The war on corporate America by Obama continues – Obama plans corporate tax crackdown

Basically Obama is planning on eliminating or heavily reducing a tax deferment on companies that reinvest their international profits in overseas operations. He also plans to extend an R/D tax incentive. As well, he plans on seeking out the taxable incomes of people moving money to tax havens overseas. UBS (a well known Swiss bank) has already paid nearly $1 billion in penalties for knowingly hiding US money, and is being sued by the US for civil penalties by hiding the income of over 50,000 US citizens.

What do you bet the Clinton’s stash of money in the Cayman’s will be exempted?

So now the companies will spin off their oversea operations, and the profits. Issue shares in the new companies in a non-taxable event. And say goodbye to the jobs and profits completely from the standpoint of the US Corporation. The Stockholders won’t lose because they get the stock of the spin-off. But the US Corporation loses the asset and its profits, making the remaining US corporate HQ look like an expense, instead of a profit center, located in a high corporate tax environment. Sounds like a reciepe for the closure of the US Corporate HQ and relocation to a Corporate Tax haven.


No TweetBacks yet. (Be the first to Tweet this post)

Related posts:

  1. The liberal implosion continues – Air America files for bankruptcy, ceases live programming NA NA NA NA NA NA NA NA HEY HEY!...
  2. Obama’s backpeddling on the intended goal of the stimlus continues Obama said in The Washington Post that he never envisioned...
  3. Patrick Corvington for works for, Annie E. Casey Foundation (Big ACORN granter) to be chief executive of the Corporation for National and Community Service Obama today announced he plans to nominate Patrick Corvington to...
  4. Huffington Post Liberal start whining about ObamaCARE on Youtube now and the plan to tax Cadillac Plans Its amazing what happens when liberals are affected by something...
  5. White House and Congress on Taxing ‘Cadillac’ Plans – Unions exempt through at least 2017 I know I’m shocked (NOT!) According to Fox News, The...

Related posts brought to you by Yet Another Related Posts Plugin.

May 4, 2009 · Filed Under Taxes

Share/Bookmark

Comments

One Response to “The war on corporate America by Obama continues – Obama plans corporate tax crackdown”

  1. King on May 4th, 2009 9:26 pm

    If these companies did spinoff their foreign operations it would still increase tax revenues for the U.S. as currently companies are able to use domestic money on foreign expenses, this allows for lower profits in the U.S. and higher profits in tax havens. If spun-off these foreign companies would need to pay for all their own expenses as they would no longer part of the American company. This would increase revenues in the domestic parent company and the spun-off companies would see a decrease in profit. Thus these companies would then pay more tax in the U.S.

Lets hear your point of view! - A warning to the liberal whiners who seem intent to flood our comment section with profanity. Save your keystrokes. The anti spamming script will just automatically delete your comment. Feel free to disagree with the host on any article posted here, but flame baits, racism, and profanity laced tirades will NOT be tolerated, and will eventually get your IP address banned!




www.e-referrer.com