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Obama "Engages In Envy Economics": Proposes Offshore Profit Tax To Fund Public Spending
Just as AAPL stock hits record highs and single-handedly rescues Q4 earnings from the doldrums, it appears President Obama is bringing his own brand of 'middle-class-economics' Robin-Hood-iness to crush the 'wealth generating' machine that has served America's 1% so well for so long. As AP reports, The White House plans a six-year half a trillion dollar public works program financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas. Under current law, profits only face federal taxes if they are returned, or repatriated, to the US; but Obama's new deal would set a tax on accumulated foreign profits at 14% and due immediately as part of a broader administration plan to overhaul corporate taxes. Of course, with Republicans 'in charge', it is unlikely to pass as Paul Ryan blasted, "the president is trying exploit envy economics again," adding, "top-down redistribution doesn't work."
President Barack Obama's budget will propose an ambitious six-year, $478 billion public works program of highway, bridge and transit upgrades, half of it financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas, White House officials said.
The proposal, one of the main components of the $4 trillion spending plan for the 2016 budget year that Obama will send to Congress on Monday, attempts to tap into bipartisan support for spending on badly needed infrastructure repairs and construction.
The tax on accumulated foreign profits would be set at 14 percent and due immediately. Under current law, those profits only face federal taxes if they are returned, or repatriated, to the U.S. where they face a top rate of 35 percent. Many companies avoid U.S. taxes on those earnings by simply leaving them overseas.
The foreign earnings tax would be part of a broader administration plan to overhaul corporate taxes by ending certain tax breaks and lowering rates, a challenging task that Obama and Republican congressional leaders insist they are poised to tackle this year.
Under Obama's plan, the top corporate tax rate for company profits earned in the U.S. would drop to 28 percent. While past foreign profits would be taxed immediately at the 14 percent rate, going forward new foreign profits would be taxed immediately at 19 percent, with companies getting a credit for foreign taxes paid.
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"What I think the president is trying to do here is to, again, exploit envy economics," Republican Rep. Paul Ryan of Wisconsin, the new chairman of the tax writing Ways and Means Committee. "This top-down redistribution doesn't work."
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This time, the budget will call for the one-time 14 percent mandatory tax on the up to $2 trillion in estimated U.S. corporate earnings that have accumulated overseas. That would generate about $238 billion, by White House calculations. The remaining $240 billion would come from the federal Highway Trust Fund, which is financed with a gasoline tax.
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So tax foreign cash and tax cheap gas...
In summary:
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Perhaps most ironically - CNBC will now know what the "money on the sidelines" is waiting for... to pay taxes!!
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Which inevitably means more meddling in foreign countries' affairs, which means more countries pissed off at dollar hegemony. Keep it coming, DC! Soon, you'll have enough rope!
Ol' Robbin' (the) Hood strikes again! This tax will be passed along to the little guy of course. "He steals from the poor and gives to the rich!"
I wouldn't worry too much about Obama getting what he wants any more domestically, if it involves passing legislation. I would be more worried about the fact we now have somebody in the White House who's coming mentally unhinged (not that he would be the first).
I propose a tax on "ugly".
Moochelle and Maxine Waters are first in line.
Nope... I insist a tax on STUPID!
It would rake in bazillions of dallahs!
Cause as we all know.. "You can't fix stupiod!"
https://www.youtube.com/watch?v=QDvQ77JP8nw
Its already here. Its called Powerball.
Yeah, let's not completely overhaul the tax system, but let's do a one time fix. Absolutely ridiculous. Clown
Sure it will only be "one time".
Gordian Knot. The only fix to the Theft system is to end government. Only disobedience ends government.
... we now have somebody in the White House who's coming mentally unhinged...
I disagree......
Barry is a political anmal who cares not about the rightness or wrogness of any particular issue. The Blue Progressives are posturing to create a camapign attack against the Red Progressives that will go something like this... Robin Hood Barry was trying to tax those evil offshore corporations and give the money to the needy but he was stopped by those evil Repubs. You get the idea.
In Russia we only had two TV channels. Channel One was propaganda. Channel Two consisted of a KGB officer telling you: Turn back at once to Channel One.
Yakov Smirnoff
Power is not a means, it is an end. One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship.
George Orwell
Folk, Folks, FOLKS! This is called "optics", these measures will never pass since Obamscam is part of the 1% as well. This rhetoric is to calm the masses, to have a "champion" for them. THERE IS NO CHANGE COMING.
That's Brian L "Robbin' " Roberts, CEO of Comcast, owner of CNBC and MSNBC, huge contributor to President Obama financially. Methings Comcast doesn't have many earnings overseas but perhaps Fox does. :)
From Forbes ...
Nearly two-thirds of U.S. companies and 68% of foreign corporations do not pay federal income taxes, according to a congressional report released Tuesday.
The Government Accountability Office (GAO) examined samples of corporate tax returns filed between 1998 and 2005. In that time period, an annual average of 1.3 million U.S. companies and 39,000 foreign companies doing business in the United States paid no income taxes – despite having a combined $2.5 trillion in revenue
Well, my dad owes me a bunch of Warsteiner beer.
Last year I bet him that all of the complicit-media's talk about overseas profits, and low, to non-payment, of taxes, theft, had a deeper agenda than just "division." I figured that it was really more about supplying the empire with more lucre for the connected, and Amongst, to line their pockets with. And even more so, now that the dollar is signalling "exit." I also figured that it was also another way to encroach upon the sovereignty of other nations.
"Winner, winner, where's my beer?"
The banksters need to repay us.
And as a reminder: No business in the history of the world has, or ever will, pay "taxes." It is like the 4th. (5th.) law of thermodynamics.
Dup.
But space available for lease.
Inquire within.
He's an idiot ! No relationship to Robin Hood whatsoever...
Well, they both enjoy(ed) robbin'.
Why would one wish to impede the inducement of global cancer by messing with Apple?
Obama Hood ~ "Men in Tights"!
Obama Hood ~ "Men in Tights"!
Holder would like that movie!
Nearly spat up my coffee when I read "one-time tax". I believe in those types of taxes the same way I believe in unicorns.
Exactly. They never stop taking once they get their foot in the door.
It's always take take take
All one-time taxes grow up to be annual (or more frequent) one-time taxes. "Oh they, grow up so fast." *tear*
Yep, just like corporation's "one off or one time charge" in their non GAAP. Tends to reoccur.
Sure, it'll be a "one-time tax" for another round of "shovel-ready" jobs!
It's every bit as believable as his 50% approval rating...
The beauty of "shovel-ready" jobs is these are easily repurposed as office jobs for women, as part of the gender war.
Ha. Like they'll just do this once. They're getting desperate.
It doesn't matter because they'll NEVER do it.
Obama [the lame duck], now has essentially 2 FREE YEARS to shove whatever 'hope & change' dreams down the pipe and hope that the MSM will suck it up and create a legacy for himself down the road...
- 2008 was all about BLAME BUSH
- 2009-2014 were all about FEED THE BANKERS
- 2015/16 will be all about BLAME the GOP bastards for stonewalling my glorious Utopia
Fuck him!
"It doesn't matter because they'll NEVER do it."
Actually, I am betting that they will, or at least try real hard.
Here's why: CIA-Obama is a CIA, neo-con, Zionist manchurian puppet. His mandate is to envigorate the neo-con suporting sheeple so that they will support the neo-con agenda come 2016. CIA-Obama is the neo-cons' "Emmanuel Goldstein."
So the rhetoric on this proppsal will be about how badly it will hurt "American" compnaies, espiecially oil firms, and then exasperate an already dire emplyment situation in the "heartland" where these neo-con supporting sheeple live. The whole thing will be a lot like the fake "Keystone pipeline" thing that they keep bringing up, and using to hoodwink the neo-con supporting sheeple with.
I.e. just another ruse to further rile up the neo-con sheeple with.
Always about money, power, and division.
The banksters need to repay us.
As for the neo-cons and 2016: It not about the 2016 sheeple census, election, but about getting them, the neo-con sheeple, pychologically behind the neo-cons, and their Zionist supporting agenda.
they will never do it. the corporations own the goverment after all. This will hurt the corporations and they will never allow this.
Ummm kchrisc dude hate to break it to ya man but fucking progressives (obamatron assclowns) are in charge. Whats with all the neo-con shit?
Progressives have always been more militant than conservatives. Obombya's mentor, Bill Ayers blew up four of his own gang of murderers and still wants 25 million Americans dead to achieve his progressive utopia. Dead neo-cons would work well for the progressives murderers of this type. I fail to see how progressives would enable dumbass neocons except by accident or sheer stupidity.
Grimaldus
Americans will be traped in the continental us because everyone hates us and you can't take your$ out of the country. Nice shit hole to be we got here
Get your money out now dude.
Envy economics... We all know that the 1% are robbing everybody through the central bank. Isn't it time for the Republicans to stop pretending we live in a meritocracy?
Yep. Taxing the middle class to death is necessary. Taxing the rich, even a little bit, is: controversial, playing envy politics, killing the goose, robbing capital formation, disincentivizing the entrepreneur, penalizing the harder working, causing Capital flight, forcing expatriation, etc. etc. etc.
you are belong to us
Tax the Rich meme and Grievance politics is something all banana republics have in common. When they have no one left to tax, it's the rich in some other land that's to blame.
Since when is taxing 35% and changing that to a one time 14% tax an increase in tax?
Is this an attempt to getting some (over none) corporate profits back to the US?
Why not outlaw pretending US corporations are in podunk Ireland and pretending to run the corp from there while paying no US tax and then come up with a more realistic corporate tax?
kakistocracies. 1.government by the worst persons; a form of government in which theworst persons are in power.
"top-down redistribution doesn't work"
Uhhh, yeah. Bottom-up redistribution has been working very well for the last few years...
How about NO redistribution?
+1 for beating me to it, "bottom up redistribution has been working very well for years."
14% versus 35%... sounds like a tax cut to me and will allow after tax-profits to be repatriated. Nice spin on the article though. ZH comments going south quickly.
How about eliminating the corporate income tax? Companies from all over the world would be scrambling to relocate to the US, buying real estate, hiring employees, etc...
Want to see economic propperity, let the $2T+ circulate through the US economy.
Indeed while 14% is less than 35% it is greater than the 0% they are paying now keeping it overseas. I also did not see anywhere in the article that mentioned that the profits would then be allowed to be repatriated without paying the full 35% (Though not mentioned could be part of the plan)
How about an overseas ARMS TAX on all those weapons the US sells to everyone and their brother?
I would incorporate overseas, move outta here, shutdown US ops, and tell the USA to go fuck itself.
don't let the door hit you in the ass on the way out
That should read: don't let the prison gate hit you in the ass on the way out.
I did exactly that (and more), but it's not that simple, and the way most people do it - simply incorporating overseas and telling the US to fuck off might not work.
If you incorporate overseas but maintain majority ownership of a company, it what's called a CONTROLLED FOREIGN CORPORATION.
YOU may not be doing any business in the US or have any ties to the US, but as a US citizen... ... ... because what US "corporate persons" do, is setup Controlled Foreign Corporations.
If they tried that, I would be very tempted to contract something along the lines what they did to William Francis Buckley to certain sub-humans (or their spawn) who reside in Washington, DC (updated for the LiveLeak/YouTube generation, of course).
http://www.irs.gov/irm/part4/irm_04-061-007.html
http://www.law.cornell.edu/uscode/text/26/957
26 U.S. Code § 957 - Controlled foreign corporations; United States persons
(a) General rule
For purposes of this subpart, the term “controlled foreign corporation” means any foreign corporation if more than 50 percent of—
(1) the total combined voting power of all classes of stock of such corporation entitled to vote, or
(2) the total value of the stock of such corporation,
is owned (within the meaning of section 958 (a)), or is considered as owned by applying the rules of ownership of section 958 (b), by United States shareholders on any day during the taxable year of such foreign corporation.
(b) Special rule for insurance
For purposes only of taking into account income described in section 953 (a) (relating to insurance income), the term “controlled foreign corporation” includes not only a foreign corporation as defined by subsection (a) but also one of which more than 25 percent of the total combined voting power of all classes of stock (or more than 25 percent of the total value of stock) is owned (within the meaning of section 958 (a)), or is considered as owned by applying the rules of ownership of section 958 (b), by United States shareholders on any day during the taxable year of such corporation, if the gross amount of premiums or other consideration in respect of the reinsurance or the issuing of insurance or annuity contracts described in section 953 (a)(1) [1] exceeds 75 percent of the gross amount of all premiums or other consideration in respect of all risks.
(c) United States person
For purposes of this subpart, the term “United States person” has the meaning assigned to it by section 7701 (a)(30) except that—
(1) with respect to a corporation organized under the laws of the Commonwealth of Puerto Rico, such term does not include an individual who is a bona fide resident of Puerto Rico, if a dividend received by such individual during the taxable year from such corporation would, for purposes of section 933 (1), be treated as income derived from sources within Puerto Rico, and
(2) with respect to a corporation organized under the laws of Guam, American Samoa, or the Northern Mariana Islands—
(A) 80 percent or more of the gross income of which for the 3-year period ending at the close of the taxable year (or for such part of such period as such corporation or any predecessor has been in existence) was derived from sources within such a possession or was effectively connected with the conduct of a trade or business in such a possession, and
(B) 50 percent or more of the gross income of which for such period (or part) was derived from the active conduct of a trade or business within such a possession,
such term does not include an individual who is a bona fide resident of Guam, American Samoa, or the Northern Mariana Islands.
For purposes of subparagraphs (A) and (B) of paragraph (2), the determination as to whether income was derived from the active conduct of a trade or business within a possession shall be made under regulations prescribed by the Secretary.
Best thingis to renoucne citizenship and be done with it. That is the ONLY way you will ever be free.
That would be the easy thing to do, but there comes a point when one has to stop drawing red lines and stand and fight. Besides- even a dog can now petition the European Court of Human Rights, and as a natural person domiciled in Europe, it might be fun to watch two sovereigns get into a pissing match over which one "owns" me and gets to determine my natural rights and lawful privileges and obligations before resorting to finally doing something productive and positive with all the skills and training of my youth.
Best thingis to renoucne citizenship and be done with it. That is the ONLY way you will ever be free.
As an American citizen, I have to pay taxes on money earned over-seas.....why don't corporations?
You should not have to pay taxes on foreign earnings either. But, to use a very old phrase, two wrongs don't make it right.
Agreed. But kind of hard for me to feel sorry for huge corporations that have exported jobs and production out of the US. They are still paying a very small percentage of what an individual would pay on his overseas earnings. I thought corporations were people now? So why don't some people have to pay as much as others?
Plus solving it (not taxing overseas earnings) for corporation guarantees that it will not be fixed for real people. People don't have the power corporations do.
Anyone can form a Corp. Every small biz I know except for pot dealers are incorporated. In theory, it protects you from lawyers looking to sue you personally. But I See where this is all going. Global governance in the quest of fairness.
Exactly!
I pay 15% Why cant they?
They can simply Tax all imports into the US 15%. Same difference.
this is just for public consumption
I may not like Obama but I think I like this measure. Someone please punch me in the face as hard as you can.
:)
if he was serious about doing this he would have proposed it two years ago. in this first place he can't do this now and in the second place he doesn't really want to anyway.
I'm all for closing the tax avoidance schemes used by our wealthiest corporations. I would love to see this proposal become law.
However, this is just Obama and the Democrats blowing smoke up people's asses again. They failed to propose this when they actually had the power to implement it. This isn't serious. Instead, it's a show for the rubes.
Yes, Obama is a robbing hood. His favorite quote is “…if it moves, tax it…”
Obama cannot possibly be American. He has not one shred of American values.
If I build it, or I earn it, I keep it. Eat a dick, Obama. America wasn't built by childlike losers who waited for other people to feed and clothe them. If you can't produce, just get the Hell out of the way. You are dead weight. Even the crumbs and residue of my success would do you better than you stealing my resources to start out with. Or do you not comprehend how that is a fact?
Of course you can't tax corporations because the corporations don't pay the tax, they simply pass it on to the consumer by tacking the cost onto whatever product or service they provide. Corporations are more like tax collectors on behalf of the government than tax payers and, as always, the tax bill is ultimately picked up by you and me.
The Kenyan can first start collectin' from his ukulele playing financial advisor Buffet who owes billions in back-taxes via Berkshire! Collect that then I'm in!
Large cash balances locked up offshore are keeping inflation in check.
Hey Obama!! How about taxing your earnings at 90%.
All taxes should need to be renewed on an annual basis - by the house of represenatives. Perpetual taxes lead to perpetual government.
There should be a sunset clause on every piece of legislation...say 5 years.
LOL @ "one-time mandatory..."
Though down top economics seems to work very well for the 1%
Why not encourage them to bring the jobs home. Free trade with thrird world nations has done nothing good for anyone in western countries. The top .01% have done very well. Even the folks in the third world who have the jobs now won't for long because once the last of the middle class in the west is ruined who will buy all of the shit that the multi nationals produce for nothing overseas.
Back in the 1980's when this began it was obvious that this day was coming. It sure took longer than I thought though. The thoughtlessness and greed of the baby boomer banker and mba is without bottom.
See you on the other side hopefully. Watch out for falling bankers.
This tax proposal is from the same mindset that insisted they could jumpstart the economy by createing billions out of thin air to pay for "shovel ready jobs".
Capital is called "capital" for a reason. Once it is taxed-away, it no longer exists. Almost every single dollar the federal government spends returns less than a dollar in new wealth whereas corporate America must average at least a dollar of wealth for every dollar it spends. We must maximize the amount of capital that stays in the hands of people who know how to make it grow, instead of giving it to people who are experts in dissipating it.
The truth of this proposal is seen in the fact that it is mandatory and not voluntary. Leftists (er, now "progressives") just cannot allow corporations to pay a low tax rate for money they repatriate. Leftists would rather force those dollars to stay offshore and not benefit our economy, unless they can extort a bribe to do so.
We will not make ourselves more prosperous by allowing government to seize this windfall and then throw the money to the wind, just like it did the last time. I say, pass a repatriation tax that is low (like 10%) and let the market decide.
How fucking stoopid are you guys? This is a tax cut. Do you get a special tax cut? Fuck no! Obama spins it as "forcing" coporations and the republicans spin it as class envy. Wake the fuck up you morons. This is a special tax cut. Both parties will grudingly vote for it after the rate is recduced to say 10%. Try focusing on critical thinking instead of parroting the MSM meme... or go back to Yahoo you mindless dipshits. and BTW, since after-tax profits are lower on foreign operations, where would you focus as a multi-national?
Funny spin on this story. This is why pitting anti-statism against anti-corporatism always works in America.
more taxes for poor and less for rich
This just has "poor idea" written all over it.
The United States has a shrinking private sector. So why shrink it more? This has all the hallmarks of an abusive relationship. The government just takes advantage of the private sector and spins it the "you're lucky to be here" line and time after time, the private sector accepts it.
Well, there will be time when the private sector says "I'm not taking this any more!" and leaves. Only then will the United States government realise, THEY were the weak ones in that relationship.....
I would actually support this if Congress would spend the money wisely (fat chance). But here's a better idea - if Obama wants corporations to have 14% less money - then let's see the government spend 14% less too!
corrupt government can't do anything good.
Obama, you Dumb Ass, how about taxing profits that Dn't come back to the US? If you voted for Obama ypu should pat yourself on the back for being extremely ignorant.
McConnell and Boehner should not even bring this up to a vote (a la Harry Reid). This has one purpose - class warfare. It is designed to get incumbent Repunlicans to vote against it so that their 2016 opponents can say 'Senator Republicanus voted against improving roads'.
Hey, trickle down is OUT; trickle up is IN.
Bail outs are OUT; Bail ins are IN.
Its called turning coating; Something a man like Cicero would never do.
But he paid for it in blood.
Choose your OWN oligarchs : be turncoats or be men of principle.
In the final analysis we all have a time line which is limited.
But some of us have understood something : The goal is not becoming top of the dirty heap COME WHAT MAY, the goal is the ardent climb itself to be oneself, according to the rules we fixed for ourselves, as men of word or men of turd.
That is a question of what we do : the turds float for the world to see, the words fly away, but in both cases the acts are for eternity.
top down redistribution does not work but bottoms up redistribution works fine. got it.
"The tax on accumulated foreign profits would be set at 14 percent and due immediately."
This will never pass, not with a paid for congress. That said, holy crap, that's an economic nuclear bomb. You'd get a massive influx of unsustainable money, and if the profits were held in non-US denominated accounts, blow the USD exchange rate up, which would in turn probably help kill the companies they're demanding the taxes from. Then, of course, the gov't would blow the cash on stupid shit and have nothing to show for it and no way of getting another windfall of the same magnitude.
JFC these people are either retarded or insane.
This idea is right up there with "Dead people just aren't paying their fair share"
If Dems get the White House and Senate in 2016 (the House won't matter as either Democrat control or Boehner as Speaker amount to the same thing) - then expect a similar proposal going after your IRAs.
All of this is posturing for the next presidential elections and nothing more. What a sad joke being played on people. This administration had the opportunity to do this when the Democracts had their super majority in both houses. People are frigging idiots and this administration knows they have short term memories and will spin this as Republics hate people and see this is why and the pleebs will cheer them for it!!!!!!
More crony corporate welfare to grease the “political donations” of next election cycle.
The US TRAITOR CORPORATIONS will wait for a "Repatriation" because last time they only payed 3-5% TAX ON IT! They used most to buyback + bonuses, this is DOA.
"top down redistribution doesn't work".
We know how well bottom up redistribution did work huh?
When Obama talks about public spending he means more money for the Free Shit Army to sit at home and pop out chilluns.
Oh, and to rescue any of the TBTF banks that might need a helping hand.
And why not when you can print all the money you need?
What do companies that hold untold billions in offshore accounts actually do with that money? Does the money just sit there, is it used for bragging rights, is it a huge slush fund for the corporate elite?I honestly dont know.
Im no communist, but if so much money is just sitting there doing nothing while corporations continue to seek out new and cheaper sources of labor just so their cash stockpiles can continue to grow, I say fuck them, start spreading that shit out.
If Barry is for real, the only mistake he's making is proposing a tax rate that is way too low. If he's for real, he should cut the stockpiles in half.
The odds are that most of the money is actually invested in US Treasuries through banks located in tax havens and is only "off-shore" for tax purposes. The accumulation of those large sums has been a huge drag on the Western economies. Companies like Apple should pay their taxes and distribute most of the money as dividends to help restore health to the global economy.
Corporations work at lobbying to repatriate the profits tax free, like they were allowed to do in 2004. At that time, legislation specified that the funds would be used to invest domestically and create jobs. Instead, the multinationals that benefitted from the tax repatriation holiday cut tens of thousands of jobs and used the money to enrich executives and buy back shares (prop up share prices).
So, since it worked so well the first time, multinationals have been ramping up their deferrals of foreign income (more likely domestic income that has been shifted overseas with accounting magic) in anticipation of another tax holiday.
But, yeah, I'm sure this time will be differnt and the "job creaters" will come through.
Impressive, how such a view assumes that money earned and not being used in a way some would like automatically becomes a public asset. Reminds me of a political system that we didn't want not so long ago.
The Apple GUY/ DROID, The sGoogles, & FuckfaceTweetBuchen's LOVE JOE PUBLIC TO DEATH. I feel your LOVEman, you really really look after your Sheeps interests, don't Ya?
Mummy to Son (36) ' wake up you sleepy head, come on, come on get outta bed ' ' Starbucks called and have 3 day's work for Y'all '
Son to Mum , ' FUCK OFF, CUNT , you're not too old to go back on the Game, make yourself lively and blow on THIS '.
Meanwhile back at Control Tower SuckMeOffBURG, scratches his groin and rallys the Cyborgs to seek more Ad money , wondering why all his regular mutant followers have given up exchanging Cv's and Goldman Reps and NSA on his case for MORE DETAILS.
Why doesn't he just propose his real wet dream, nationalization of all US companies?
I would be fine with a lower corporate tax rate for multinationals but are the same US Chamber of Commerce folks (really just an organization that represents the largest 500 or businesses in the US anymore and certainly not small businesses) willing to get rid of a litany of tax credits/accelerated writeoffs & depreciations/etc that have been added since '86?
Of course not. I haven't seen proposal that even talks about it what actually would be done to make it revenue neutral. All of the large corps want to do is what they have done for a long, long time - shift the burden to individual incomes.
Most of those "off shore" profits were actually earned in America, Europe and Japan and are sitting nominally offshore, untaxed, as a result of various transfer pricing tax frauds.
The tax take should be more like 30% and Obama should split the take with Europe and Japan.
Just curious, but if the earnings weren't earned offshore, why aren't those companies being pursued for tax fraud instead of trying to pass a law on foreign profits?
The answer is that to progressives, it doesn't matter. The ends justify the means.
Obama grants full and direct autonomy to the FED to prop up Apple& Co's share price for a CUT. BungHole Diplomacy!!
So, why would a corporation subject itself to the IRS for foreign earnings? More companies will move offshore.