Forum Post: Lets give big buiness another tax break!?!
Posted 13 years ago on Oct. 11, 2011, 10:30 p.m. EST by robertred85
(35)
This content is user submitted and not an official statement
Was just watching Fox News, and the republican parties answer to Voting down Obama's job bill, is to give companies who hide money in off shore accounts, or who out sourced to foreign countries and leave there money there, is to pass legislation that will permanently allow them to pay only 5% in taxes if they bring the money back to the US. WTF?
we could tax them more, but then they could just send the rest of the jobs overseas too! ahaha, how would you like that?
probably to china, anybody thinking of learning to speak Mandarin? Just another loophole to exploit, sad.... very sad.
Bush tried this in 2004 and he found out this created 0 jobs.
Not really 0 but it wasn't nearly as effective as it should have been, mostly because there were few strings attached. This time we know better. It won't pass unless there are restrictions.
First, the bill failed mostly because there weren't enough Democrats on board. They needed 40 and couldn't get them.
Second, the idea is to provide tax amnesty to allow companies who are organized in a way that keeps overseas profits off-shore due to higher tax rates here to bring that money back to the US at a lower rate to be invested here.
Whether that's what actually would happen or not is debateable based on past amnesty events but this round likely would have some more strict requirements that the money be put to use here to hire, build-out, etc., in order to claim the lower rate.
It all seems reasonable when you here it it just never works out the way is supposed to. I wasnt counting on the bill to pass, but I am sure there are people who were. I just dont know who to trust anymore, so I'm trying to get informed. Its overwhelming. Where do you draw the line in the sand?
It was mostly a publicity effort for campaign bragging rights that everyone knew wouldn't pass anyway. Now that the BS is out of the way, hopefully, they'll sit down and actually get to work on something real.