Many of the same arguments can be applied to individuals. If I were Romney I would use the Obama fixation on his TAX returns to argue that TAX REFORM is the most important issue facing the country.
Question: Who would you trust with tax reform? Obama or Romney?
Must see – Dan Mitchell explains why the U.S. must move to territorial taxation for companies – danieljmitchell.wordpress.com/2012/07/20/wha… – Understand the issues
— U.S. Citizen Abroad (@USCitizenAbroad) July 21, 2012
Obama’s tax reform, FATCA, has been a disaster for FFIs and for the US citizens and alleged citizens. But do I trust Romney? I don’t see Romney as the good guy–it’s wait and see.
Pingback: Dan Mitchell on why extra-territorial corporate taxes makes the United States uncompetitive world-wide | The Righteous Investor
Worldwide Tax System = How to Outsource the American Dream
The current worldwide tax system rewards companies that have foreign headquarters and foreign ownership and punishes companies that are headquartered in the United States as well as punishing US expat business owners.
It has made being an American the most undesirable thing in the world.
I was born in India and I have an advantage over a US expat businessman operating anywhere outside the United States because I’m not enslaved by the US worldwide tax system. My husband is an American and will never be a co-owner of my business because of the undesirability of having a US partner. How sad is that?
Obama is a complete amateur and we will not get real tax reform under him. You could offer the man chocolate cake if he would give back his muffin and he would still choose the muffin. The US economy will continue to struggle until somebody who understands how business really works takes over the job. I’m convinced Romney will fix all that is broken with the American tax code because he’s lived the nightmare himself.
@OMG, I don’t share your optimism. Planning in the United States is based on two year increments–you have two years to convince the electorate that you deserve re-election. The president is based on barely four year increments. In the case of some, like Obama, the campaign began the moment he was inaugurated. Unfortunately, all democracies fail in this regard. First, the politicians promise the treasury to get votes. Then they give away the farm. Then, the whole thing collapses and everyone has to start again from zero. The United States is just before the collapse. Romney can do little to improve anything, though he may decide to give us expats–Obama certainly isn’t.
To answer the question — NEITHER Obama NOR Romney! TPTB (The Powers That Be) control the presidents. TPTB will use a tax complexity crisis (and other crises) with FATCA as its surveillance arm to lure the world into a global taxation trap and New World Order slavery. (They never miss an opportunity to use calamity and chaos to advance their agenda. Rahm Emanuel: “You never want a serious crisis to go to waste.”) This is not to say that this speeding train can’t be derailed but there is no doubting its desired destination.
Why can’t territorial taxation include both individuals and corporations in the same package? Why must it be first one and then possibly the other later? If Romney wants my vote, then individuals will have to be included in territorial taxation and he’ll have to get Ron Paul’s endorsement.
I think you’ve hit the nail on the head!
I have no faith in either Romney nor Obama.
Romney has the opportunity to use this issue to his advantage—he could easily have his VP or superpacs use the victims to show the Hitlerism that Obama is performing with his “tax evader” bs. It would be a very simple counter attack, if his upper level personnel would assign their workforce to do the job. Simply show pictures of all of the tax evaders that Barry has caught.
@ Mark Twain
Yes, Romney could easily SAY that extra-territorial taxation is wrong for both companies and maybe even individuals but it doesn’t mean that if he is elected he would DO anything about it. He’ll just sit back and hope the voters get diverted by another electioneering ploy and hope that this ploy is their ploy.
A recent article about two Swiss retail banks (Raiffeisen and Coop) closing their doors entirely for Americans. FATCA is on the way:
“Swiss Raiffeisen to drop US clients”
@Expat4ever, while I didn’t vote for demorepubilcans in the last election or any election prior to that, I never imagined that the US government would take such great measures to pressure me to renounce. I realize that, as a political critic, I’m an undesirable citizen, yet still…
Here in the US, today I saw an ad on TV, probably from the Obama campaign, saying that Romney outsourced jobs to other countries (I think China and Mexico were mentioned) as a businessman and as a governor, and that he has money in “Switzerland, and tax havens like Bermuda and the Cayman Islands”. The ad showed an image of each country as its name was mentioned. I guess the ad was supposed to appeal to nationalism, but I don’t know if the American voters will fall for that cheap tactic. On me, the effect of the images was to make me want to travel to those pretty places for a vacation (LOL).
Here is another article supporting territorial-based taxation for businesses. http://www.bloomberg.com/news/2012-07-22/romney-outsmarts-obama-in-fight-over-multinational-taxes.html
Unfortunately, no mention of support for similar, territorial-based taxation for individuals as well, which is an unfortunate omission because it’s just as harmful, obviously.