Skip to comments.Obama's Global Tax Raid
Posted on 05/06/2009 4:51:15 AM PDT by libstripper
President Obama revealed Monday that he's half a supply-sider. If only someone could explain to him the other half. We have a tax code, the President said, "that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York." That sounds like a great argument for lowering taxes on the guy creating jobs in Buffalo. Alas, that's not what he has in mind.
(Excerpt) Read more at online.wsj.com ...
Robert Heinlein said that we should not attribute to malice that which is more property attributable to stupidity, but don’t rule out malice. In Obama’s case, we should not rule out malice - the deliberate destruction of American ascendance.
This is nothing but political BS. There’s no way to enforce it, even if it would have the effect he says.
The real sad part is that instead of recognizing why money is parked elsewhere and fixing that problem, he will try to do the impossible instead of fixing the root problem of not having a competive tax code.
The problems from government spending binges are staring him right in the face. Too bad he just laughs it off, acting like Peter Pan: All you have to do is believe you can fly and you can.
I think malice is the only possible motive. The sum total of all that this creature is doing cannot possibly be attributed to mere stupidity. No animal that stupid can read a teleprompter.
Although he had a mother who abandoned him, leads a WH team of red diaper “lost boys”, never held a real job, and is beloved by besotted fairies, obama is no Peter Pan. At least Peter Pan was willing to fight the pirates.
Well, I hope any tax breaks that encourage American companies to offshore are done away with...offshoring is bad for the country...as for the rest of it...I don’t know.
It is a way to extort money from the companies. The Dems will make money. It’s the same kind of shake down scam Rev. Jackson did to get people on the boards of large corporations.
A threat in one area and a reaction in another.
You are right. Peter Pan didn’t lie his arse off either. Maybe Obama is his evil twin?
The trouble with Obama is that he totally believes all of the RAT talking points they have been spewing for decades. I suspect most RATS know that their rhetoric wins them votes with the victim class but would create disaster if enacted. Someone in the RAT party needs to take him aside and explain that to him.
What he is planning to do will discourage foreign investment in the US, as well as discourage domestic investment. What will happen is that companies that are large enough will further reduce their presence in the US, if it becomes more expensive, as it will, to have a presence in the US.
If, as Obama is proposing, corporations will be required to pay tax to two countries for the same income, the companies will eliminate activity in the country with the higher tax rate. That country, in a lot of cases, is the US.
It’s not a way to extort money. It won’t collect very much money at all. It’s a way to destroy what is left of our industrial base.
I fail to see how eliminating tax breaks for offshoring will cause more jobs to go overseas as for the rest of it...maybe.
What industrial base? These guys killed the goose that laid the golden egg in American..ran off taking American jobs with them in order to make big profits overseas...leaving this country much poorer with no industrial base to speak of...now the time has come to pay the piper. Their global policies lead directly to the election of Obama and the ensuing socialism. So, I have no sympathy for them. What did they expect?
“I fail to see how eliminating tax breaks for offshoring will cause more jobs to go overseas as for the rest of it...maybe.”
If you read the WSJ article, you might understand, but, in short, if you make the use of capital less profitable by increasing the tax, the capital will migrate elsewhere, either in the relocation of whole enterprises, or their failure due to inability to compete with those located where the taxes are lower.
“leaving this country much poorer with no industrial base to speak of”
Come on. That’s a bit of an exaggeration, and you know it, or do you?
I read the entire article again to see if I missed something...I didn’t. As far as I can see, eliminating the tax credit for offshoring jobs would not hurt job creation in this country...my biggest concern. Now, countries that manufacture overseas in third world hell holes should relocate there and breath the polluted air and deal with the lack of political stability. If these traitor companies want to move their companies overseas and renounce their citizenship, let them. When this country comes to its senses and starts dealing with fair trade instead of what we have today...they can be replaced and tariffed...IBM has already moved to India anyway even without these tax changes.
Nope, look around you what industrial base is left? The globalist have destroyed this country and endangered us with unwise trading with China.
I just drove out to Chicago from York, PA. I passed a lot of factories that were still working, albeit at a slower pace. We have a large industrial base. It just produces different stuff from the turn of the twentieth century.
It’s not just “traitor companies” that will move offshore. It’s the investment capital that goes with it, including your 401K and pension plans, private, as well as public, because those managing it have an obligation to invest where the after-tax return is highest. If that is not in the US, then the capital goes overseas.
“The globalist have destroyed this country and endangered us with unwise trading with China.”
Call me an unwise globalist trading with China. I buy stuff made in china because I refuse to reduce my living standard by paying more for the same thing in order to support overpaid American union thugs. You are free to reduce your own living standard, if you choose. Keep your hands out of my pocket.
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