To avoid Biden tax increases, will Corporate America move trillions overseas?

[Counselor706]

Asking for a friend

 

[RobDownSouth]

Enact Elizabeth Warren's Real Corporate Profits Tax and all that sleight of hand shuffling money to offshore accounts becomes irrelevant.


Firms will lie about their income to the government, but they will NOT lile about their numbers and profits to Wall Street. The tax (on the 1200 biggest companies in America) is on the profits reported to Wall Street. It would raise one TRILLION in taxes in 10 years. Amazon goes from paying zero to paying almost 700 million a year. Occidental Petroleum goes from Zero to $298 million.

Details HERE. I know you won't click it.

 

[Bud_Spencer]

That's just brilliant. Do that, and no one will ever incorporate in America again.

Fascist plunder of other's property is always a short-term tactic.

 

[Lazaran]

^
Hasn't considered what the alternative is.

SAD!!!

 

[LLCox]

I didn't know there was any left to move. Several Cayman islands have actually sunk.

 

[Bud_Spencer]

I didn't know there was any left to move. Several Cayman islands have actually sunk.

It's of supreme importance that people stand as still as possible so it's easier to plunder their wealth.

 

[Counselor706]

I didn't know there was any left to move. Several Cayman islands have actually sunk.

Cayman or Guam?

Guam will capsize and tip over into the ocean - Hank Johnson

 

[LLCox]

It's of supreme importance that people stand as still as possible so it's easier to plunder their wealth.

You must be talking about working people who can't get an off shore account. Yeah, fuck them.

 

[Lazaran]

You must be talking about working people who can't get an off shore account. Yeah, fuck them.

That's what I'm screamin'!!!

The alternative to policies like those put forward by Elizabeth Warren is the status quo of gross wealth disparity which is causing unrest at both ends of the political spectrum.

 

[Liar]

They already were so meh.

 

[oggbashan]

Not just money, but employment. China produces much of what America buys even MAGA merchandise.

PS. I have a Clinton inauguration T-shirt, brought back by my daughter. The label states proudly 'Made in the USA'.

 

[magicalmoments]

Of cousre they'll move their profits and enterprises off shore. They are not interested in patriotism or America. They are all just like their puppet Impeached former president trump, citizen trump now I guess, they're in it for themselves and what they can get out of it. The rest of you and the country can go to hell as far as they are concerned.

 

[YDB95]

If they are that greedy, I say let 'em go. It's about time we stop bending over backwards to accommodate the uber-rich while they do absolutely nothing in return. How many years have we been hearing about how if we cut their taxes, they'll invest that money and create jobs for everyone? It hasn't happened the last however many times we've tried it!

 

[SevMax2]

If they are that greedy, I say let 'em go. It's about time we stop bending over backwards to accommodate the uber-rich while they do absolutely nothing in return. How many years have we been hearing about how if we cut their taxes, they'll invest that money and create jobs for everyone? It hasn't happened the last however many times we've tried it!

They haven’t even left New York or California, supposedly two of the most liberal states in America.

 

[NickBarn89]

Business will take steps to protect itself from signaled Democrat policy desires. I know a lot of people here think that when you raise their taxes, they just take the extra money out of profits; this has been discussed many times because most on the Left do not understand the not-so-subtle difference between profit and profit margin. When we raise taxes on them, they raise prices on us. Only the middle class really ever shoulders the brunt of any tax increases. So, cheer for Joe Biden, cheer for sticking a blow at corporate America and cheer for a new American sense of austerity when dollars stop going as far as they used to.

YOU VOTED FOR IT!

You got it.

 

[NickBarn89]

They haven’t even left New York or California, supposedly two of the most liberal states in America.

Texas has assimilated a wave of Californians seeking tax relief.
What the heck are you talking about?

 

[Littletoo]

Even, or especially, Elizabeth Warren, knows that we NEED lots and lots and lots of rich people and corporations, and we NEED them to be VERY, VERY RICH, so we can TAX them to pay for our benefits. I'm a minimum wage slave myself. I pay FICA like everyone else, but like many folks, I don't MAKE enough income to pay tax. If, God forbid, we ever really DO run out of rich people and corporations to tax, we are going to have to start paying for stuff ourselves. Saving the planet and making college free and giving everyone free healthcare is going to take lots and lots and lots of money, and it's not going to come from the likes of me. I'm totally willing to pay my fair share, but I just don't make enough to help.

Taxing people is like giving blood. You can take a pint of blood from any reasonably healthy person. You give 'em some juice and a cookie and they're fine. Take TWO pints and you owe them a lie-down and lots of ice tea and a steak dinner. THREE pints and it's a Medical Energency. They'll probably make it, but you won't be able to do it again for a while. Taxing the economy is like taking blood.

Raise "taxes on the rich?"

"GO for it!" I say.

We want to get all we can without killing off or driving away the very wealth creators we are all living off of.

The grownups in the Democratic Party know how to do this, even if the children don't.

 

[StrictMiss]

This is where I go for corporation tax advice; the home of dick pictures.

Asking for a friend

Imagine what his friend is like.

 

[StrictMiss]

Tell your friend to go to Italy.

Asking for a friend

Then go to the UK.

Then go to Holland.

Then go to Germany.

Then go to Greece.

 

[YDB95]

Business will take steps to protect itself from signaled Democrat policy desires. I know a lot of people here think that when you raise their taxes, they just take the extra money out of profits; this has been discussed many times because most on the Left do not understand the not-so-subtle difference between profit and profit margin. When we raise taxes on them, they raise prices on us.

Not necessarily. As right-wingers like to cite about nearly everything else, it depends on what the market can bear. If raising prices will lower demand (or lower quantity demanded - they are two different things), then the company will find other ways to make up for the difference.

But more fundamentally, most of the Democratic (note spelling) tax proposals would never push things to the point where that would even be necessary. We're talking taxes on extremely well-off, profitable companies that have plenty to spare before they would even need to think about raising prices. Mind you, they might choose to do so as a fuck-you to people who vote Democratic, but that's not the same as really needing to.

Only the middle class really ever shoulders the brunt of any tax increases.

Not so. It's funny, the right loves to pine for the 1950s...I guess they forget back then the top corporate tax rate was 91%, and the middle class thrived like never before or since.

Texas has assimilated a wave of Californians seeking tax relief.
What the heck are you talking about?

That's a popular claim on the right, but there's little or no evidence to support it. (It IS true that many conservatives have left California because of the political atmosphere in general there, and taxes are a part of that; but that's not quite the same thing.) Besides that, for all but the rich, taxes are about the same in Texas as in California. For the poor and lower middle class, they're actually higher:
https://www.motherjones.com/kevin-d...surprisingly-similar-in-texas-and-california/

"Low taxes for the very rich" doesn't really mean lower taxes, you know.

 

[ishtat]

The only way you can stop people from avoiding profits or income taxes (particularly through offshoring) is by replacing them with taxes on turnover or sales. The usual modern method is by a value added form of sales tax.

 

[domroger]

Imagine what his friend is like.

I believe his friend is imaginary ,he spends too much time here to have any real ones .

 

[Booboobear84]

Asking for a friend

Tax 101 Businesses are taxed on their sales less the costs to make those sales (making the product/service, marketing it, delivering it and servicing it, etc), which is what we call profit.

Individuals are taxed on their profit from working less a series of somewhat arbitrary deductions that have found their way into the law usually for reasons of equity or public policy and hopefully both.

Please don't confuse personal deductions on taxes with business costs that come down to profit.

(if you haven't figured it out by now I'm a CPA and tax preparer)

The actual purpose of the corporate tax cuts weren't to help out Google or General Motors. They have entire department dedicated to minimizing taxes and they do just fine. The purpose is much more aimed at clients like mine whose business gross $50K to $1Million. There isn't much they can do to change their tax bill. The people who will be hurt are their employees because taxes are a real cost to them and will impact how much they can reinvest in the business which includes deciding how much they can pay their employees.

 

[Booboobear84]

Much more concerning than tax increases is increases to the minimum wage. At the moment local retail is on life support. Raise the minimum wage to $15 an hour and my personal guess is half the malls will close. If your interest is in making Jeff Bezos richer, eliminating union jobs (Amazon delivery non-union, UPS and USPS are both union) and place control of what you buy into the hands of a few ultra wealthy monopolists, then raise the minimum wage to $15 an hour. After all killing off the the bottom rung of the ladder jobs, and jobs filled by unskilled labor won't do any harm will it?

The one law you can't repeal is the law of unintended consequences.

 

[WillDarcy]

It might be a little off topic but I don't think its a stretch. If you look at all the states that are rated the least business friendly by the Chamber of Commerce you'll also notice something interesting. They are the wealthiest most prosperous states.

The EU makes it harder to do business within the trading block if you don't manufacture or pay taxes there.

The problem is that as a country the US is really about business interest and leaves its citizens to fend for themselves more than any other developed rich world country.