Obama to Crack Down on Business Taxes

Obama to Crack Down on Business Taxes

www.foxnews.com

President Barack Obama plans to propose changes to tax policy certain to be unpopular with corporations with international divisions and individuals who use tax havens. Obama also plans to ask Congress for 800 new federal tax agents to enforce his broad requests.

Obama's two-piece plan, to be announced at the White House on Monday, would eliminate some tax deductions for companies that earn profits in countries with low tax rates, as well as consider U.S. citizens who use tax havens such as the Bahamas or Cayman Islands guilty of violating U.S. tax laws. If Obama wins congressional approval for the changes -- and he faces a challenge on Capitol Hill -- it could deliver $210 billion in tax revenue over the next decade.

(visit the link for the full news article)



[edit on 4-5-2009 by grover]

If fox reports reports it, its gotta be true right?

GOOD. The multi-nationals have gotten away with way too much over the years... thanks to tax havens and loopholes some haven't paid taxes in years and some even get tax refunds on top of that.

It's something even a Republican can understand... it you do business in America then you should pay taxes on it.

Getting corporations to pay their fair share would go a long way in reducing the deficit...

And to those who would claim if we tax them they will take their business elsewhere all I can say is bullhooey... like they would abandon the largest economy in the world...

Yeah right.

www.foxnews.com
(visit the link for the full news article)

[edit on 4-5-2009 by grover]

reply to post by grover


You're missing the whole point. The whole reason why they go overseas is because our government has a problem and keeps making really really high taxes. So they go elsewhere to do it. Our government should have lowered their taxes to allow for competititon long ago...

reply to post by grover


210 billion over 10 years won't even put a dent in our deficit.

He should come up with some sort of tax incentive for keeping jobs in the US. As it is they will be taxed heavily anyways and they have to pay alot more for wages.

Get taxed heavily and not pay out alot in wages.

or

Get taxed heavily and pay out alot in wages.

We will see how this actually pans out.

Seems this will upset a lot of people in powerful positions. It might be more trouble than its worth.

With companies already looking to outsource any and everything to less expensive foreign countries, making America a more costly place to do business may drive off far more money than the $21 billion a year these taxes propose to bring in.

reply to post by Frankidealist35


I have a business myself, I pay my taxes, and I'm expected to feel sympathy for a larger business that sends their money over seas? So, my small business is expected to or works out to pay a higher percentage in taxes bc I follow the rules. That's b.s., I feel no sympathy for a business owner that wants to send money over seas to avoid paying taxes or whatever reason they may have, and now they have to pay up. Sending that money overseas takes it out of our economy and screws the small business person. If everyone paid what they were supposed to in taxes there would be more money and less "need" to raise my taxes.

reply to post by searching4truth


The thing is that our corporate tax is the largest in the world. So, naturally they would want to go outside of the country to do business. If we had no taxes everything would be a lot better.

But, people have to go where it's cheaper since taxers are so high-- so-- Obama should if anything lower them!!

reply to post by Frankidealist35


Realistically, he could lower them overall and still make more money since more businesses would be paying. I'm totally fine with that, I just can't sympathize for someone or a corporation that sends their money out of the country anyway, and in many cases jobs as well. Especially, when the small business person gets screwed all around, the money from my business stays within a 15 miles radius and I get no breaks.

Originally posted by Frankidealist35
If we had no taxes everything would be a lot better.

Now that is something... no taxes huh? So you don't mind if the roads aren't paved or the town drinking water isn't pure... and you really don't care if we have a military or not.... you would be just as happy if there were no government services what so ever?

What the hell do you think pays for the way of life we have come to be accustomed to here? Taxes that's what.

No one likes paying them for sure but if all taxes were eliminated all the goods and services that the government provides would be eliminated as well... as well as the government itself.

And you think what you pay is bad now just think what it would be like if the fundamentals were all privatized... would it be any cheaper?

No. In fact without the restraints government supplies we would really become slaves to the corporate state then.

You wanna experience a world with no taxes and no effective government as a result try Haiti.

Also:

210 billion over 10 years is still better than nothing and is that the logic... it won't make a dent so why bother?

I agree, I don't mind paying taxes or should I say I didn't mind. I live in Chicago, we have the highest sales tax in the country, and one of the highest business taxes, yet private citizens have begun filling their own pot holes bc the city can't seem to find the time. Now, why should we have to pay these ridiculously high taxes coming and going, and the city can't hold up its end of the bargin. I know that's the city, not federal, but something has got to give. On every level there seems to be a black hole as far as where the taxes go. I think that there needs to be more accountibilty, before we go with a blanket tax raise, I want to see reprocussions for the obvious corruption too.

Originally posted by searching4truth
reply to post by Frankidealist35

 

Realistically, he could lower them overall and still make more money since more businesses would be paying. I'm totally fine with that, I just can't sympathize for someone or a corporation that sends their money out of the country anyway, and in many cases jobs as well. Especially, when the small business person gets screwed all around, the money from my business stays within a 15 miles radius and I get no breaks.

Our economy would be better if everyone bought American made products also. But if you was, for example, to buy a brand new plasma screen televison and you had two products that are exactly alike. One was American made and cost 50 dollars more then the foreign made one. You would be more inclined to buy the one that was foreign made because it was cheaper. You would be hurting the American company by not buying their product.

It is the same as the companies who outsource. We have made it where it is cheaper for them to go to a differant country to make their products. So naturally they sway toward the bargain. Just like you would.

Now if we stopped taxing them so much, then they would not outsource. Just like you would buy the American product if it was cheaper then the foreign product.

edit for the grammer I saw.

[edit on 4-5-2009 by jd140]

reply to post by grover


I disagree with you here. I believe that if we got rid of taxes then we could make huge progress with roads and other things. The best innovations that Americans have made were with the privatization of the roads. So over here, if we got rid of taxes, we could make everything privatized... and I think innovation could make things better.

I agree in our current state-- not everything can be privatized-- but we need to go to that point more and more. As time goes on I see all these unconstitutional government programs our tax dollars are going to, and, I don't think we should be paying for them if they aren't doing what we want them to do.

[edit on 4-5-2009 by Frankidealist35]

reply to post by grover


You said the 210 billion would go a long way in reducing the deficit.

I simply stated that it wouldn't make a dent in it. Which is the truth.


Nobody said that we shouldn't bother, I simply corrected you.

reply to post by jd140


I think they would still outsource just because their bottom line would be that much bigger. The only thing that would stop outsourcing is if Americans suddenly demanded products that were only made in the USA and quit buying overseas-made products. But that implies a sense of patriotism and loyalty that people in this country simply do not possess when it comes to buying goods and services.

But how many products that Americans buy nowadays are actually made here in America? The blame has to be shared by both the American consumer who will always buy the cheapest they can get and the corporation who will always try to maximize their bottom line.

[edit on 6-5-2009 by sos37]

Business does not pay taxes.....you do!

They roll the cost of taxes on to their product.

Say I have a snowplowing business and charge $20 a driveway and say the local gov't puts a $10,000/yr tax on all snowplowing outfits for road repair.

Who pays the tax? Not the snowplower, if he eats it, he goes out of business.....he has to increase the cost of the each driveway.

You pay the tax................