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Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas

 
Cranky
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06/07/2009 02:43 AM
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Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
[link to www.dailytech.com]

"Microsoft isn't happy about a new tax on companies foreign profits

It takes an incredibly powerful company to threaten the U.S. government in hopes of impacting a significant decision, but that's precisely what Microsoft is doing. Microsoft CEO Steve Ballmer made headlines when he publicly attacked President Barack Obama's plan to cut tax breaks on U.S. companies' foreign profits, a plan which is currently awaiting Congressional approval.

Mr. Ballmer suggests that if the tax succeeds, Microsoft may begin a significant move out of the U.S., taking with it tax revenue and jobs. He states, "It makes U.S. jobs more expensive. We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S."

The plan, proposed by President Obama on May 4, seeks to help raise tax revenue and balance the budget by rolling back $190B USD in tax breaks for offshore companies over the next decade. Microsoft is not the first to oppose the measure -- the National Foreign Trade Council, the U.S. Chamber of Commerce and the Business Roundtable are among the numerous others to voice their disapproval.

Previously, companies could defer paying corporate rates as high as 35 percent on most types of foreign profits, contingent that the company invests the money overseas. The idea was that foreign profits are not the domain of the U.S. President Obama disagrees, arguing that U.S. corporations' profits are U.S. earnings. He believes that by taxing foreign profits, companies will be more likely to invest in the U.S., rather than shelter their money overseas.

Thanks to the current provision Microsoft enjoyed a very low tax rate of only 26 percent in 2008 on its profits. A company report describes, "Our effective tax rates are less than the statutory tax rate due to foreign earnings taxed at lower rates."

Some, like Barry Bosworth, an economist in Washington at the Brookings Institution research center, accuse Microsoft and others of wrongdoing. He says the company has exploited the system, and expensive abuse that has cost our nation tax revenue and domestic investment. Indeed, Microsoft's shell game is a bit strange -- it typically develops products like Windows and then transfers the licenses for free to an Ireland subsidiary. This subsidiary then proceeds to sell them, free of U.S. taxes."
Cranky (OP)

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06/07/2009 02:45 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
ROFLMMFAO

What can ya say? Microshaft is going to split next, who didn't see that coming?

Last Edited by Cranky on 06/07/2009 02:46 AM
Anonymous Coward
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06/07/2009 02:46 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Looks like the Microsoft Mafia is trying to strong arm Obama.
Anonymous Coward
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06/07/2009 02:46 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Obozo really has no clue....
Anonymous Coward
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06/07/2009 02:55 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Obozo really has no clue....
 Quoting: Anonymous Coward 687755



cool the solution is then to whack a massive import levy on the products of companies that willfully outsource to avoid paying due taxes.

oh and also remove consular and citizenship priveledges and protections from those execs (and their families) if they make such decisions.
Cranky (OP)

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06/07/2009 03:07 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
cool the solution is then to whack a massive import levy on the products of companies that willfully outsource to avoid paying due taxes.

oh and also remove consular and citizenship priveledges and protections from those execs (and their families) if they make such decisions.
 Quoting: Anonymous Coward 696887



You said, "remove consular and citizenship privileges and protections from those execs (and their families) if they make such decisions."

So you believe that the government has the right to strip Steve Balmer's CITIZENSHIP? The government can also strip his family members CITIZENSHIP too, according to you. Then you go on about how CITIZENSHIP is a PRIVLAGE. So if you were born in AnyTown, USA there is nothing wrong with being stripped of your INALIENABLE RIGHTS?
cupofjoe
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06/07/2009 03:09 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
byekitty
Cranky (OP)

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06/07/2009 04:12 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
bump
Cranky (OP)

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06/07/2009 09:06 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
No comments on this topic...

Fascinating!

spock
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06/07/2009 09:12 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Let the U.S. die. We need a cleansing. Revolution. Expel the banksters. Send the FED shitheads back to Europe's central banks. Start from scratch.

The worse it gets, the better it'll be in the long run.
Anonymous Coward
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06/07/2009 09:13 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
I like the "massive import tax" idea. Let small American startup companies grab the reigns and make REAL innovations for a change. Fuuuuck Microsloth.
Cranky (OP)

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06/07/2009 11:31 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
I like the "massive import tax" idea. Let small American startup companies grab the reigns and make REAL innovations for a change. Fuuuuck Microsloth.
 Quoting: Anonymous Coward 386744

You mean a trade tariff right? That would be the sane thing to do but the Communists are not going to rebuild America’s industry and so no new businesses will fill the void. Tariffs would have been just what the Doctor ordered combined with numerous small and midsized business loans to fill that vacuum.

We don't need another business to walk away.
Anonymous Coward
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06/07/2009 11:34 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
You said, "remove consular and citizenship privileges and protections from those execs (and their families) if they make such decisions."

So you believe that the government has the right to strip Steve Balmer's CITIZENSHIP? The government can also strip his family members CITIZENSHIP too, according to you. Then you go on about how CITIZENSHIP is a PRIVLAGE. So if you were born in AnyTown, USA there is nothing wrong with being stripped of your INALIENABLE RIGHTS?
cupofjoe
 Quoting: Cranky


Welcome to Obamanation, pilgrim!

ochange

Name ONE prosperous civilised nation that is run by a black person.

ONE.
Anonymous Coward
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06/07/2009 11:34 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
VERY OLD NEWS!!!!
picesnator

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06/07/2009 11:35 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Obozo really has no clue....
 Quoting: Anonymous Coward 687755

like obooboo gives a shit........
Anonymous Coward
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06/07/2009 11:36 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Odd because I thought Gates was a born again leftist supporter of Obama. I must have that wrong.
Cranky (OP)

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06/07/2009 11:40 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Odd because I thought Gates was a born again leftist supporter of Obama. I must have that wrong.
 Quoting: Anonymous Coward 646621


Bill Gates?? He is long retired! Microsoft is run by Steve Balmer and he happens to be Jewish by the way...

[link to www.microsoft.com]

Last Edited by Cranky on 06/07/2009 11:40 AM
Anonymous Coward
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06/07/2009 11:43 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
usa doom out of money out of ideas? no lets tax the taxes--frankly they should of never had loop holes to get there business out of the usa---
who are these brilliant minds ruining our country? i mean running of course
Anonymous Coward
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06/07/2009 11:43 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Sending jobs overseas is EXACTLY what the Illuminati want. They can't get the guns away from the Americans, so they decided to just get rid of the Americans instead. If things continue as planned, In a few more years, Americans will just be a small handful of idiots sitting the corner waving a dirty blue flag.
Anonymous Coward
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06/07/2009 11:45 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Another Obama idea not thoroughly thought out.

oridin
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06/07/2009 11:47 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Odd because I thought Gates was a born again leftist supporter of Obama. I must have that wrong.


Bill Gates?? He is long retired! Microsoft is run by Steve Balmer and he happens to be Jewish by the way...

[link to www.microsoft.com]
 Quoting: Cranky


Thanks I knew that but forgot...
Cranky (OP)

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06/07/2009 11:49 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Sending jobs overseas is EXACTLY what the Illuminati want. They can't get the guns away from the Americans, so they decided to just get rid of the Americans instead. If things continue as planned, In a few more years, Americans will just be a small handful of idiots sitting the corner waving a dirty blue flag.
 Quoting: Anonymous Coward 550635


You mean Communists. In any event you can view matters as though the USA has been taken over and stripped for parts in a hostile takeover. This is the whole function of Communism. Microsoft is going to be penalized for staying so they might as well go. You don't abuse businesses that create thousands of jobs and make the software in a great deal of the government's hardware.
Anonymous Coward
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06/07/2009 11:53 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
That fat head Ballmer is demon posessed, and has sold his soul already. You can see it in his eyes, there is no life there, only greed fueled lust!! anyway, im sure he'll burn for eternity!
Halcyon Dayz, FCD
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06/07/2009 11:54 AM

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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Welcome to Obamanation, pilgrim!

ochange

Name ONE prosperous civilised nation that is run by a black person.

ONE.
 Quoting: Anonymous Coward 697037

Define prosperous.

Actually several Caribbean nations are doing better then some "white" countries.
[link to en.wikipedia.org]
book
And the viceroy of Canada is black. So there. ;)

Last Edited by Halcyon Dayz, FCD on 06/07/2009 11:58 AM
Hatred is a cancer upon the world.
It rots the mind and blackens the heart.


Hi! My name is Halcyon Dayz and I'm addicted to morans.
Anonymous Coward
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06/07/2009 11:55 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Here's a clue, make it more profitable to run a business in the US, and jobs will be created. Make it less profitable, and jobs will disappear.
Cranky (OP)

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06/07/2009 01:12 PM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
wtf
Anonymous Coward
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06/07/2009 02:47 PM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
Much as I'm not a fan of Obama, I don't like the idea of corporations strong-arming the government. I say they announce that all federal govt. computers will be running on Linux by the end of the year. See how fast Balmer has that nice tall glass of STFU...
Cranky (OP)

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06/08/2009 02:19 PM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
abduct
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12/06/2011 03:22 PM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
I'm sure the Newt wouldn't do something like this. The Newt should throw this up to Obama when Obama is crying for Congress to pass his tax reduction horror show.
Anonymous Coward
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11/20/2012 07:51 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
[link to www.dailytech.com]

"Microsoft isn't happy about a new tax on companies foreign profits

It takes an incredibly powerful company to threaten the U.S. government in hopes of impacting a significant decision, but that's precisely what Microsoft is doing. Microsoft CEO Steve Ballmer made headlines when he publicly attacked President Barack Obama's plan to cut tax breaks on U.S. companies' foreign profits, a plan which is currently awaiting Congressional approval.

Mr. Ballmer suggests that if the tax succeeds, Microsoft may begin a significant move out of the U.S., taking with it tax revenue and jobs. He states, "It makes U.S. jobs more expensive. We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S."

The plan, proposed by President Obama on May 4, seeks to help raise tax revenue and balance the budget by rolling back $190B USD in tax breaks for offshore companies over the next decade. Microsoft is not the first to oppose the measure -- the National Foreign Trade Council, the U.S. Chamber of Commerce and the Business Roundtable are among the numerous others to voice their disapproval.

Previously, companies could defer paying corporate rates as high as 35 percent on most types of foreign profits, contingent that the company invests the money overseas. The idea was that foreign profits are not the domain of the U.S. President Obama disagrees, arguing that U.S. corporations' profits are U.S. earnings. He believes that by taxing foreign profits, companies will be more likely to invest in the U.S., rather than shelter their money overseas.

Thanks to the current provision Microsoft enjoyed a very low tax rate of only 26 percent in 2008 on its profits. A company report describes, "Our effective tax rates are less than the statutory tax rate due to foreign earnings taxed at lower rates."

Some, like Barry Bosworth, an economist in Washington at the Brookings Institution research center, accuse Microsoft and others of wrongdoing. He says the company has exploited the system, and expensive abuse that has cost our nation tax revenue and domestic investment. Indeed, Microsoft's shell game is a bit strange -- it typically develops products like Windows and then transfers the licenses for free to an Ireland subsidiary. This subsidiary then proceeds to sell them, free of U.S. taxes."
 Quoting: Cranky
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11/20/2012 07:53 AM
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Re: Microsoft CEO to Obama: Drop Tax Break Cuts or We'll Send Jobs Overseas
I don't support any company that sends jobs overseas. Boycott Microshaft. Don't buy their crappy products anymore.

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