Those companies discovered they could put an office into countries like Ireland and let that be their international headquarters. Since Ireland and a few other places had very low taxes they could shelter much of their worldwide income. It was a loophole not created by anyone here but took advantage of existing law. Once a few companies were seen doing this and it was upheld many companies jumped in. That's why lawyers earn big bucks. TTKU.
Wal-Mart the ugly...handing out raises FDX next?
- Thread starter SmithBarney
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DriveInDriveOut
Inordinately Right
Why do you think they were hording historic amounts of money?
Republicans did a repatriation "tax holiday" under bush. Then companies went back to hording and sheltering their money waiting for the next one. Rinse and repeat.
It's just a huge handout to corporations who don't pay their fair share.
I don't know, could be that onerous tax rate. The U.S. is just one of two countries that taxes worldwide income on American citizens and companies. Companies get around that by putting their headquarters overseas in favorable tax havens. Their American income is still taxed, their outside income not. That's why there's so much money stashed overseas. You guys make out like it's snuck out of the country and hid in safety deposit boxes.
DriveInDriveOut
Inordinately Right
I just explained it. Ttku
No, you didn't, try to keep down.
Spot on Man. They made billions from the sale of their phones in the US stashed the money offshore then dictated to the American government the terms and the rate by which they were willing to pay. Let somebody like you and I try to get away with doing something like this and see what happens.
No they did not. They paid their taxes on items sold in U.S.. They shelter their overseas income in tax havens like Ireland. The U.S. taxes worldwide income but can't touch overseas income if company headquarters are moved offshore. The offset is those companies can't invest in the world's biggest economy with that money. Repatriation allows them to do that but it's not worth their while to repatriate at 35% corporate rate. So they pay less with new rate and our economy benefits from investment.
Still holding on to the dream that happy days are here again thanks to Trump's tax cut I see. Well, let's see what you have to say about this.
CNBC did a survey of the 100 companies in the S&P 100 asking them what their plans are for the tax savings Trump got for them.....No response 48 "No Comment " 21 Spin doctored with no specific plans 21 Will hire and raise wages 10. How much plainer can it be made for you. Yes, Trump's tax cut will be a shot in the arm for the economy but like all injections they wear off after awhile . I'm taking the conservative approach by saying the cuts will not be as impactful nor will they last as long as will be needed to replace the lost revenues leaving two choices either massive cuts to social programs or the Treasury having to going into the credit markets and start hogging up an even bigger share of the available credit.
Oldfart
Well-Known Member
Your post just lost merit when you mentioned CNBC.
Sorry about the fact that it's not FOX NEWS. The information clearing house of the GOP which is the only news outlet you consider legitimate and not "fake" news .
Oldfart
Well-Known Member
I only get my news from The Onion.
59 Dano
I just want to make friends!
Drama much?
59 Dano
I just want to make friends!
Are you seriously such an ignorantthat you think we're going to cut spending? Even Republican politicians admit these tax cuts are going to add at least a trillion to the debt. Yet their sheep voters are in full blown denial lol.
You're stupid.
59 Dano
I just want to make friends!
Cut welfare by half: $10 billion
National Endowment for the arts: $149 million
Bureau of Indian Affairs: $2.9 billion
Public broadcasting grants: $400 million
That's a start. Only took 5 minutes!
DriveInDriveOut
Inordinately Right
Your mother was a hamster.
DriveInDriveOut
Inordinately Right
59 Dano
I just want to make friends!
Except the previous one didn't income a WONDERFUL tax cut.
DriveInDriveOut
Inordinately Right
What are you drinking bruh?
59 Dano
I just want to make friends!
The government told them that they could keep their money elsewhere or bring it home and pay a ridiculously high tax rate on it. They chose the former. They were playing by the rules that were imposed upon them.
59 Dano
I just want to make friends!
Republican math lol.
Cuts will add 1.5 trillion.
What an ignorant
Cuts don't cause (or prevent) deficits. Does your job provide any kind of college tuition funding? GED, maybe?
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