Posted on 08/06/2014 6:56:06 PM PDT by Kaslin
Not content with imposing the highest corporate tax structure in the “free” world, Democrat hacks in the legislature are now asking the Imperial President to unilaterally take action. A group of tax happy corporate protectionists are hoping the President uses his "pen and his phone" to start punishing American businesses that have the audacity to lower their corporate tax burden.
Elizabeth Warren (D-Mass), Dick Durbin (D-Ill), and Jack Reed (D-RI), have crafted a letter (yeah… It took three of them) to President Obama requesting that action be taken toward businesses that have sheltered themselves from some US taxes. According to the Hill.com:
Sens. Dick Durbin (Ill.), Jack Reed (R.I.) and Elizabeth Warren (Mass.) told Obama in a letter Tuesday that he should do all he can to discourage “inversions,” in which companies that do work in the United States shift their headquarters elsewhere to avoid U.S. tax rates.
Well… That’s almost what’s happening. Corporations that do business in America (regardless of where they are headquartered) still owe US corporate taxes on profits made in America. Things get tricky, however, when American businesses make profits over seas. When these American companies try to repatriate that money (that has already been taxed by a foreign government) back home, they are charged nearly 35 percent by the American government… This has shockingly (sarcasm font) encouraged businesses to move their headquarters so they don’t have to repatriate profits to a tax hungry Internal Revenue Service.
As it turns out, businesses are actually designed to make profits. I understand this could be a difficult concept for government-centric liberals to wrap their brain around, but it’s a fact of life. The three stooges legislators continued:
“Corporations that renounce their U.S. corporate citizenship should not be able to reap all the benefits that American tax dollars provide,” they wrote. “We urge you to use your authority to stand up for American companies which are proud to be part of our nation and reduce U.S. incentives for others corporations which would abandon their responsibilities to their country for a nod of approval from Wall Street.”
“A nod of approval from Wall Street”? Wow. That’s pretty rich coming from a bunch of wealthy lawmakers who invest their money in stocks. The truth is: America is a great place to do business. Unfortunately, the all-knowing “patriots”, who have helped craft a 74,000 page tax code, have managed to make doing business in America less profitable. And, not to belabor the point, but businesses are kinda built around profits.
Of course the tax-centric Democrats bemoan the prospect of an international “race to the bottom” in regards to corporate tax rates. “This is a race to the bottom the United States simply can’t win and should not be lured into entering,” they fretted in the letter… Not to spoil the fun, but maybe we should explain to these self-anointed arbiters of economic patriotism how corporations work.
See, corporations pay taxes with the money that they collect from consumers in exchange for a service or a product. In other words: The world’s highest corporate tax rate is paid by you and me. And if you don’t think the cost of government is calculated into the price of a good or service, then, I don’t think you’re smart enough to be my legislator.
You Dems want more companies to show a little economic patriotism, by bringing their global profits back home? Then stop penalizing it. Rather than begging King Obama to issue some economic decree, maybe we could focus on making America a bit more attractive for multi-national corporations… Or would that hurt your talking point?
"All Bills for raising Revenue shall originate in the House of Representatives."
Rush calls it the Chamber of Crony Capitalism.
Its a question that makes liberal heads explode if they think about it for very long. Their whole world view crumbles around it.
What flaming idiots these Dems are. We have people with the intelligence and instincts of juvenile delinquents exhorting us to be patriotic.
She is evil more than dumb but the voters in this nation are increasingly as ignorant.
All within the state, nothing outside the state, nothing against the state.
— Benito Mussolini
Ole Mussolini didn’t look so good in the last known photos that I can recall.
Paleface Lizzy Warren is so Indian that she thinks a reservation means you have a table for dinner.
Sacajawea Shiite.
jumping on the dictatorial bandwagon.
What about those 30 members of the Obama White House staff that owe a combined $850,000 (estimate) to the IRS? Maybe we should start with them.
The communist’s were really good at mandating patriotism...
They took everything from you...
Slavery, the new patriotism...
Dem disorder. They tell us that corporations are not people, but they now demand ‘patriotism’. Such fascist!
Just as since 2007, those who are aware know what the ‘Progressive’ agenda have in store. Bags packed stored behind the door, ever at the ready to survive.
Something wicked this way comes.
Uncanny how Ayn Rand predicted all of this...
From that fringe element that thinks all money really belongs to the government.....
The Hekawis must be so proud.
According to Mussolini --
Fascism conceives of the State as an absolute, in comparison with which all individuals or groups are relative, only to be conceived of in their relation to the State. The conception of the Liberal State is not that of a directing force, guiding the play and development, both material and spiritual, of a collective body, but merely a force limited to the function of recording results: on the other hand, the Fascist State is itself conscious and has itself a will and a personality -- thus it may be called the "ethic" State....
...The Fascist State organizes the nation, but leaves a sufficient margin of liberty to the individual; the latter is deprived of all useless and possibly harmful freedom, but retains what is essential; the deciding power in this question cannot be the individual, but the State alone....
Source: http://www.fordham.edu/halsall/mod/mussolini-fascism.asp
Funny it’s the only “ Patriotism” these clowns profess...
Not all of it. When the company can't raise its prices because of foreign competition, the stockholders pay the tax until the corporation moves.
Typical Democrats, lining the pockets of internationalists at the expense of Americans.
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