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CEOs pushing for new tax reform, dont want to pay taxes on profits from overseas, obama met with CEOs
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[quote:SevenThunders:MV8yMDU3NTIyXzM0NjAxNzQ0XzcyNzlERjM2] I have bad news for those caught up in the politics of envy and Marxist class warfare. There is a proven strong negative correlation between high marginal tax rates and government income. That is when governments raise taxes on the highest income folks our revenues actually go down. This probably in part because the rich know how to avoid taxes and are quite willing to pull their funds out of high tax countries. http://www.forbes.com/sites/mikepatton/2012/10/15/do-tax-cuts-increase-government-revenue/ http://blogs-images.forbes.com/mikepatton/files/2012/10/Federal-Revenue-Tax-Brackets5.png I make no judgment about the character or worthiness of the rich to receive their wealth. In fact one quote I've heard is, "you can tell what God thinks about the rich by looking at who He has entrusted wealth to.". Nevertheless, the cognitive dissonance any statist must face is the fact that in order to increase government coffers, so that you can squander taxes on government programs, requires the unpleasant policy of letting the rich 'keep' their money. One way to think of it, is to ask yourself, what is a tax rate that you are willing to pay without giving much of a second thought to how you do your business? A good example of this is a bridge toll. If that toll was $100, would you find another route? You probably would and the rich do the same with where their wealth is deposited. If the toll is only 50 cents you wouldn't think twice about crossing the bridge, and in fact the bridge collects more money in that scenario. [/quote]
if company was incoporated in usa then they wont have to pay taxes on profits generated from overseas, in my opinion it doesnt even matter anymore do half of them even pay the required tax rate? some of the big companies dont even pay any taxes. they call it Fix the Debt.
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