Posted on 08/05/2014 1:27:45 PM PDT by Steelfish
Obama Weighing Options to Stop Corporate Tax Flight By JULIE HIRSCHFELD DAVISAUG. 5, 2014
WASHINGTON The Obama administration is weighing plans to circumvent Congress and act on its own to curtail tax benefits for United States companies that relocate overseas to lower their tax bills, seeking to stanch a recent wave of so-called corporate inversions, Treasury Secretary Jacob J. Lew said on Tuesday.
Treasury Department officials are rushing to assemble a broad array of options that would change the economics of inversions, Mr. Lew said. Options are still being developed although no final decision has been made about whether to go forward with administrative action to strip away tax incentives for the deals.
The action comes in the face of a recent increase in United States companies reaching deals to reorganize overseas, creating an explosive political issue that Mr. Obama has seized on to talk about a lack of economic patriotism. Investment banks have been counseling companies to pursue such transactions because of the potential tax benefits. Two large United States pharmaceutical companies the drug giant AbbVie, based in Illinois, and the generic manufacturer Mylan, based in Pennsylvania agreed to such deals last month, and Walgreen, owner of the drugstore chain, is considering one.
(Excerpt) Read more at nytimes.com ...
Read the readers’ comments if you have the time.
It will give you some idea of where the Time’s readers heads are: firmly wedged between their gluteals.
It’s more disturbing than the article.
Maybe he can bully them by putting them on ‘terrorists watch list’ ... or stick the press on them to make them ‘unacceptable’... you know the usual liberal thuggery. Something the ‘Chicago Way’...
The difference between a free country and a tyranny is which way the guns are facing at the border.
NAILED IT!
.......I’ve read all the excellent post’s from 1-42 and do not find any that mention one over-arching negative of what these Marxist’s (Lew, Schumer, Obama, Durbin, Warren, Reid) are doing.
Namely, corporations, even small one’s, make major capital outlay decisions (read jobs!) based almost solely on government policy not just today but in years down the road. Any utterance like this from government that gets out on the airways or in cyberspace tamps down enthusiasm to do ANYTHING and in the process stifles the economy.
On a bumper sticker, them just “talking about it” stifles the economy and retards employment. As one freeper said, the corporate tax just needs to be done away with entirely. The boon to the economy long term would be like nothing we have ever seen before.
You can only learn something IF you want to learn. When you believe you know everything, and that you are the smartest person in the room, you aren't going to learn anything.
It is kind of embarrassing when Obama is the dumbest guy in the room (even though he does his darnedest to surround himself with fools and lackeys), yet believes he's the smartest. At least a dumb guy, who knew he was dumb, would listen and surround himself with smart people. We don't have that in today's White House.
Just make it internationally competitive--say, 20% Federal plus average state tax--and drastically reduce the cash repatriation penalty. Set it at maybe 5%.
Then stand back...
Good Compromise
There is no other solution but a free market solution.
Every other statist alternative is a step in the direction of constructing a “Berlin Wall”.
It always goes that way with Socialists.
This is where we are headed now with this Marxist, Alinskiite punk and his pack of vile fellow travelers.
“You can check out any time you like, but you can never leave.
Yeah, that’s the ticket! Obama is the desk clerk at the Roach Motel!
I agree. It’s not enough that the company is incorporated in the US. They should also have to have a majority of their operations here too.
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