look at the benefactors for that organization
There is incest between them and the Tax Justice Network.
These are the propaganda organizations we are up against.
As a former US citizen working for a former US corporation, I suspect that it will be many years before more homelanders begin to understand the negative impact of certain US policies. Yet, by then, it might already be too late.
Well, corporations are actually U.S. persons, too, but they have a much better tax code than we do. There have been a number of times when they have been the main target, but have got themselves exempted and we have ended up holding the bag. The whole concept of the passive foreign investment corporation was created simply to ensure that individuals rather than corporations were regulated. I can empathize with some aspects of corporations’ arguments: I don’t see why corporations should necessarily have to bring back their foreign earnings to the U.S. if there are good reinvestment opportunities abroad or why generic medicines can’t be made outside of the U.S. if the quality control is good enough. However, I don’t see corporations as any sort of a natural ally, unfortunately.
FATCA might have some very interesting effects on some countries with Mexican-style mandatory privatized pension accounts that the IRS might consider foreign trusts, particularly those without an IGA shielding those accounts from disclosure. I can find two countries that don’t seem to be on the IGA list: El Salvador and Uruguay.
I loved this sentence in the article: “These include U.S. companies shipping jobs and whole industries, encouraged by our tax laws, to fascist and communist regimes abroad that know how to keep their workers in their serfdom.” CBT plus FATCA has created the U.S.’s own serfdom! She’s no better than the fascists and communists now and should get down off her high and mighty horse!
Levin and Nader, propaganda birds of a feather flapping their jaws together.
I love this line from elsewhere:
Corporations are people when Texas executes one.
The whole secret of CBT is out. This exodus from the USA of large companies AND their employees/top brass is just the beginning of the end of the US economy. They would have been better off to just let the secret stay a secret. The US will learn from this, you’ll see!!
I actually believe corporations are people. When I invest in a stock I own a piece of the corporation. Most people who want to say corporations are not people want to do so to take stuff or the rights away from them. They want to tax me as if I didn’t exists. Suggesting I don’t pay tax because a corporation doesn’t or doesn’t pay much (neglecting completely the fact I get taxed on my investment income).
They want to force companies to buy contraceptives despite the fact they are cheap and insurance should be for stuff you can’t afford. My only problem with the hobby lobby result is that it suggest I have to have a religious objection to something. If it’s my money I should just be able to say no.
The Hobby Lobby decision thank the powers that be in this country doesn’t affect us. It’s a result of a system that is entangled with the for profit insurance industry so an American home lander problem only. Since they don’t give a flying you know what about us, I won’t focus on their horrendous outcomes.
Ironically many home landers think FATCA goes after large corporations “off shoring” too. It doesn’t. As I said the U.S. government is NOT going after those that make large campaign donation and I find it hilarious that anyone thinks it would.
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