Corporate tax “patriotism” mandate moves into high gear

[UncleBeer 244]

Companies moving offshore because the US has the highest corporate tax rate in the world. That, along with mountains of new federal regulations, costs of Obamacare, and an unpredictable preznit who chooses to rule by fiat rather than cooperation and popular mandate all make for a business climate that is 'undesireable'. This is of the preznit's own doing, yet he dares call these companies "corporate deserters". Feh.

This should come as no surprise; it's what happens when you hire ideologues with no real-world business experience.

Paying higher taxes is “economic patriotism.”

That “patriotism” push is moving into high gear, as Jeff Mason of Reuters reports:

Obama rails against corporate maneuver to evade U.S. taxes

U.S. President Barack Obama on Thursday hammered U.S. companies that avoid federal taxes by shifting their tax domiciles overseas in deals known as “inversions” and called on Congress to pass a bill to curb the practice.

During remarks to a rowdy crowd at the Los Angeles Technical College, Obama promoted what he called “economic patriotism” and made clear he believed the companies that were engaging in such practices were not being patriotic. The president was in California on a three-day fund-raising swing for Democrats.

So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.

Nine inversion deals have been reached this year by companies ranging from banana distributor Chiquita Brands International Inc to drugmaker AbbVie Inc, and more are under consideration.

The transactions are setting a record pace since the first inversion was carried out 32 years ago.

“Even as corporate profits are higher than ever, there’s a small but growing group of big corporations that are fleeing the country to get out of paying taxes,” Obama said.

“They’re technically renouncing their U.S. citizenship, they’re declaring their base someplace else even though most of their operations are here. You know some people are calling these companies ‘corporate deserters.’”

Obama said he did not begrudge companies making profits but said corporate tax evasion practices made it harder for the middle class – his target political constituency – to succeed.

[Karee 4,191]

He doesn't seem to understand who employs U.S. workers.

[UncleBeer 244]

He doesn't seem to understand who employs U.S. workers.

And that businesses aren't charities.

[Teddy B 17,252]

Good move Obama, it should be illegal to avoid paying taxes in the US for your US business.

[UncleBeer 244]

Good move Obama, it should be illegal to avoid paying taxes in the US for your US business.

Read the article: they've moved offshore because the preznit has made the business climate in the US undesireable. They're no longer liable for US corporate taxes. Obama even refers to it as them "renouncing their citizenship".

[Teddy B 17,252]

Read the article: they've moved offshore because the preznit has made the business climate in the US undesireable. They're no longer liable for US corporate taxes. Obama even refers to it as them "renouncing their citizenship".

So Obama was Preznit 32 years ago?

The transactions are setting a record pace since the first inversion was carried out 32 years ago.

[Mr. Big Dog 10,747]

If corporations are people as they claim, moving offshore should not relieve them from taxation. Only surrendering their citizenship would do that. It's how it works for people. So maybe corporations aren't people after all?

[UncleBeer 244]

So Obama was Preznit 32 years ago?

These "inversions" have been happening at an increasing pace. Did you read the article? Productive companies are choosing to "go Galt" under the preznit's rule.

[GandD 5,966]

I like that people put thinks in bold or change the font color to red. I need that kind of help to understand concepts and points of view. Thanks guys!!

[UncleBeer 244]

If corporations are people as they claim, moving offshore should not relieve them from taxation. Only surrendering their citizenship would do that. It's how it works for people.

Which is exactly what the preznit has accused these companies of doing: "renouncing their US citizenship". Did you read the article?

[Teddy B 17,252]

These "inversions" have been happening at an increasing pace. Did you read the article? Productive companies are choosing to "go Galt" under the preznit's rule.

So you're in favor of Obama stopping these companies from tax evasion. Good call!

[UncleBeer 244]

I like that people put thinks in bold or change the font color to red. I need that kind of help to understand concepts and points of view.

Maybe you do. English translation please?

So you're in favor of Obama stopping these companies from tax evasion. Good call!

Where in the world did you get that from??

[GandD 5,966]

Maybe you do. English translation please?

OH YOU GOT ME! YOU WIN LIFE AND I'M STUPID!

[JohnR! 5,495]

So Obama was Preznit 32 years ago?

All the more proof the conspiracy has been afoot longer before Obama was elected. Reagan was in it to his knees!!!!!!

[JohnR! 5,495]

So you're in favor of Obama stopping these companies from tax evasion. Good call!

Isn't everyone? How do you expect to have services provided to you without taxes? Where do you believe the money comes from to pay for public works, etc?