Skip to comments.Tax Dodge Myths
Posted on 05/11/2009 9:07:40 AM PDT by Oldeconomybuyer
Listen to President Obama, and the status quo seems a cesspool. Pervasive "loopholes" engineered by "well-connected lobbyists" allow U.S. multinationals to skirt American taxes and outsource jobs to low-tax countries.
Myth: Aided by those overpaid lobbyists, American multinationals are taxed lightly -- less so than their foreign counterparts.
Reality: Just the opposite. Most countries don't tax the foreign profits of their multinational firms at all.
Myth: When U.S. multinationals invest abroad, they destroy American jobs.
Reality: Not so.
Myth: Plugging overseas corporate tax loopholes will dramatically improve the budget outlook as multinationals pay their "fair" share.
Reality: Dream on.
(Excerpt) Read more at newsweek.com ...
Most multinationals don’t look to offshore locations for profits, but rather for low cost labor. This demonization of corps is just to set the stage to increase support for some future tax policies.
I know numerous people in IT who were laid off when their divisions were shipped to India.
One of them worked for a huge grocery chain and he was told to train his Indian replacement, the other worked for Chase and his entire floor was laid off, completely replaced by Indians...neither one of them have found work since.
I know there are some freepers here who say that’s just the marketplace and they should move to another state where there’s plenty of minimum wage jobs they can get...but I think it’s disgusting that this happens.
They may be catching on to OZERO, OBOZO and Toes the Fariy Prince.
Truth is boys and girls and all you libs out there ...they are after ALL of you and us as well.
Today the medicos are in kissing their butts thinking they can curry favor for survival ...boys, these thugs have no friends. They look at you with utter contempt! You are playing the roles of the court fool today.