Skip to comments.Obama urges Congress to tackle tax loopholes
Posted on 07/24/2014 7:07:31 PM PDT by Innovative
Most of President Obama's West Coast fundraising trip has been spent raising money behind closed doors, but appeared publicly to the Los Angeles Technical College Thursday to push Congress to close loopholes for U.S. businesses that shift their residences abroad to avoid a higher tax bill.
The president framed his remarks around the idea of "economic patriotism," a recurring theme he has used recently to encourage the idea of closing tax loopholes to help fund investments in education and job training.
(Excerpt) Read more at cbsnews.com ...
Obama and some don't get that the objective of a business is to maximize profits. Who would buy stock in a business that has an objective paying maximum taxes, instead of maximizing return on investment for shareholders?
More evidence that Obama is a socialist.
Congress should be spending its time on the elimination of laws and regulations, and Fed gov. departments and agencies.
“Money, money, money, money!
You got it, I want it - America, give me everything you own!!!!”
"Fair share" my arse.
Obama offers populist message on corporate taxes at end of fundraising trip
“In the past decade, at least 47 U.S. companies have made the move to incorporate in nations with low corporate tax rates. Several inversions have been proposed this year and more are in the works. “
US has the highest corporate tax rates in the world — so how can you blame businesses for leaving.
It never occurs to them that if they lowered corporate tax rates instead, more companies would stay and come back and would result in ultimately more revenue.
Like the old joke:
Simple tax return:
1. How much money do you make?
2. Send it in.
The first reaction of Bolshies is to punish the results of their action.
NO SUCH THING
Obama wants limits on US company mergers abroad
Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded economic patriotism from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers.
I dont care if its legal, Obama declared. Its wrong.
But then that would remove a lot of power the administration and the Congress have - buying and selling sections of the tax code.
So shouldn't leftists be in favor of lower taxes?
That tells you right there what their real objective is.
Fix the ones that affect the mega-rich like Obama first. They can afford to pay a lot more...
I’m sure Mr & Mrs Slick Willy would pay more if they weren’t “flat broke” and didn’t have a “charity trust” to avoid taxes and use as a personal slush fund.
Sorry, I don’t believe in “fixing” loopholes - that’s for the Marxist crowd.
I believe in eliminating taxes and trimming the sails of our Imperial congress and Imperial president, who feel that everything on the planet belongs to them.
Cut the size of government, cut spending, and eliminate many, many taxes wholesale.
"... "economic patriotism," a recurring theme he has used recently to encourage the idea of closing tax loopholes to help fund investments in education and job training."
As mentioned in related threads, the corrupt federal government has long since forgotten (ignored) why the Founding States made the Constitution in the first place, to deliberately limit (cripple) the federal government's powers. And since the government regulates interstate commerce by laying taxes, the Supreme Court has historically clarified that Congress's power to lay taxes is limited in accordance with its constituitonally limited powers.
More specifically, justice John Marshall had indicated that Congress is prohibied from laying taxes in the name of state power issues, essentially any issue which Congress cannot justify under its constitutional Article I, Section 8-limited powers.
Congress is not empowered to tax for those purposes which are within the exclusive province of the States. Justice John Marshall, Gibbons v. Ogden, 1824.
So while Constitution-ignoring Obama wants to close tax loopholes, he wrongly ignores that the feds are wrongly laying taxes for many things, such as constitutionally indefensible
Obamacare Democratcare, which Congress cannot justify under it Section 8-limited powers.
> Sorry, I dont believe in fixing loopholes - thats for the Marxist crowd.
I agree. I was just say what’s good for the goose is good for the gander. If that were the case we’d have a vastly reduced tax bill.
Why should he, or anyone, care if a businessman moves his business overseas? That businessman didn’t build that, right? The same “someone else” who “made that happen” can just do it again, right?
Obama’s raising taxes again.