... pretty soon, you're talking real money.
http://www.businessinsider.com/r-obama-proposes-14-percent-tax-on-us-companies-untaxed-foreign-earnings-2015-2A 14% ( $280B ) grab now (with no foreign tax-paid credits), then 19% henceforth on foreign earnings (less "credits" for foreign tax paid, adjustable by fiat).
A very clever move, whether one agrees with it or not:
- Helps balance the budget with immediate cash injection (yum!)
- Could very well hurt employment at overseas subsidiaries but won't hurt Americans. Might even boost American employment a bit; if the only reason American companies have foreign subsidiaries is for tax purposes, and that advantage goes away, jobs could be repatriated
- Makes US more "competitive" from a taxation standpoint without having to lower rates
Hard for the GOP to argue (rationally) against any of that.
Regards. Al
"Violence is the last refuge of the incompetent." -- Isaac Asimov
"Never let your sense of morals prevent you from doing what is right." -- Isaac Asimov
Neither a despot, nor a doormat, be
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