Skip to comments.Reid's Jobs Bill Includes Tax-Evasion Provisions
Posted on 02/12/2010 6:10:49 PM PST by UAConservative
WASHINGTONSenate Majority Leader Harry Reid intends to use measures cracking down on offshore-tax evasion to pay for the cost of a $15 billion stimulus bill he wants to push through the Senate this month.
The tax-enforcement provisions are the main offset for Mr. Reid's jobs-creation bill, according to text of the legislation introduced Thursday.
The White House said Friday Mr. Reid's plan should generate bipartisan support, but added that the measure will be one of many pieces of legislation targeted at job creation.
Also helping to pay for Mr. Reid's bill is a two-year delay of provisions that help U.S. multinationals lower their tax bills by relaxing interest allocation rules. That step would take effect in 2020 instead of 2018, under Mr. Reid's bill.
Both of those provisions were also included to help pay for a larger jobs-creation bill introduced by Sens. Max Baucus (D., Mont.) and Charles Grassley (R., Iowa). But that $85 billion bill would have raised additional revenue by barring paper manufacturers from claiming a biofuels tax credit, and delayed pension funding rules.
(Excerpt) Read more at online.wsj.com ...
Anything Reid proposes is garbage.
Off shore tax evasion?
What a laugh!
I don't think Treasury Sec Gotcha and the house homophile excreters will support this plan!
OFF SHORE?????? lol
Try the tax evaders in FUHRER OBAMA’S CABINET ..and CONGRESS!
Libs cough up what they owe would probably cut deficit in HALF
First investigation should be “Where is Harry’s money”?
Is there a Geithner exemption too?
Money trail.... Las Vegas is the mother's milk of money trails....
Go to the old law firm for the primer on money trails....
There is only one stance Republicans should take on this “jobs bill”: No new bill until you spend the rest of the “stimulus” money. 2/3 of the stimulus is being saved to boost the economy before the mid-term elections and before Obama’s next bid. This is an opportunity to slam Obama, not an opportunity for bipartisanship.
“2/3 of the stimulus is being saved to boost the economy before the mid-term elections”
Or (more likely) it will be used to stimulate some Democrat party contributors.
Anyhow, I don’t understand how, in a period of huge unemployment, increasing taxes on a US company’s overseas operations is going to help our economy. US companies and their expat employees pay taxes to their host countries’ governments. The reason companies have overseas operations is to save on costs, and sometimes to utilize skills or technology we don’t have. Faced with double taxation, many of these overseas operations will be unprofitable. In addition, when repatriated, their laid off employees will have to compete with other Americans for scarce jobs in our shrinking domestic market.
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