The Obama administration said on Thursday it will seek new limits on overseas tax avoidance by corporations in its forthcoming budget proposal, reprising an…
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39 Comments on “Can Obama Actually Crack Down On Corporate Tax Loopholes?”
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Whether he can do it or not is immaterial. Why would he do it? He’s a
center-right corporatist. Contrary to what the Right-wing Blogs will tell
you.
I hope, but knowing Congress, I doubt it.
If the democrat party or Obama rely on tax loopholes then the answer is
NO.
Liberals are very loose with the tax talk when they know its not their
money on the line.
Ireland’s a small country trying its best to recover from near economic
ruin in 2009. If Facebook, Apple, Google, Ebay, etc. didn’t bring a lot of
jobs to the country, we wouldn’t hesitate to kick them out. But the fact is
they do, so the Irish are quite reluctant to tighten its corporate tax
laws. So, although France and Germany are putting political pressure on
Ireland to fall into line, our response is basically “go fuck yourselves”.
Don’t be so naive. Despite what the administration says publicly to keep
it’s lib base happy, even they know low corporate taxes is good for
America, and they’ll keep looking the other way and allow companies to
achieve it anyway they can. Otherwise the stock market falls and Obama
loses one of the few good things going for him. Notice when New York City
tightened the screws it backfired and all the big tax payers started to
leave town. There aren’t many things more stupid than raising taxes.
Obama had Timothy Geithner as the Secretary of the Treasury. A man who
violated the Glass-Steagall Act before it was repealed while he was working
for Citigroup.
Even though that’s not directly related to this. It shows the direction
that Obama will lean in issues like this.
Let’s hold corporations to the same standards the IRS dictates for
individual tax payers:
“Not reporting income from foreign sources may be a crime. The IRS and its
international partners are pursuing those who hide income or assets
offshore to evade taxes. Specially trained IRS examiners focus on
aggressive international tax planning, including the abusive use of
entities and structures established in foreign jurisdictions. The goal is
to ensure U.S. citizens and residents are accurately reporting their income
and paying the correct tax.”
What we need to do is collect US taxes from every corporation that does any
business whatsoever in the United States, on all of their profits worldwide
rather than just what they designate in their cooked books as being “US
profits”. If a corporation wants to avoid paying US taxes, they’re free to
do so. All they’d have to do is shut themselves out of the most lucrative
market in the world.
I should start a gambling site, “What_will_Obama_do.com”.
I could make a fortune.
Obozo is the greatest EPIC FAIL of a president! Obozo will try to raise
taxes even more and drive our economy down the ditch! We need Sarah Palin
as our next president because she will cut taxes even more and encourage
everybody to bring their money back home to the Palination! That money will
NOT be taxed at all! The Palination will have ZERO taxes on ALL businesses
large and small!
If you’ve been in the business world you know there’s a huge gray area
between doing legitimate business and breaking laws. This is true in all
issues not just in tax. No-one is making corps go deep into that gray area
on the issue of tax, they often themselves aggressively push there way more
than they do in other issues even though they probably could make more
money by going gray in those areas too like for example in their hiring
practices. So yes, there’s blame on the politicians who aren’t stopping
what is essentially tax evasion but there’s also plenty of blame for the
corps as well.
Also I don’t think many of you understand how this works. What these
companies are doing isn’t illegal. For example apple, they will create a
subsidiary company that owns the rights to the patent royalties of their
foreign sales. This money doesn’t come back to the parent company, and
because of that the US can’t tax them on those profits.
You want to get angry at Obama, but the fact is he can’t touch those
companies unless Republicans agree to tax reform that closes these
loopholes in tax law. You can get Republicans to the table by agreeing to
lower the rates, but ultimately closing the loopholes, which will certainly
create more revenue depending on how much you lower the rates, but it
shouldn’t be ignored as I said earlier that lowering those rates will also
help smaller companies who can’t take advantage of loopholes and tax
reductions.
The issue here is effective tax rate, lowering the statutory tax rate,
while raising the effective tax rate is a win, and anyone who ignores that
reality is not only an ideologue but a fool.
Can Obama crack down on corporate tax loopholes? His job as president is to
BE a corporate tax loophole, as evidenced by his top campaign contributors.
Obama cracking down on taxes? This is a bigger JOKE then obama getting the
nobel peace price,,,,,,,,,,what was it he said about the dron
killengs,,,”at least im good at killin people” fucking war criminal and
mass murderer should be in the court in haag and pout in a cage where he
belongs
Cenk I love this show, but my criticism is that you talk about America and
American lives as if it’s all that matters. America doesn’t exist in a
bubble. The problems you speak of are problems of humanity. It’s not too
liberal to give a shit about others in the world. Your parents are foreign
for God’s sake.
Britain DEFINITELY needs a TYT equivalent. We are built on corruption.
Maybe some pointers for this? But also, how would a foreigner help the
American WOLFPac?
I think looking at how Scandinavia got rid of kings and became democratic
may be a good starting point. I know, you’re trying to push for the
Convention, but they shit all over the constitution every day.
Out of the $1.08 Trillion our federal government spends annually on tax
credits, only 8% goes to corporations (Congressional Budget Office). The
bulk of our tax credits go to the middle class and poor.
“Tax reform” works like this:
1. lobbyists bribe Congress to give corporations massive loopholes and
subsidies, reducing their taxes and putting more of a burden on the rest of
us to make up the loss in revenue or add to the national debt.
2. lobbyists complain the tax code so gosh darn complicated—let’s
“reform” it and take out the loopholes we bribed Congress to put in, as
long as corporations still pay less in taxes.
3. lobbyists bribe Congress to put loopholes back into the tax code.
Lather, rinse, repeat while the rest of us go down the drain.
You can set the minimum tax through the WTO, and through trade agreements
(ie. like the one with the EU).
I think that we should just scrap the corporate tax altogether, and
increase tax rates on the highest income brackets in america. Don’t tax the
buisineses just tax the people who profit off of them.
No.. I am pretty sure he’s an idiot.
I suspect it’s because Obama wants to see gains during his term, so he’s
been willing to give the corps super huge long term bonanza deals in return
for a little return now to stimulate stuff during HIS term. Robbing Peter
to pay Paul
i like the huffington post guy
Obama makes great speeches and offered such great promises, but as it comes
to his actual delivery ~ money in politics from ultra-rich donors like
corporations have corrupted Congress, the Republicans have been mostly
obstructionist to any policies Obama aimed to bring forth, and thus Obama’s
attempts to create bipartisan efforts have mostly failed …
When it comes to corporate taxes, corporations are amoral entities and
invariably act to protect their bottom lines regardless of any damage this
causes ~ they’ve done all they can to evade lawful taxes, and the result
has been a slow escalation of accrued debt … if taxing corporations is
the goal, and its a good goal, the way to do is would be to make offshore
tax havens illegal ~ if corporations want to do business here in the US,
they have to pay their fair share …
BTW, considering Obama’s stance on the TPP, he’s proven to be a corporate
shill … until he actually properly taxes corporations, I’ll see all this
as bluster towards his base, just blowing more hot air …
Great panel.
It’s hard to see White genocide when you are anti-White.
These four are very comical talking about stuff they know nothing about.
There are no such things as “loopholes”, the companies are NOT evading
taxes which is a criminal situation, and they are NOT hiding money offshore
which suggests criminal conspiracy. What they’re doing is all according to
the laws. Taxation policy is extremely complex when internationals are
involved. These companies pay taxes to those jurisdictions where they earn
their profits, they deposit profits offshore to avoid double/triple
taxation should they bring the funds stateside.
these four progressives want to tax such corporations much higher which
would raise the prospect that those Countries where the profits originate
could then increase their taxes. Why would they want to leave “money on the
table” for the Americans to tax heavily when they could avail themselves of
the money up front so to speak?
He won’t crack down he is a corpratist just like Cenk said earlier this
week.Ron Paul would but democrats and republicans are dumb and only vote
for fascist dictators
VAT Taxes & Tariffs can will also…
Obama could close the loopholes overnight with an executive order, on the
grounds of the loopholes being unconstitutional to begin with. Special
protection is unequal protection, and is in violation of the equal
protection clause, Obama could LEGALLY get rid of loopholes overnight, but
he won’t because he’s not going to do a god damned thing, because the
people with the money to lobby for these loopholes are the ones that own
his ass 🙂 As for the offshore stuff, who knows, I would think you’d want
to do more to invite capital back to the country, a strong currency would
go a long way in doing that, so you might want to stop printing a trillion
dollars a year.
Answer: Ugh, no he can’t. He has no real power. When are you stupid
Americans going to realize Obama is just a public figure head.
i cant believe anyone believes anything obama, Bush, Clinton anyone since
JFK says and does. hes proven hes full of sht with everythign he says, time
for a new government. The fact Obama is for the TPP trade deal should be
alarm enough.
The joke is that thanks to its behaviour over the debt ceiling, and its
increasing danger to global financial stability, the US will be
increasingly sidelined on the global stage over the next 20 years. I’d pass
this legislation quickly, whilst any companies still want to operate from
the US at all…
never going to happen
You want the government to “just enforce the laws already on the books”
Cenk? You mean like enforcing the laws on the border with Mexico? Or should
the government just enforce the laws you agree with?
the real problem i see is that, people are not that educated in these kinds
of hings. thats the reason they get away with this swiftly. corporations
adopted their own language for a reason. imagine if we can dice-fer what
they really mean when they speak?..lol…god bless yall..peace.
Fuck the government and their ways . I’m going to live in a forest !
Corporations that evade taxes should be de-listed from the stock exchange
until they comply. It should also be a condition to the qualification for
any form on government benefit including subsidies, licensing and grants.
This should be retroactively applied back to the start of the quarter prior
to the infraction.
Also, make this international law plus all corporate taxes should be paid
in the nation where the transaction occurs. You move your IP to ireland,
tough shit, you sold the product in Germany, you pay income tax in Germany.
Then they can move the money where they want because the tax has already
been made.
I bet you Mitt Romney is pissed on what obama is trying to do….
Mitt romney is like “No! Give the smaller businesses a bigger tax rate! I
don’t care if we have to close small businesses just because they can’t pay
bigger takes lets dooooo itttt!
Obama: I aint doing shit…. But lets go for round 2