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Obama's New Taxes Will Drive Businesses Out Of America

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  • Obama's New Taxes Will Drive Businesses Out Of America

    President Obama has proposed in his new budget to immediately seize 14% of the accumulated overseas profits of American companies. And his budget proposes to impose a new 19% tax on any future overseas earnings of those American companies. Obama proposes to use that money to finance a new national infrastructure program for roads and bridges.
    The fundamental problem with that proposal is that it is just a matter of paperwork for any American company with overseas business anywhere to become an Irish company with overseas business in America. American companies already pay taxes on overseas earnings in the countries where that money is earned. So Obama is proposing a punitive, double tax on those earnings.
    It is just a matter of paperwork for any American company with overseas business anywhere to become an Irish company with overseas business in America.
    If that was your company, you would reincorporate in Ireland too. Or merge with an Irish company.
    Ireland maintains the lowest corporate tax rate in the world, at 12.5%. America still maintains an outdated top marginal corporate tax rate of 35%, nearly 40% with state corporate tax rates on average, the highest marginal corporate tax rate in the world.
    Under Obama’s proposed new tax, major American companies would start to flee America, reincorporating or merging with foreign companies to become non-American, to stop the tax thievery. The U.S. government would then have to respond with new, punishing, tax penalties to stop that. This has all already begun to happen under current law, even before Obama’s new proposed tax.
    http://www.foxnews.com/opinion/2015/...tcmp=obnetwork
    Quis Custodiet Ipsos Custodes? Who is watching the watchers?

  • #2
    I don't blame companies for offshoring. If I was a billionaire, I'd think about giving up my citizenship too if .gov wants to take all my money.

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    • #3
      If a lame duck quacks does anybody hear it?

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      • #4
        Originally posted by Naffenea View Post
        I don't blame companies for offshoring. If I was a billionaire, I'd think about giving up my citizenship too if .gov wants to take all my money.

        Exactly.
        Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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        • #5
          Originally posted by Mystikeye View Post
          If a lame duck quacks does anybody hear it?
          He's lame but he's still dangerous so long as he pushes constant, punitive tax legislation. Remember - he's still got two more years to finish destroying the American economy.
          Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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          • #6
            Originally posted by Naffenea View Post
            I don't blame companies for offshoring. If I was a billionaire, I'd think about giving up my citizenship too if .gov wants to take all my money.
            Remember what happened in France when they raised taxes on income over a million euros to like 90%? All the rich in France fled somewhere else.

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            • #7
              Originally posted by Mountain Man View Post
              He's lame but he's still dangerous so long as he pushes constant, punitive tax legislation. Remember - he's still got two more years to finish destroying the American economy.
              More like so long as he pushes a hard Left dogmatic agenda of tax and spend, more government, more welfare state, punish the rich, productive, and business like he is.

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              • #8
                Originally posted by Mountain Man View Post
                He's lame but he's still dangerous so long as he pushes constant, punitive tax legislation. Remember - he's still got two more years to finish destroying the American economy.
                Exactly why these are the 700 most dangerous days American has ever faced. If he succeeds in destroying the American economy, it will make the socialist takeover of America that much easier.
                “Breaking News,”

                “Something irrelevant in your life just happened and now we are going to blow it all out of proportion for days to keep you distracted from what's really going on.”

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                • #9
                  Originally posted by T. A. Gardner View Post
                  Remember what happened in France when they raised taxes on income over a million euros to like 90%? All the rich in France fled somewhere else.
                  And those lucky French bastards get to keep their French citizenship too. Whereas US citizens get taxed no matter where in the world they live.

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                  • #10
                    Originally posted by Naffenea View Post
                    And those lucky French bastards get to keep their French citizenship too. Whereas US citizens get taxed no matter where in the world they live.
                    If you are a billionaire you simply change your citizenship to whatever country you want. There aren't many that would turn you down.

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