Obama Criticizes Companies for Denying Him Tax Money He Wants to Spend

President Barack Obama is apparently ticked off about many American companies buying up foreign companies and then declaring less U.S. tax.

Obama claims this is "totally wrong" and "unpatriotic" ...

Perhaps, but even with corporate "welfare" as they call it, many companies appear to have *Had It*

Maybe if the government would actually display some normal business sense, they wouldn't be scaring people away so fast.

And with all the other big issues, you would think His mind should focusing on more important topics ?

Look who's talking ...

In his Saturday radio address, President Obama criticized American companies that "are fleeing the country to get out of paying taxes." Obama made it clear he wants that money to stay here, so the federal government can spend it:

"The vast majority of American businesses pay their taxes right here in the United States," Obama said. "But when some companies cherrypick their taxes, it damages the country's finances. It adds to the deficit. It makes it harder to invest in the things that will keep America strong, and it sticks you with the tab for what they stash offshore."

Obama Criticizes Companies for Denying Him Tax Money He Wants to Spend

a reply to: xuenchen

Maybe if the government would actually display some normal business sense, they wouldn't be scaring people away so fast.

That shows a shocking lack of understanding of tax law, corporate welfare and the state of corruption in the US. Wouldn't want to interrupt your display though. A number of people seem to enjoy it.

Im not going to point fingers here but it all comes back on nafta, outsourcing, tax cuts and a few other bush/clinton era incentives.

Guess i did point my finger. Ehh

So its either our politics are truly corrupt on many/all levels or they are just a blind ignorant mass of self important buffoons.

I cant imagine they are that blind so i choose the former.

IMHO That is all.

Sorry, I'm not falling for this sob story. If they're moving HQ to another country, they're a foreign company in my book & I'll boycott them for doing so.
It would be like a person trying to get out of paying taxes by pretending to work in Mexico while using the roads, water, police, fire, military, etc. of the US for his own protection.

a reply to: xuenchen
What's wrong with closing loopholes that are screwing the 99%?
Jeez...if he walked on water, you'd complain he couldn't swim.

These business inversions are simply huge corporations buying a little company in a low tax country like Ireland and then claiming they are now suddenly an Irish company.

All this is a corporation exploiting loopholes in the tax code for their profits. While I'm not against profits I think we've had just about enough of the accountant games.

Close the inversion loophole and then revise the tax code to make companies want to stay in the US.

Edit - Wait did I just agree with Obama??? Will wonders never cease.

originally posted by: shaneslaughta
Im not going to point fingers here but it all comes back on nafta, outsourcing, tax cuts and a few other bush/clinton era incentives.

NAFTA?

Since NAFTA was signed, all 3 parties involved (Canada, Mexico, USA) have outpaced OECD in terms of growth....before and after the recession.

Ooooo, that dastardly NAFTA...improving our economic fortunes.....damn you NAFTA!

a reply to: xuenchen

I don't like Obama and neither his administration, but his issue of US companies going oversea to by pass laws, taxes and more is not new, actually it started right after NAFTA (like shaneslaughta pointed out) during the Clinton administration and cemented during the lax big interest butt kissing administration of Bush.

I am all for changing laws to fix this problem.

originally posted by: PleiaDsClusterDck
Sorry, I'm not falling for this sob story. If they're moving HQ to another country, they're a foreign company in my book & I'll boycott them for doing so.
It would be like a person trying to get out of paying taxes by pretending to work in Mexico while using the roads, water, police, fire, military, etc. of the US for his own protection.

That is exactly what has been happening here for the better part of fifteen years. Big tax breaks to companies who go over seas and manufacture their products using foreign labor and parts.

Part of the reason Walmart has exploded the way they did.

There way just a thread the other day about how its impossible to manufacture complex electronics and this here because of the jack of infrastructure.

It really is a manufactured crisis. Our politicians and lobbyists did this to us.

Problem one, money in politics.

Problem two, tax breaks and incentives to outsource.

The rest falls in to place in my eyes anyway.

Not trying to derail xuenchen, i feel that its interrelated to your post.

I hope he does one good thing before he leaves office, recent those previous presidents idiotic actions.

Just my opinion.

a reply to: peck420

In an indirect way it opened the door for bush era outsourcing tax incentives.

DAMN NAFTA!

So how is a non-human entity "patriotic." I wasn't aware that corporations could feel love of country or are they actually people now that it's convenient for the left to want them to be? I mean ... I thought according to the left corporations were not people because if they are people, then that would mean that they have a right to speech and freedom of religion ...

a reply to: xuenchen

More talk OR LIES!

Look at Google and Facebook! Compared to what they make, they pay very little in taxes.

Here is the kicker though! Obama talks bad about these businesses, but yet has no issue pandering to them. Look how many times Google big wigs and Zuckerman have been seen wining and dining at the Whitehouse, and fundraisers!

Google, the owner of the world’s most popular search engine, uses a strategy that has gained favor among such companies as Facebook Inc. (FB) and Microsoft (MSFT) Corp. The method takes advantage of Irish tax law to legally shuttle profits into and out of subsidiaries there, largely escaping the country’s 12.5 percent income tax.

Google 2.4% Rate Shows How $60 Billion Is Lost to Tax Loopholes

originally posted by: shaneslaughta
Im not going to point fingers here but it all comes back on nafta, outsourcing, tax cuts and a few other bush/clinton era incentives.

Guess i did point my finger. Ehh

So its either our politics are truly corrupt on many/all levels or they are just a blind ignorant mass of self important buffoons.

I cant imagine they are that blind so i choose the former.

IMHO That is all.

Well Put Shane-- so well I would have to agree with both
possibilities.

The country might well have a case of middle management
ignorance run by extreme evil. It's worked so well for
thousands of years for the elites; why stop just because
somebody downstairs points it out occasionally?

That was a little strong-- maybe the Golden Child was too
effectively cloistered as a child to accept other than his way.
But-- if it makes them all money except for the communists
the Marxists have to pipe up to "even things out" again.

Moral: "Tax cuts are great when I get 'em.

I swear some people just love to complain water is wet...

US corporations leave the US because it's cheaper to do business elsewhere.

Welcome to global competition.

Increasing their taxes here will only make the problem worse, not better.

We are also one of the few countries who tax profits made offshore. If we fixed that one issue alone, you'd see the tide stem.

I think Obama is just setting up another array of "Blames".

He will make that known soon enough.

Elections are getting hot.

99 days ?

originally posted by: xuenchen
I think Obama is just setting up another array of "Blames".

He will make that known soon enough.

Elections are getting hot.

99 days ?

What do you think he is going to do? Pull a wrabbit out of his had and remove the two term limit?

Or are you saying he will shift the blame to the other side of the coin?

originally posted by: shaneslaughta
a reply to: peck420

In an indirect way it opened the door for bush era outsourcing tax incentives.

DAMN NAFTA!

That perfectly explains why the US started outsourcing prior to NAFTA being signed.

Hell, one of the most 'revolutionary' outsourcing moves occurred in 1989...Kodak.

Sadly, if the US had demanded NAFTA like agreements with all of their major trade partners...things would have turned out quite differently. Alas, they did, and have not.

originally posted by: ketsuko
So how is a non-human entity "patriotic." I wasn't aware that corporations could feel love of country or are they actually people now that it's convenient for the left to want them to be? I mean ... I thought according to the left corporations were not people because if they are people, then that would mean that they have a right to speech and freedom of religion ...

Because they are "persons". See the SCOTUS decision on Hobby Lobby. Can't have it both ways.

CNS is the reference...again with the language of the title....(HE)...Obama...cannot personally spend it, not can he personally say where it is to be spent...that's congress's job, specifically the house of representatives controlled by the republicans which...SHOCKER!!! is NEVER mentioned in the article...they are a douchebag website, and caught in an outright lie, and I don't care a bit to call them out on it.

a reply to: xuenchen

Class division.

Coming from a community organizer, that's all he knows.

Division.
Polarisation.
Us vs Them.


Who ever said he (Obama) was a uniter, should be slapped repeatedly.