Posted on 02/02/2015 9:43:06 AM PST by SeekAndFind
So much wealth has been completely destroyed in six years.
“And the liberals wonder why companies keep moving off shore.”
Assuming they moved off shore to avoid tax, wouldn’t this kind of tax give them more incentive not to move?
more incentive to stop being a US company
All Obama is doing is making the case for a planned robbery of our retirement accounts. In reality the GOP would do nothing to stop him. They are even more addicted to spending than Obama.
http://www.freerepublic.com/focus/f-news/3253251/posts
No, it would give them an incentive to move their headquarters to a different tax jurisdiction, create a US subsidiary, then move the cash to the main corporate head quarters where it would not be taxed by US law AT ALL.
Fat chance he’ll find very many of them. Most people know to only keep foreign assets in accounts that cannot be traced back to them.
Wouldn’t this be an ex post facto law?!?
I mean, basically he is trying to grab money of companies off shore - where he has no rights to the money!
To me this is like trying to make me pay taxes on the monies I made in 1996! Trust me, that money is GONE!!
Obama and the democRATS remind me of an irresponsible relative who is heavy in debt, whose house is falling apart from deferred maintenance and has a junker car that's always breaking down for lack of needed repairs. Then when they win the lottery, instead of paying off the debts, fixing up their old house or buying a new house and trading in the car for a newer model and saving or investing the rest of it for a rainy day, they take the money to Las Vegas and blow it all on gambling, alcohol, drugs and spending sprees. Afterwards, they have nothing to show for their poor spending choices and are left with the same circumstances they found themselves in before their big windfall. You just can't fix stupid.
And, of course, I'm sure they kept excellent accounting records of where every red cent was spent.
RE: Fat chance he’ll find very many of them. Most people know to only keep foreign assets in accounts that cannot be traced back to them.
And herein lies the problem... to track such accounts, we’ll have to HIRE more IRS agents, this time with the power, money and WEAPONS ( if necessary ) to intimidate banks overseas ( as if the NSA isn’t already snooping into the private lives of American citizens ).
The government will now be expanded EVEN FURTHER beyond the shores of the United States in order to trace, track, spy on American citizens doing business or even residing overseas.
This will not only cost the taxpayers more money, it will erode freedoms further and create an even more intrusive government.
Can’t Americans see the implications of allowing Obama to have his way?
If Obama wants to tax offshore money, he should propose a large increase in tariffs. High tariffs will hit Chinese factories, and the Chinese government, hard. It will force the Chinese government to increase its export subsidies and tax incentives for exports or face Chinese companies losing market share.
I don't believe anything coming out of the White House. Is it really $2T? And of those earnings, how much are US companies already paying in taxes to foreign nations where they do business? I bet a lot of that money is already taxed heavily overseas by foreign nations, and is reinvested overseas. Amounts to double taxation on many US companies. If Obama were smart (will never happen) he would lower taxes on US companies to allow them to build more business here at home.
“cash piles” has a connotation of
“unearned” and “undeserved” and “not being used for useful purposes”.
The “cash” BELONGS TO SOMEONE WHO EARNED IT.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.