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Obama Proposes One-Time Tax On $2 Trillion US Companies Hold Overseas
mrspoonsi writes with news about a new proposed tax on overseas profits to help pay for a $478 billion public works program of highway, bridge and transit upgrades. President Barack Obama's fiscal 2016 budget would impose a one-time 14 percent tax on some $2 trillion of untaxed foreign earnings accumulated by U.S. companies abroad and use that to fund infrastructure projects, a White House official said. The money also would be used to fill a projected shortfall in the Highway Trust Fund. "This transition tax would mean that companies have to pay U.S. tax right now on the $2 trillion they already have overseas, rather than being able to delay paying any U.S. tax indefinitely," the official said. "Unlike a voluntary repatriation holiday, which the president opposes and which would lose revenue, the president's proposed transition tax is a one-time, mandatory tax on previously untaxed foreign earnings, regardless of whether the earnings are repatriated." In the future, the budget proposes that U.S. companies pay a 19 percent tax on all of their foreign earnings as they are earned, while a tax credit would be issued for foreign taxes paid, the official said.
I take it Apple 'leeched of the society' by creating production lines and products that provide them with all their earnings around the world? :)
Yeah, they have the money because they made it, they made it by creating products people are buying and by creating enormous production lines while at it. Only individuals / companies create the economy and governments are the ones that leech off of that productivity, not the other way around.
Of-course companies that are under government protection leech off of that productivity as well (like certain bailed out banks, military industrial complex and such).
Any company that creates a product that is then voluntarily traded for by the people in the market is an economic engine and a productive member of society before even a single cent is stolen from it by a government and socialists that want and vote for that money to be stolen.
The actual leeches are government employees and the mob that provides those employees with the power to steal.
You can't handle the truth.
Embassies? Military protection? Original education, roads, and infrastructure that got you overseas, rather than keeping you in a hovel in a ghetto? If you don't want to support the country, give up your citizenship. Then you don't need to worry about the US or its taxes or laws unless you come back.
That is all.
Actually counterfeiting is what governments around the world are actively involved in, that's all the 'QE' crap, paper money printing is all about.
Roads, education, health care, communications, etc., none of it should have anything to do with government in the first place, unless of-course you want to have a monopoly on such things and have it protected with government military (which is why government military is also a horrid outdated idea).
The only way to 'pull your weight' in a society is to be a productive member of it and to work in the private sector. Government is the economic leech that destroys the productivity and wealth, it doesn't add anything to it. All real productivity is done privately, all that governments do is theft (and in many cases murder), nothing else.
Taxes shouldn't exist and they are not paying for civilization, they are paying for destruction, monopoly power, murder. All legitimate economic activity is mandatory, nobody should ever be forced to do anything as a group by thugs with guns.
You can't handle the truth.
If the goal is to drive "multinational companies screwing over US taxpayers" completely out of the US, this is the perfect solution.
FTFY