Posted on 07/25/2014 6:09:46 AM PDT by SeekAndFind
Sometimes even journalists get it right. My essay about companies incorporating overseas to dodge taxes, “Positively Un-American,” featured in our last issue, clearly struck a nerve. Since its publication, these corporate “inversions”—a euphemism for “desertions”—have taken on a life of their own.
Barely a day seems to pass without a corporation announcing that it plans to leave the U.S. to save taxes but wants to continue having its business, its employees, its directors, and especially its top executives benefit from our rule of law, democratic system, and the other great things that make America America. It just doesn’t want to pay its fair share for those things. This makes me angry. Judging from the reaction I’ve gotten from readers, it makes a lot of other people angry too.
What to do? In an ideal world I would slap serious penalties on inverters that do business with the federal government, and require them to underbid genuinely U.S. competitors in order to get federal business. Medtronic and Walgreen, that means you.
But we have to deal with what we have, not with what I would like to have. So what should we do? For starters, we shouldn’t make this political, because this is an American problem, not a Democratic or Republican problem.
(Excerpt) Read more at fortune.com ...
Just saying.
Sounds great! What's your plan?
big banks, big government, and corporate welfare have taken that away. Hell, the US Congress, including MOST REPUBLICANS, passed the Monsanto Act and bailouts protecting and picking winners and losers.
Any time the government picks winners and losers in a capitalist economy, it is no longer a free, nor market based economy.
Depends, the large ones find some ways around the tax. The small ones even tiny ones, pay at the lowest rate (30%) plus state corp. income tax. There are two unavoidable bad consequences: economic distortions from trying to avoid the tax and lots more power for incumbent pols who dole out tax breaks.
The US should do what People’s Republic of Texas does.
The problem isn’t just the tax rate but also corporate welfare.
Typical commie response - let’s build walls to keep people in, and enslave them to our control.
If they do succeed in (legally) imprisoning all current US corporations under the US tax regime, they will first impose perverse unintended consequences, and then gradually suffocate the geese that lay the golden eggs.
It is a simple math equation. Set corporate tax rates low enough, and the brightest foreign companies will be inverting their way in to the USA, to pay their taxes here.
The Democrats, like all socialists, national socialists (fascists), and communists; just want to shake down business as much as they can to enrich themselves - their policy is designed for that plunder, not for some vague improvement in the general welfare. Where they do have motives other than self-interest, they tend to be an emotional desire to injure out of jealousy, hate and spite.
Wonder Bread
Most food made in the USA. Now, if you chop at Costco or WallyWorld, that food could come from China, Mexico, etc, etc.
I really wish companies would label food for Country of Origin.
Idiot author. The companies are, in fact, operating under the rule of law.
Wonder Bread is actually produced in the United States, Canada and Mexico. So, “made in the USA”...mostly.....
Please explain just how it is that you want American companies to bring back global leadership in manufacturing when these companies have to deal with government bureaucracy such as the EPA and the IRS.
Have you ever owned a business? How many days did you work satisfying the rulers demands at the city, county and state levels before you opened your doors? How many hours every year did you work to satisfy the federal bureaucracy, that is assuming your company lasted a full year.
Get real! When the restrictions are removed for businesses then the investment money will flock back to American soil.
The answer seems pretty obvious. Smaller government means less need for taxes. Less taxes means better business & more businesses staying in this country. Everybody but the public moochers wins & they shouldn’t be our first priority anyway.
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