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SOCKING STOCKS BAM'S CORPORATE-TAX HORROR
NY Post ^ | May 6, 2009 | Jim Powell

Posted on 05/06/2009 3:21:12 AM PDT by Scanian

JUST as the econ omy begins show ing glimmers of a turnaround, here comes President Obama with a "tax-reform" effort that's sure to sock the stock prices and after-tax profits of many of the biggest US employers.

Obama's $190 billion business-tax hike will hit Americans whose jobs and pensions depend on these companies doing well, and will increase pressure on already struggling colleges and hospitals. Why? Because millions of individual investors hold the companies' stocks in their portfolios, mutual funds and pension funds, as do many colleges, hospitals, museums and other institutions in their endowments.

Among the important employers in Obama's crosshairs: Aetna, Alcoa, Allstate, American Express, Berkshire Hathaway, Best Buy, Cisco Systems, Coca-Cola, Costco Wholesale, Dell, Dow Chemical, DuPont, Exxon Mobil, Ford, General Motors, GMAC, Hewlett-Packard, Honeywell, IBM, Intel, Johnson & Johnson, Kraft Foods, Kroger, McDonald's, Merck, Microsoft, Motorola, News Corp., PepsiCo, Pfizer, Procter & Gamble, Safeway, Sears, Sprint Nextel, Supervalu, Sysco, Target, Time Warner, Walgreens and Walt Disney.

Obama is outraged that these employers use offshore tax havens to reduce their tax burdens.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: economy; employers; taxhavens; taxreform

1 posted on 05/06/2009 3:21:13 AM PDT by Scanian
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To: Scanian

WHO is advising this man? I know the automatic reaction is Soros- but on a daily basis- who’s encouraging these insane ideas? Axelrod? Rham?


2 posted on 05/06/2009 3:29:02 AM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: SE Mom

That’s a good question. Soros may be the big theorist behind this (although I’m not entirely convinced that he is), but somebody with a radical agenda is sitting right next to TOTUS and whispering the day’s plan in his big ears every morning.

Bambi is not smart and knows nothing about business or finance; this is somebody else’s plan. But the question is...whose?


3 posted on 05/06/2009 3:40:11 AM PDT by livius
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To: livius
Bambi is not smart and knows nothing about business or finance; this is somebody else’s plan. But the question is...whose?

This is a page out of Illinois politics. There isn't a great deal of support for an increase in the personal income tax, so they ding small business and corporations.

4 posted on 05/06/2009 3:53:57 AM PDT by EVO X
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To: SE Mom

I vote for Podesta. Very radical and nasty dude.


5 posted on 05/06/2009 3:54:42 AM PDT by Scanian (i)
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To: Scanian

Typical left wing mindset. He would try to encourage economic behavior by punishing employers instead of rewarding them


6 posted on 05/06/2009 3:59:40 AM PDT by NJRighty (Under President B. Hussein 0bama, will the stars and stripes be replaced by a hammer and sickle?)
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To: SE Mom
WHO is advising this man? I know the automatic reaction is Soros- but on a daily basis- who’s encouraging these insane ideas? Axelrod? Rham?

Why couldn't it be Obama? He's as Marxist as they come. He goes around the world calling the U.S. bad and apologizes and hobnobs with despots. Why can't these be his ideas? He's after every tax dollar he can find. He's also never actually been involved in a business that wasn't funded by taxes. Why shouldn't he think that all money belongs to and comes from the govt?

7 posted on 05/06/2009 4:00:37 AM PDT by raybbr (It's going to get a lot worse now that the anchor babies are voting!)
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To: livius

Mastermind of this idea: Andy Stern, President of the SEIU.


8 posted on 05/06/2009 4:02:06 AM PDT by oblomov (Every election is a sort of advance auction sale of stolen goods. - Mencken)
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To: livius

Agree on Soros. They share similar goals- but as to the string pulling- there’s someone(s) much closer. As you point out- Obama is not versed in economics and finance.

I honestly have a hard time seeing Summers or Volker pushing this agenda (GM, offshore tax havens etc).


9 posted on 05/06/2009 4:02:41 AM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: SE Mom

This and his actions in other matters are reflective of his deepseated anti-capitalism bias. This bias is amplified by Michele’s like bias.


10 posted on 05/06/2009 4:02:50 AM PDT by monocle
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To: Scanian
Obama is clueless when it comes to economic policy. Anyone who thinks there is such a thing as a business tax doesn't get it. Businesses will always try to shift the burden of that tax onto consumers.

If The Clueless One were serious about fixing this recession, all he need do is cut ALL personal income taxes, making the max rate 20%. Then cut the corporate tax rates to 12% and watch the influx of European and Pacific Rim countries flood here to set up business. Congress won't do this, of course, because it robs them of the power associated with giving away YOUR tax dollars. Reinstating the Death Tax is another stupid move as is the proposed increase in capital gains taxes.

Believe me people, this guy is inept...and that's a compliment.

11 posted on 05/06/2009 4:06:00 AM PDT by econjack (Some people are as dumb as soup.)
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To: SE Mom

I won’t speculate on who’s advising him; I really have no idea. I do know that this idea that corporations shelter their earnings off shore is an old idea. I saw a report on this on TV many years ago. Liberals have been wanting to get to this “source of income” for a long time.


12 posted on 05/06/2009 4:06:33 AM PDT by Hardastarboard (I long for the days when advertisers didn't constantly ask about the health of my genital organs.)
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To: raybbr

I agree Obama is a radical. It’s the intricacies of a new tax code for corporations, the incredible mess that is the GM plan, combined with all the other systematic dismantling of our system that has me curious. To devise these plans requires a higher degree of economic knowledge than Obama has himself.


13 posted on 05/06/2009 4:10:20 AM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: SE Mom
I agree Obama is a radical. It’s the intricacies of a new tax code for corporations, the incredible mess that is the GM plan, combined with all the other systematic dismantling of our system that has me curious. To devise these plans requires a higher degree of economic knowledge than Obama has himself.

Not the way I see it. He has NO knowledge of economics. It's all about power and taxes. He sees an opportunity and uses it to raise taxes and therefore 'revenue'. He doesn't see taxes as a drain on the economy he only has eyes for the federal budget. Whatever feeds that is what he wants. He's using these disasters according to Emmanuel's "never let a disaster go to waste" theorem.

The more that corporations suffer the more control he wrests from them.

Also, remember a lot of these CEO's are FOR the bailouts and letting the govt control them. They are desperately looking for a way to dump their unfunded benefits like health care and pensions. I would bet most of them would take a half million dollars a year for the rest of their lives if they could simply not have to worry about stockholders anymore.

How do we turn the tide when the managers of these companies support what is happening?

14 posted on 05/06/2009 4:41:00 AM PDT by raybbr (It's going to get a lot worse now that the anchor babies are voting!)
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To: livius
Bambi is not smart and knows nothing about business or finance; this is somebody else’s plan. But the question is...whose?

Marx's. Bambi doesn't have to know anything about economics to implement marxism. Just start taking control in the face of a crisis. Do you hear any of the execs from these companies complaining?

15 posted on 05/06/2009 4:42:48 AM PDT by raybbr (It's going to get a lot worse now that the anchor babies are voting!)
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To: oblomov

I guess that’s possible. The SEIU is definitely quite radical and tied in with everything to which Obama is also connected. Is Stern around him on a daily basis? Do you know if Stern associated with some of the other people who are known to be Obama’s advisors (Axelrod, Rahm, Ayers)?

Somebody must be supplying the master plan here.


16 posted on 05/06/2009 4:49:12 AM PDT by livius
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To: raybbr

It’s true that he’s absolutely steeped in Marxism, but I just think there’s some more immediate link between him and “Marxism today.” The few execs who have dared to complain have been immediately intimidated into silence; there is, in fact, a great air of secrecy over this whole thing, that is, secrecy in the fact that it’s being carried out in a way that seems almost automatic and does not really have anyone (such as Congress) claiming responsibility or authorship. All we have is TOTUS’ figurehead presence.


17 posted on 05/06/2009 4:54:12 AM PDT by livius
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To: raybbr
Also, remember a lot of these CEO's are FOR the bailouts and letting the govt control them. They are desperately looking for a way to dump their unfunded benefits like health care and pensions...

Perhaps a few of the MEGA corps are not against the bailouts- but lets look at the partial list of companies mentioned in the article for this thread- you know these guys aren't going to give up their tax havens without a hell of a fight.

Of course- IF we didn't ALREADY have one of the top 3 or 4 highest corporate tax rates in the FIRST place- we might be seen as more business-friendly - but in this administration we'll never see that lowered.

What we're seeing is systematic and very clever. While America was being freaked out over the flu- the minions were working behind the curtain.

18 posted on 05/06/2009 5:52:07 AM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: Scanian

THANK YOU NY POST FOR CONTINUING TO GET THE TRUTH OUT.


19 posted on 05/06/2009 5:53:26 AM PDT by jersey117
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To: livius
SEIU is a communist front organization. Obama has many ties to the SEIU from his days in Chicago politics and agitpropcommunity organizing:

Kurtz article in NRO

SEIU was Obama's dealmaker with Blago

SEIU ties to ACORN

When SEIU endorsed Obama, DNC nomination was sealed

Obama administration ties to the SEIU

20 posted on 05/06/2009 7:05:40 PM PDT by oblomov (Every election is a sort of advance auction sale of stolen goods. - Mencken)
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To: oblomov

One of the greatest mistakes ever made was to think that Communism had died with the fall of the USSR. Whittaker Chambers said that Communism will never die because it is a religion; rationally, there is no basis for it and it obviously has not and can never succeed. But that’s not what its true believers are looking for, and they have made the decision to believe it and work for it without ceasing.

One of the reasons Communism has gotten so far so fast in the last few years is that people stopped acknowledging that it still existed.


21 posted on 05/06/2009 7:20:25 PM PDT by livius
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To: livius

I believe that communism and slavery triumphed in the cold war, rather than freedom and capitalism. What the communists changed is that they abandoned Stalinism (the Third International) and accepted a hybrid version of Troktskyism (the Fourth International). Also, they co-opted modern advertising and persuasion techniques.


22 posted on 05/07/2009 4:56:26 AM PDT by oblomov (Every election is a sort of advance auction sale of stolen goods. - Mencken)
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