Skip to comments.Paul Gigot: Interview on Fox News about America tax avoidance. (Very anti-American in my view.)
Posted on 07/20/2014 12:13:31 PM PDT by Cringing Negativism Network
OK I just watched the Fox News "The Journal Editorial Report".
I found the show very enlightening. For the most part.
However now there's a segment busy defending America companies moving overseas, for tax avoidance.
This is a big problem. The GOP needs to buck it up, and say "enough".
America needs jobs. Jobs. Jobs.
Tax avoidance is a virtue.
I forgot to add, just ask GE.
I don’t agree anymore.
I think jobs are what is most important. We need to support American jobs.
“Who is John Galt?”
The whole corrupt system needs to implode and be replaced by something else.
You’re ‘old school’.
John Galt is my cryto-hero.
I’m emulating him as much as I can.
If its so important to you,
Then, put your money at risk, form a business,
And hire workers. Good luck!
Forcing companies to stay in America is just a breath away from erecting our own “Berlin Wall” and denying emigration to those thirsting for freedom.
Boston Tea Party without the tea, the ships, or the harbor.
I think jobs are what is most important. We need to support American jobs.
You are right but you have thr wrong remedy. We have created a problem with our tax code that causes companies to move overseas.
A. The conservative solution: FIX THE TAX CODE
B. The Dem solution: CRIMINALIZE BUSINESSES WHO MOVE TO AVOID TAXES
I’m going to stick to A.
Conservatives blame government. You blame industry.
So you are saying higher taxes mean more jobs? Taking money from the private sector and give it to the government means more jobs?
Pull your head out man!
The answer is simple. Just let the government control all business. Then they can force businesses to stay in the country. Problem solved!
If the U.S. government applies high tax levels then the companies have to reduce costs to stay competitive and this may mean they move factories overseas. If enough companies do this maybe the liberals will get the message. The blame for this lies with excessive taxation by government not with companies.
Nobody seems to want to ask the RIGHT questions regarding this matter:
Which ELECTED OFFICIAL inserted this LAW into what BILL??
Which of their BENEFACTORS (companies that pay them Bribe Money) Benefitted from this LAW Immediately.??
If you were to follow the money you will find that this was done at the behest of no more than a few companies, and it was never intended for mere common folks to enjoy, unfortunately the Accountants and Tax Lawyers are getting pretty good at finding these HIDDEN LOOPHOLES that were inserted for “Favorite Companies”.
That my friends is why they are so exercised about this, it was NEVER INTENDED TO BE USED by the Masses.
“John Galt” is the hero of Ayn Rand’s famous book “Atlas Shrugged”.
The hero in a story set in very productive time, when the productive eventually rejected societal pressures and moved their productive capacity to a valley in the (American) west, depriving society of its productive capacity. The rebellion was motivated by a leader with a revolutionary source of energy (If I am recalling correctly).
Society then falls apart, except for Galt’s gulch, which is a model of innovation.
Sorry if I got any of the story wrong, it has been a long while since I read the book.
The problem with John Galt is America has already sent all of its jobs overseas, many to communist China. China is becoming our competitor.
America needs jobs.
Not “John Galt”. John Galt was over an entire generation ago. We’ve already gone Galt, now China is taking over.
Both political parties, have sent American businesses overseas now for more than an entire generation.
We need more jobs.
The president said, "Over the past 52 months, our businesses have created nearly 10 million new jobs. The unemployment rate has fallen to its lowest point since 2008." He added, "In fact, for the first time in over a decade, business leaders worldwide have declared that China is no longer the worlds best place to invest America is."
"Our economy grows best not from the top-down, but from the middle-out. We do better when the middle class does better," he continued. "So we have to make sure that were not just creating more jobs, but raising middle-class wages and incomes. We have to make sure our economy works for every works for every American."
He said, We should fight for fair pay and paid family leave, adding we need to reform our job training system into a job-driven training system.
The president also threw in a pitch for immigration reform, saying, We should pass commonsense immigration reform that strengthens our borders and our businesses, and includes a chance for long-time residents to earn their citizenship.
There are two problems. Other countries have been cutting corporate tax rates so that the US now has one of the highest corporate tax rates in the world. Put state taxes on top of that and it's ridiculous.
The second problem is unlike almost any other country the US taxes profits earned abroad if the money is repatriated to the US. So, the multinationals can't bring that money here to invest in the US without being punished.
That is why some companies are moving their HQ's overseas. As ridiculous as it seems, most Eurosocialist countries are now more business friendly than the US.
The answer is not more punishment, but to reform the US tax code so companies will want to stay and invest here.
In the name of the general welfare, to protect the people’s security, to achieve full equality and total stability, it is decreed for the duration of the national emergency that:
Point One. All workers, wage earners and employees of any kind whatsoever shall henceforth be attached to their jobs and shall not leave nor be dismissed nor change employment, under penalty of a term in jail. The penalty shall be determined by the Unification Board, such Board to be appointed by the Bureau of Economic Planning and National Resources. All persons reaching the age of twenty-one shall report to the Unification Board, which shall assign them to where, in its opinion, their services will best serve the interests of the nation.
Point Two. All industrial, commercial, manufacturing and business establishments of any nature whatsoever shall henceforth remain in operation, and the owners of such establishments shall not quit nor leave nor retire, nor close, sell or transfer their business, under pentalty of the nationalization of their establishment and of any and all of their property.
Point Three. All patents and copyrights, pertaining to any devices, inventions, formulas, processes and works of any nature whatsoever, shall be turned over to the nation as a patriotic emergency gift by means of Gift Certificates to be signed voluntarily by the owners of all such patents and copyrights. The Unification Board shall then license the use of such patents and copyrights to all applicants, equally and without discrimination, for the purpose of eliminating monopolistic practices, discarding obsolete products and making the best available to the whole nation. No trademarks, brand names or copyrighted titles shall be used. Every formerly patented product shall be known by a new name and sold by all manufacturers under the same name, such name to be selected by the Unification Board. All private trademarks and brand names are hereby abolished.
Point Four. No new devices, inventions, products, or goods of any nature whatsoever, not now on the market, shall be produced, invented, manufacturered or sold after the date of this directive. The Office of Patents and Copyrights is hereby suspended.
Point Five. Every establishment, concern, corporation or person engaged in production of any nature whatsoever shall henceforth produce the same amount of goods per year as it, they or he produced during the Basic Year, no more and no less. The year to be known as the Basic or Yardstick Year is to be the year ending on the date of this directive. Over or under production shall be fined, such fines to be determined by the Unification Barod.
Point Six. Every person of any age, sex, class or income, shall henceforth spend the same amount of money on the purchase of goods per year as he or she spent during the Basic Year, no more and no less. Over or under purchasing shall be fined, such fines to be determined by the Unification Board.
Point Seven. All wages, prices, salaries, dividends, profits, interest rates and forms of income of any nature whatsoever, shall be frozen at their present figures, as of the date of this directive.
Point Eight. All cases arising from and rules not specifically provided for in this directive, shall be settled and determined by the Unification Board, whose decisions will be final.[
I am pretty sure “Who is John Galt?” is a rhetorical question. First time I’ve ever heard it answered.
What America needs is a sane tax policy. I don’t blame these companies one single bit for moving.
Your one-note sonata is tiresome.
There IS NO INCENTIVE OR ANY REASON WHATSOEVER TO RUN A BUSINESS IN OBAMA’S MARXOFASCIST AMERICA.
Fascism has eliminated American jobs unless one works for the government unions and is handed largess stolen from taxpayers. I closed my business in 2010, and find no reason to run one here in this country. I’d open one in India before I opened another one here.
America has the MOST hostile, regulatory, punitive and damaging government towards business on the planet save for North Korea and other dictatorships.
No decent climate for free-market businesses, no American jobs, PERIOD.
What part of that do you refuse to understand??
Lower taxes and companies will stay.
Two words: FAIR TAX....but it won’t happen unless there’s a revolution.
I agree we need to be aggressively cutting taxation, and eliminating tons of laws.
The problem however is, all of that taxation supports our government, which includes the globe’s most powerful military.
We send jobs abroad, we then support our own people who lose jobs, and the bring the stuff back here.
In the long run, we have destroyed America’s capacity.
We are ruining our very own country.
How will we continue to pay for the world’s biggest military force?
We need businesses.
Sure America needs to tear down a lot of our strangling federal overlords.
But we are not helping things, by sending our industry to China.
China how has the second largest military budget on earth.
BECAUSE WE SEND OUR MONEY THERE.
why not just rebuild the friggin Berlin Wall, this time around the USA?
That is what governments due when they are bankrupt and need to exploit their own citizens.
How about we go back to the system the Founders set up.
Just simply keep the government away from anything related to business and eliminate all business taxes. Business taxes and regulations are ultimately paid by consumers anyway. If we had zero business taxes and less regulation our nation would have amazing growth and along with it many jobs. Businesses from around the world would want to move here.
So fascism is the answer?
I just thought there was a point to be made.
John Galt in an imperfect hero for today. I loved the book, but that isn’t the solution.
America needs to rebuild a competitive system. That won’t happen, while our business class is moving to communist China.
We will not become stronger, by exporting our very own industry.
You and I have had this discussion before, and you are still misguided.
Nothing in America is designed to JUST MAKE JOBS except the US Government and they don’t have to make a profit or a product. So, no-one it’s going to create jobs, jobs, jobs until our government makes it PROFITABLE to do so. PERIOD!
Any talk or desire for any different action is simply futile and stupid because businesses are in business to make money, NOT CREATE JOBS!
As long add our government is oppressive in their taxes and regulations and demands, we will see a decrease in jobs. No-one can blame the companies for this, they are trying to stay profitable. Failure to do ALL they can to stay profitable could result in court cases and lawsuits by the share holders!!!
Much, if not all of these companies, will have the same employment in the US after changing HQ to a foreign country. Even their current HQ within the US will probably stay much the same. What does change is the Corporate Tax Rate for which the USofA has the highest in the world. Many of these companies have very large operations outside the US but as US Corporations are taxed on worldwide operations.
Right now, the current government cannot come to any agreement to fix a tax code that ALL AGREE is a nightmare. Each faction wants the other to give in and there are multiple factions. It will take this kind of corporation move to get the stuck ball moving, without it nobody has any incentive.
People do not run businesses to create jobs. They create businesses to make money and if that means going off shore to maximize their chances of survival and profits where do you think they will go. Marxists think just the opposite.
Pray America wakes up
So, you want them to expose their shareholders investments to a predatory tax system when they don't have to? Who would invest in a company run like that?
Myself, I firmly believe we have run the China train.
It is time now, to repopulate American industry.
Just my opinion. We won’t do that however, as long as we continue to do nothing, to protect American manufacturing.
They will just continue to croak. To what end?
When enough croak, we will croak. We cannot continue to spend trillions of dollars we do not have.
Bring back American manufacturing.
If it worked so poorly for the stimulus plan what do you actually think you can do?
Legislate a company can’t invest outside the U.S.?
Legislate that only hiring can occur here?
There’s a reason why economic ignorance resided on the Left for so long . . . and you just breached the dam.
I’m just saying.
Last year America bought 440 billion from China.
Last year China bought 122 billion from America.
That happens, every single year.
I wasn’t aware businesses were supposed to be charities. Businesses profit, people get jobs and profit.
You can’t shame them. Perhaps you could shame Obama into real change.
Overseas the ticks are smaller. Here in the USA they will suck 50% out of a productive individual.
I’m just saying.
America seems to have suffered a (major) disconnect with it’s own businesses.
We either need to rebuild that, or something else will give.
Just one generation ago, America was way way on top. The thing which has changed, is that our businesses are increasingly going elsewhere.
Including the business benefits, of those businesses.
I myself, think it is time for them to come home.
That is all I am saying.
They will come home if we lose Obama and get better policies in place.
Until then, it is what it is.
Companies will come back when it is in their best interest. Right now it would be like committing suicide. It is the government regulations and taxes causing companies to leave. Until Zer0 builds a Berlin wall around the USA companies will continue to leave.
Tax avoidance IS a virtue. American Revolution and all that. If a company moves offshore or buys into another company in another country, I celebrate. It means they are run with Common Sense and won’t put up with the Marxist bs. I’m all for it.
It does eliminate all withholding taxes. I think that’s as close as we’re going to get. IMO, its the only long term fix for the economy. No corporate or capital gains tax. Off shore and foreign investments would all come home. Illegals couldn’t pay the sales tax because they wouldn’t qualify for the prebate.
Perhaps you are better off asking Congress why our tax rates are so high.
“I think jobs are what is most important. We need to support American jobs.”
Taxing companies at the highest rate in the world is not a recipe for jobs.
How many companies will create jobs in America - whether American companies or foreign companies - when their investment is taxed at far higher rates than anywhere else in the world?
Companies leaving refusing to expand, or moving their base of operations off shore are doing a profoundly American thing - depriving our government of tax money.
The US government can print all the money it wants to (and it does quite a bit of that). Do you think that the reason it doesn’t print even more is because it hates America?
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