Obama Seeks $100 Billion in New Taxes on Multinationals

Yahoo Finance ^

[Red in Blue PA]

President Barack Obama proposed raising about $100 billion in revenue over the next decade through new taxes and restrictions on U.S. multinational companies.

The changes, included in his budget plan for fiscal 2015, would affect digital goods, deductions for "excessive" interest and so-called hybrid arrangements that can lead to income that isn't taxed in any country, according to the budget. Obama also wants to make it tougher for U.S.-based companies to move to other countries.

[freedomfiter2]

Sorry, make that dual citizenships aren’t good.

[mrsmith]

Obama Seeks $100 Billion in New Taxes on Their Customers From Multinationals...

It always “the Rich” who are taxed, but always “the poor” who pay.

[Milton Miteybad]

...If a company wants to establish a physical presence here, let them set up a standalone US corporation.

Uhhh...has it occurred to you that the entity that owns the "standalone" U.S. corporation will itself be foreign-owned, at least in part, and to the extent that it is, you will have a multi-national firm that owns a U.S. affiliate? In other words, there's still going to be a multi-national entity involved.

You didn't think that the multi-national was going to the trouble and expense of setting up a U.S. affiliate without retaining an equity stake in it, right? Any more than a U.S. corporation is going to set up a foreign affiliate without retaining a similar equity interest. Likewise, in that case, there will still be a multi-national entity in the mix, and the rights that go along with that ownership would inure to the benefit of said entity.

I suppose you could outlaw foreign companies doing business in the U.S., but obviously no one who understands the importance of international trade to the U.S. economy would advocate that position.

[Secret Agent Man]

we just have too much freedom and are just not taxed enough already.

[Red in Blue PA]

Just a few Multinational Corporations:

Intel
Microsoft
Google
Starbucks
Caterpillar
Pfizer

Just to name a few......and you think these companies are a bad thing for the US economy?

[freedomfiter2]

No. They’re bad for the country and it’s citizens. While they may simplify big business, their existence is a net loss for individuals.

[Red in Blue PA]

their existence is a net loss for individuals.

How? BE SPECIFIC.

If Company XYZ has 30% of its sales going to China, it makes sense to set up shop there and produce what is sold in that nation. These companies cannot produce widgets in the USA and sell them in China as the price differential is enormous on most things.

You have a very narrow view of how business works, and that is being generous.

[freedomfiter2]

There are more important things than business. The multinational corporations have come to dominate our political system. They have created a class of elites that are anti American. Just look at the GOPe,they would sell us out to the UN if it would put more money in their pocket.That’s not something we should support no matter how convenient.

[RWB Patriot]

The Public Stability law.