Obama's Tax Plan: Even Democrats Know its Dumb
The U.S. has “a broken tax system” that is “full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,”according to Obama....
Following on from what to do and not do in a recession is the Obama tax plan which will cut overseas tax breaks. I had to listen to an idiotic Irishman arguing this morning that this will not hurt American companies, instead it will force them to "compete on the value of their products." Supposedly he was actually employed at some kind of tax institute. I suspect this is where most orangutans retired from animal testing find employment. Actually, I really like orangutans... I dont think they would fit in there.
The facts are these:
The plan would end offshore-tax loopholes which allow US companies to close some of the gap with the competetive advantage the rest of the world enjoys. Yes they are "tax-loopholes," but loopholes that allow you to escape the most bloated and ridiculous tax system in the world.
The US is one of the only countries to tax all income, not just income inside the country. For example, the US taxes corporate revenues in Italy. Italy taxes corporate revenues in Italy, but not revenues in the US. Yes - Europe has a better corporate tax structure than the US. When Daimler and Chrysler merged, the land of the free Germany was chosen as the corporate headquarters to keep taxes down. This is now frequently a major concern in across-the-pond mergers, as European companies are afraid of becoming non-competitive if they are subjected to US tax laws.
The US is in the middle of a recession. Many of the largest companies will be hit hard by the proposal. Obama's take: this will be good for America because jobs will move back to the US and I can use the money to give to the downtrodden and disadvantaged who have never had a chance because of big evil companies (okay, I extrapolated a little.) Anyone who understands basic economics take: this is a fucking idiotic time to tax American companies more. Also, if we are going to reform the tax law, lets reform the tax law, not close a loophole that allows American companies to be competitive, drive companies overseas, and make the US economy even weaker in the long run.
Has Obama ever taken a history class? It amazes me the steps that he is taking. I wish I could transport him back in time to the early 80's in the UK, where he could get run over by a mob of "poor, disadvantaged" mine workers living in shitting conditions in the middle of a crappy economy.
You want more scary shit? Under the proposed tax law the burden of proof would be on the indivdual when the IRS claims you have offshore assets. In other words, you are guilty as charged until you can prove yourself innocent. Fucked up? Hell yeah.
The only decent thing to come out of this is that many Democratic senators think it is a dumb plan. If you read through the rhetoric of what they are putting out, they realize that it is the wrong step at the wrong time.
Bush may have been a "Cowboy," but Obama is worse: a College Professor running the country.
Following on from what to do and not do in a recession is the Obama tax plan which will cut overseas tax breaks. I had to listen to an idiotic Irishman arguing this morning that this will not hurt American companies, instead it will force them to "compete on the value of their products." Supposedly he was actually employed at some kind of tax institute. I suspect this is where most orangutans retired from animal testing find employment. Actually, I really like orangutans... I dont think they would fit in there.
The facts are these:
The plan would end offshore-tax loopholes which allow US companies to close some of the gap with the competetive advantage the rest of the world enjoys. Yes they are "tax-loopholes," but loopholes that allow you to escape the most bloated and ridiculous tax system in the world.
The US is one of the only countries to tax all income, not just income inside the country. For example, the US taxes corporate revenues in Italy. Italy taxes corporate revenues in Italy, but not revenues in the US. Yes - Europe has a better corporate tax structure than the US. When Daimler and Chrysler merged, the land of the free Germany was chosen as the corporate headquarters to keep taxes down. This is now frequently a major concern in across-the-pond mergers, as European companies are afraid of becoming non-competitive if they are subjected to US tax laws.
The US is in the middle of a recession. Many of the largest companies will be hit hard by the proposal. Obama's take: this will be good for America because jobs will move back to the US and I can use the money to give to the downtrodden and disadvantaged who have never had a chance because of big evil companies (okay, I extrapolated a little.) Anyone who understands basic economics take: this is a fucking idiotic time to tax American companies more. Also, if we are going to reform the tax law, lets reform the tax law, not close a loophole that allows American companies to be competitive, drive companies overseas, and make the US economy even weaker in the long run.
Has Obama ever taken a history class? It amazes me the steps that he is taking. I wish I could transport him back in time to the early 80's in the UK, where he could get run over by a mob of "poor, disadvantaged" mine workers living in shitting conditions in the middle of a crappy economy.
You want more scary shit? Under the proposed tax law the burden of proof would be on the indivdual when the IRS claims you have offshore assets. In other words, you are guilty as charged until you can prove yourself innocent. Fucked up? Hell yeah.
The only decent thing to come out of this is that many Democratic senators think it is a dumb plan. If you read through the rhetoric of what they are putting out, they realize that it is the wrong step at the wrong time.
Bush may have been a "Cowboy," but Obama is worse: a College Professor running the country.
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