Posted on 03/26/2010 5:24:30 PM PDT by 2ndDivisionVet
May I be boring? Or, if you're a regular reader, more boring than usual?
Bear with me. There's some eye-glazing numbers and whatnot.
In 2003, Washington blessed a grateful citizenry with the Medicare prescription drug benefit, it being generally agreed by all the experts that it was unfair to force seniors to choose between their monthly trip to Rite-Aid and Tony Danza in dinner theater. However, in order to discourage American businesses from immediately dumping all their drug plans for retirees, Congress gave them a modest tax break equivalent to 28 percent of the cost of the plan.
Fast forward to the dawn of the Obamacare utopia. In one of a bazillion little clauses in a 2,000-page bill your legislators didn't bother reading (because, as Congressman Conyers explained, he wouldn't understand it even if he did), Congress voted to subject the 28 percent tax benefit to the regular good ol' American-as-apple-pie corporate tax rate of 35 percent. For the purposes of comparison, Sweden's corporate tax rate is 26.3 percent, and Ireland's is 12.5 percent. But just because America already has the highest corporate tax in the OECD is no reason why we can't keep going until it's double Sweden's and quadruple Ireland's. I refer you to the decision last year by the doughnut chain Tim Hortons, a Delaware corporation, to reorganize itself as a Canadian corporation "in order to take advantage of Canadian tax rates." Hold that thought: "In order to take advantage of Canadian tax rates" – a phrase hitherto unknown to American English outside the most fantastical futuristic science fiction.
Ask yourself this: If you impose a sudden 35 percent tax on something, are you likely to get as much of it? Go on, take a wild guess.(continued)
(Excerpt) Read more at ocregister.com ...
They will leave, as will Deere and Cat and...
Deere and Cat have already been considering going out of the states. To SE Asia I hear. That is from the local Deere Dealership which is owned by the corp. They bought this dealership after the prior owner went belly up.
The manager was at a corp meeting where they discussed this move.
CAT made the same announcement and they have manufacturing outside US. Seems they are finally waking up to the bill.
Dubai’s real estate market has been suffering lately. I think it is just about to rebound.
Just wait till everyone figures out that Companies will pay the penalty and drop coverage. Then the TAX FREE company paid premium will instead be paid with AFTER TAX money by YOU. Not only will you be paying the full boat you will be paying additional taxes on top of it.
Indeed. Both of these outfits have extensive factories all around the world. They could shutter their U.S. manufacturing plants and not miss a beat.
A shame really. Both are American icons, started in the early years of the last century by visionaries.
We are screwed. Thanks, Bam-Bam.
Ya know..after this debacle is over and the Conservatives gain power back they need to cut and gut each and every social program in the government. Starting with the EPA and right down the HHS. The dept of interior must be made self sustaining or else it can go the way of the dinosaurs.
You're the one who will be paying when the rates/prices are raised to compensate.
When Black people complain that they can't pay the new/higher rates, AT&T will be forced to provide them free service and your rates will go even higher to pay for that.
My wife and I have that Smart Talk phone from Wal-Mart: $45/month unlimited cell phone, text, browsing, etc. I also have Magic Jack on my PC. $20/YEAR!!
My wife and I have that Smart Talk phone from Wal-Mart: $45/month unlimited cell phone, text, browsing, etc. I also have Magic Jack on my PC. $20/YEAR!!
But...But.. Obama Promised a reduction in premiums...
Aren’t you the comedian!
I’m tryin man, I really am !
Just ignore me...Its the drugs.
I hope you are feeling better.
It sucks being down like that.
Get well soon, K?
Cheers,
knewshound
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