Cantor shock stalls offshore corporate tax break in Congress

Comments (15)
majkmushrm wrote:

If corps are people, they can pay taxes like people. If I make money overseas, I have to pay US taxes on it even if it never enters the country. Corps can pay taxes on their world wide revenue regardless of where it is.

Jun 12, 2014 6:18pm EDT  --  Report as abuse
comitas7 wrote:

I am sure corporations will find some equally loathsome individual like Cantor to protect their interests.

Jun 12, 2014 6:47pm EDT  --  Report as abuse
Telstar wrote:

@majkmushrm

I agree completely.

Jun 12, 2014 6:50pm EDT  --  Report as abuse
LeoKretz wrote:

Corporations don’t get enough tax breaks already?!?

Corporations benefit from the infrastructure of the US, even when they also operate in other countries. That infrastructure has been crumbling for years while congress does nothing, yet here is money that could be used for it, but all the repubs are now “scared to vote”! Thanks guys (and gals) – real profiles in cowardice.

If I make money overseas, do I owe taxes on it?? If I do, then why shouldn’t they?? Especially when the SCOTUS has declared them to be “persons”! They want to have their cake and eat it too, but care not bit if the USA slowly deteriorates, just so the fat cat CEOs get their million$.

Unpatriotic and absolutely disgusting.

Jun 12, 2014 6:54pm EDT  --  Report as abuse
EXander wrote:

Why, why, why prithee tell, on this god’s GREEN EARTH are we just finding out about this tax break NOW — now that it’s failed, and not BEFORE — when W-E T-H-E P-E-O-P-L-E could have DONE something about it?

Yeah, keep up the partisan anger going so that people come to your site every 15 seconds…but don’t be surprised when they start pointing their pitchforks at YOU!

The American media is as much to blame, if not MORE, than its politicians.

Our politicians are just spineless slugs doing what the latest polls show them can get them elected.

The media know better.

Jun 12, 2014 6:56pm EDT  --  Report as abuse
sspider wrote:

Definitely working for the 1%, not us.

Jun 12, 2014 6:58pm EDT  --  Report as abuse

I find it reprehensible that any American politican would even CONSIDER giving off-shore corporations tax breaks, while at the same time wanting to cut 40 million dollars in food benefits from 47 million suffering, vulnerable, Americans–including our elderly, our children, our disabled and yes–our vets.

The GOP is ugly and growing uglier by the day. They care for nothing and no one but themselves. To me, it’s like always being confronted by a perpetually angry mob of bratty children: “I want it, I’m going to kick and scream until I get my own way, and I don’t care who gets hurt in the process.” party.

Unfortunately, the Tea Party’s politics are even more selfish and self-serving and xenophobic than the republicans.

Jun 12, 2014 6:59pm EDT  --  Report as abuse
mynamehear9 wrote:

The day the 1% lost one…historic indeed!

Jun 12, 2014 7:09pm EDT  --  Report as abuse
YouGoYo wrote:

What would Rush Limbaugh et al do? Their the one’s that call the shots on what the GOP does (mostly does not) do. They do alot of talking (yelling) but no action! Ever.

Jun 12, 2014 7:15pm EDT  --  Report as abuse
dcayman wrote:

This tax break was originally designed so that US corporations operating in a foreign jurisdiction would not be at a disadvantage competitively against corporations based in that foreign country….however the provision has been so abused over the years that it should be done away with completely and U.S. Corporations should just claim a tax credit the same as individuals when we pay taxes to a foreign country…

Jun 12, 2014 10:03pm EDT  --  Report as abuse
xyz2055 wrote:

If the GOP had their way you’d see zero taxes on Capital Gains, Dividends and Carried Interest, which by the way is the primary vehicles that the 1% earn a paycheck. Corporations? Sitting on record amounts of cash! Please explain why they need an additional tax break. Apple has enough cash to buy every team in the NFL TWICE and still have billions in the bank. The biggest question is how did the Republicans indeed to pay for the tax break. By cutting Social Security and Medicare? Or just add it to the deficit? I laugh every time I hear that Republicans are fiscal conservatives. Democrats are rank amateurs versus the GOP when it comes to spending money. I hold up 2000 to 2006 as exhibit A.

Jun 12, 2014 11:19pm EDT  --  Report as abuse
Alexaisback wrote:

.
It is truly an outrage.
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Post Office Box corporations, avoiding taxes.
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Then rewarded.
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10 TIME EASIER TO WRITE A LAW – THAT VOIDS ALL THE
POST OFFICE BOX CORPORATION LOOP HOLES —
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But instead Cantor and others try to write a law
rewarding these corporations.
.
.

Jun 12, 2014 11:41pm EDT  --  Report as abuse
nose2066 wrote:

This story: “The setback underscored the inability of the U.S. Congress to handle difficult tax issues…”

If American voters only knew…

The secret is that Congress is constantly passing laws (including tax laws) that the Congressmen (and Congress women) do not understand.

Jun 12, 2014 11:59pm EDT  --  Report as abuse
euro-yank wrote:

The golden rule of a corporation is to ‘increase shareholder value’ which means keeping as much money as they legally can. Finding a way to keep more is the first commandment in their bible and they hire teams of tax lawyers and lobbyists to make sure they make it to corporate heaven. All hail the almighty dollar.

Don’t be so surprised people… it’s the ‘American way.’

Jun 13, 2014 1:05am EDT  --  Report as abuse
davesparta wrote:

Corporate Income taxes only represent 1.3%, 1.2%, & 1.6% of GDP for 2010, 11 & 12 per OMB. They probably cost more than that to calculate, file & administer.

We should help small business by ZERO taxes on income less than 300,000.

Lower maximum tax rate immediately to 28% then reduce by 1% a year for 10 years. Eliminate all special tax breaks & credits.

S & P 500 companies effective tax rate is much lower than this already…… they just spend a fortune to get there.
see http://dealbook.nytimes.com/2014/04/14/looking-at-some-corporate-tax-loopholes-ordinary-citizens-may-envy/?_php=true&_type=blogs&_r=0 per GAO effective corp rate for 2010 was 12.6%. Maybe we should get the rate down to 15%

Make us competitive with the world. Stop all the wasted energy & noneconomic activity designed just to reduce reported taxes.

This would bring cash that is locked up overseas back home as our tax rates would then be competitive. Encouraging investment in the USA.

If you want additional creativity make dividends deductible at the corporate level. Putting dividends on par with interest expense. This would reduce the tax subsidy of leverage & encourage capital structures that are right for each corporation on its own merits. Note at same time make dividend taxable as ordinary income at the personal level. Dividends & Interest would be taxed the same….. only be Taxed ONCE

Jun 13, 2014 11:46am EDT  --  Report as abuse
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