Right now, the U.S. tax code gives multinational corporations tax breaks for moving jobs overseas. President Obama not only wants to eliminate those tax breaks, but plans to create a new tax credit for companies that bring jobs back home. In contrast, Mitt Romney’s tax plan would not only protect those existing tax breaks, but would create larger incentives for companies to ship U.S. jobs overseas. In fact, according to a new economic analysis, Romney’s economic plan could actually create 800,000 jobs in foreign countries. Here’s how: 1. Romney would eliminate all taxes on the foreign profits of U.S. companies. Currently, U.S. corporations don’t have to pay U.S. taxes on profits earned overseas until those profits are brought back into the United States. If elected, Romney would completely eliminate all U.S. taxes on these profits. Therefore, for the first time in modern history, an American company could move a factory overseas and never pay a single dollar in U.S. taxes on the profits generated by that factory. 2. Eliminating taxes on foreign profits could create 800,000 jobs overseas. No longer required to pay taxes on foreign profits, companies would now have new incentives to move their operations out of the United States. Economist Kim Clausing, an expert in international taxation, estimated that Romney’s plan to eliminate these taxes could lead to the creation of 800,000 jobs overseas. These jobs, created in China and other countries, could replace American jobs, drive down the wages of American middle-class workers, and undermine our economic recovery. 3. Romney’s plan would also undercut the U.S. tax base. Free to avoid paying taxes back home on profits earned abroad, multinational corporations could exploit accounting rules to make it appear that a large share of their profits are earned overseas. This gimmick would further undermine the U.S. tax base, which could increase the deficit and force small businesses and middle-class families to bear a higher share of the tax burden. President Obama’s plan reduces the incentive to move operations overseas, and instead, creates a new 20 percent income tax credit that helps companies cover their moving expenses and bring their operations back to the United States. And to create a more level playing field for American businesses, the President has proposed a minimum tax on foreign earnings, which will reduce incentives for moving profits offshore. http://www.barackobama.com/truth-team/entry/mitt-romneys-guide-to-creating-800000-jobs-overseas1
A Brazilian family making $0 can't buy our exports. If they make $10, they can afford something. You got anything else?
You remind me if Baghdad Bob. Spokesman for Saddam's regime. On TV declaring Iraq had won. But you could see US tanks driving around the streets behind him. Lol
Do people understand how much money is parked offshore that companies would like to bring into the States? It wasn't earned here, it wasn't produced here, it's basically a net import. It's been taxed abroad, why should a company have it taxed twice? This is literally free investment money. It's quite likely that any money brought in untaxed will result in tax revenues larger than money taxed at the moment of entry.
Well the answer to me is simple, populism. Poor people are just as greedy as rich people, and they're uneducated to boot. :]
It's not the very poor; it's the slightly less poor. There's been a lot of experiements that show the "second 20%" that have more than the poorest but less than everyone else, would rather keep things as they are than bring both strata up to be equal to the strata above them... I'll have to dig up the paper. It was really interesting (featured on a Planet Money episode, as I recall).
Yeah we all understand people like romney are so filled with avarice they would rather exploit children than pay American workers, they'd rather make some Cayman Island bank rich than pay their fair share of taxes in their own country. My only question is why does Romney hang around if he hates his country and countrymen so much? Why doesn't the lying, greedy amoral POS GTFO and live in China or Thailand?
Talk to Obama's bestest buddy, Jeff Immelt. However, you keep playing the role of the fool; it suits you.
