BORE-HEAD007

Delivering the truth about your agents that gather your seafood for you,US Fishermen.

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Let's not open the door to corporate tax-dodging - The Boston Globe

Seeded on Sat Jun 25, 2011 6:51 AM EDT

Article Source: The Boston Globe

Seeded by bore-head007

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Multinational corporations are demanding a colossal tax break before they’ll “repatriate’’ billions in profits they have been hoarding overseas.

A select alliance of America’s largest companies — Cisco, Pfizer, Qualcomm, and Google, to name a few — has been pressing for a bill that would temporarily slash the federal corporate income tax on offshore profits from 35 percent to 5.25 percent — a break of 85 percent. The tax holiday would ostensibly provide an incentive to return to the US Treasury between $750 billion and $1 trillion in overseas profits the companies have been sitting on.

Using a fanciful formula assuming that every dime in returned tax revenue would subsidize a new hire, Cisco’s CEO, John Chambers, predicted in a Wall Street Journal column that the tax holiday would create 2 million new jobs. He called it “a privately funded stimulus of up to a trillion dollars.’’ But as experience has shown, this scheme is less a jobs bill than a thinly veiled amnesty for corporate tax-dodging.

Yeah, right. Stimulus for themselves!!!

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Groups: 112th United States Congress, Corporate Watchdogs, Corporatism, Get On Your Soapbox, Government & Industry, Happy with Corporate America?
Regions: Boston

Public Discussion (27)

bore-head007

The only entity that lie's more than a politican at election time is CORPORATE AMERICA. Turncoat bastards.

The last time Washington passed a repatriation holiday, in 2004, $362 billion in profits came back to the United States. But it didn’t result in a surge of new jobs. In fact, according to the Congressional Research Service, many of the companies that took advantage of the tax break slashed jobs soon after. Pfizer repatriated around $37 billion in profits only to close factories and eliminate 10,000 American jobs. Hewlett-Packard announced plans to cut 14,000 jobs while it repatriated $14.5 billion.

Pfizer, the hardons that they are, prove themselves to be real dickheads!

So where did the money go? Studies by the nonpartisan National Bureau of Economic Research and others found that much of the returned cash went to increases in shareholder dividends, stock buybacks, and corporate bonuses. There’s no reason to believe the companies would behave any differently this time.

Thats right! They are gonna just put the boots to truth. They already have to integrity.

3 votes

#1 - Sat Jun 25, 2011 7:01 AM EDT

bore-head007

borehead1 wrote:
From the article!
The last time Washington passed a repatriation holiday, in 2004, $362 billion in profits came back to the United States. But it didn’t result in a surge of new jobs. In fact, according to the Congressional Research Service, many of the companies that took advantage of the tax break slashed jobs soon after. Pfizer repatriated around $37 billion in profits only to close factories and eliminate 10,000 American jobs. Hewlett-Packard announced plans to cut 14,000 jobs while it repatriated $14.5 billion.

Kinda reminds me of an old joke!

BANG BANG BANG on the door!
"Who is it?" yells someone inside.
"Its Big Stu, and I'm here to get screwed!"
"Slide fifty buck's under the door.:
Big Stu waited, and waited some more.
BANG BANG BANG
"Who is it?!"
"Its Big Stu, and I'm here to get screwed!"
From inside. "What?! Again???"
Corporate America. Legalized prostitutes.

5 votes

#1.1 - Sat Jun 25, 2011 7:26 AM EDT

a1623yankee

Great joke bore-head007 and I would have laughed if it wasn't so pathetically true!

2 votes

#1.2 - Sat Jun 25, 2011 7:40 AM EDT

bore-head007

I cleaned it up for the Globe.

When I tell it in person, 1623, even you would have to laugh!

This is the second go'round for this.

2 votes

#1.3 - Sat Jun 25, 2011 7:49 AM EDT

worldcurmudgeon

Chambers is lying. Once given they will want more breaks in every area of the tax code.

The code needs to be amended, taxing them for sales in the US and pocketing the money overseas. If they don't like it, we can in the public interest cancel their copyrights and hand their formulas over to small business to continue the manufacture drugs that will meet the needs of Americans.

We are not sending the wealthy corporates a message. If they can have areas of cities condemned for their housing projects, manufacturing facilities, and resorts, then in the interest of the American people they can be condemned as well.

The republican party is out to make billions on this move. This is little different than banks receiving bailouts and then handing themselves fat checks, while loaning little or nothing to small businesses.

There is a war on the middle class, this war is waged by the wealthy corporate and their stooge republican party to flatten their taxes, regulations, and anti-trust laws to nothing. Already we have lost 17 million jobs thanks to their back stabbing politics on the American people.

3 votes

#1.4 - Sat Jun 25, 2011 9:31 AM EDT

devilsadvocates

The door has been cracked since those skanks took profits CREATED by the US consumer and took them offshore. Those taxes NEED to be paid and if the CEOs want to dispute that....I'm all for sending them to prison for tax evasion!

2 votes

#1.5 - Sat Jun 25, 2011 2:06 PM EDT

bore-head007

I like your style.

1 vote

#1.6 - Sat Jun 25, 2011 10:15 PM EDT

Jerry Verlinger

Good article bore-head, clipped to Corporate Watchdogs and Corporatism

1 vote

#1.7 - Sun Jun 26, 2011 9:05 AM EDT

bore-head007

Thanks Jerry, glad to see you, and appreciate the clipping of this to those important groups. BH

1 vote

#1.8 - Sun Jun 26, 2011 9:38 AM EDT

Right to Secede

I'll support corporate rates of 5% when individual rates are 0%.

3 votes

#2 - Sat Jun 25, 2011 7:29 AM EDT

Beckyal

50% of Americans have a rate of 0%. Guess you support the corporate tax rate of 5%.

Remember that Google is good friends with Obama so he will just write another executive order to pass this. The law has never stood in the way of Obama writing an executive order that is in the worst interest of America and that would be illegal if anyone else did it. It is time that Obama and all other politicans are forced to obey the laws and stop giving special treatment to individuals, unions, and corporations. Everyone should have to pay taxes regardless.

#2.1 - Sat Jun 25, 2011 7:40 AM EDT

Beckyal

50% of Americans have a rate of 0%. Guess you support the corporate tax rate of 5%.

#2.2 - Sat Jun 25, 2011 7:41 AM EDT

a1623yankee

Beckyal, please either stop with the Obamahate or just go away.

The situation is bad enough with corporations OWNING the gop, OWNING the SCOTUS majority and OWNING half of Congress without listening to BS about the only segment of our government that is at least TRYING to make some headway to save this nation! If you don't like the black and the "lib" so much, why don't you just go find one on a street corner and spit on him and see what it gets you.

The deflect, project, spin,spin, spin dance is getting really old and lobbyists along with professional blog raiders (aka protrolls) are nothing but a nuisance and a misinformation virus. It's bad enough to post crap once but to repeat it immediately is just plain rude.

3 votes

#2.3 - Sat Jun 25, 2011 7:46 AM EDT

beaz-435179

Beckyal, no one in America has a 0% tax rate. Lots of people don't make enough money to pay income taxes, but they pay taxes on everything else -- everything they buy, food, clothes, real estate taxes, gasoline, even a dog license tax. Perhaps even your tax loopholes allowed you to receive a nice juicy refund. Bore-head is right on the money. They did this during the Bush years and they are trying to do it again to Obama. It didn't work then to help the economy and it won't work now and people who are too ignorant to see big business is destroying their way of life need to take a step back -- perhaps even secede, because they certainly live on a planet built by corporate greed, feeding them daily doses of fairytale Kool-Aid. FYI the top 12 corporations in America paid minus 1.5% in taxes and got back 64 billion dollars in government subsidies last year. 2/3 of the corporations paid no taxes at all. The average tax rate for corporations who did pay taxes was 5 to 6%. Look it up! Even Reagan, the republican god, raised taxes on big business when he realized his first term was a disaster for America, although he hit the middle class first.

3 votes

#2.4 - Sat Jun 25, 2011 11:42 AM EDT

a1623yankee

Let's not open the door to corporate tax-dodging - The Boston Globe

Yeah, as if they're not doing it now. Witness the likes of GE, Exxon, Dupont, etc.

You may bet your life (in complete safety) that the organized crime ring known as the gop will touch the floor with the backs of their heads to accomodate them too.

The MUCH better answer is, either pay your taxes as due or get your charters revoked and you may leave the country altogether.

4 votes

#3 - Sat Jun 25, 2011 7:39 AM EDT

Free Mason-1490678Deleted

ray.burchard

Borehead, … Google uses techniques called the "Double Irish" and "Dutch Sandwich" to avoid and reduce its corporate income tax to 2.4%, by funneling its corporate income through Ireland, from there to the Netherlands, then to Bermuda, all while Google is still allowed on the NYSE and given access to exploit the American markets.

How can this corporate tax responsibility be legally averted from contributing to the American economy from which its income is originally derived? We all know the Why … greed, How … political quid pro quo in return for campaign contributions and Who … corporate lobbyist with the American politicians.

3 votes

#5 - Sat Jun 25, 2011 9:34 AM EDT

bore-head007

ray, you should post that in the comment section of the Globe.

or I could post it with your blessings. People are unaware, and you always inform above and beyond. With respect,BH

3 votes

#5.1 - Sat Jun 25, 2011 10:15 AM EDT

ray.burchard

Borehead, … Your not doing badly information wise yourself, keep on supporting the cause, permission granted.

1 vote

#5.2 - Sat Jun 25, 2011 10:33 AM EDT

bore-head007

Roger

1 vote

#5.3 - Sat Jun 25, 2011 10:51 AM EDT

beaz-435179

from the same article: "The company, which tells employees "don't be evil" in its code of conduct, has cut its effective tax rate abroad more than its peers in the technology sector: Apple Inc., the maker of the iPhone; Microsoft, the largest software company; International Business Machines Corp., the biggest computer-services provider; and Oracle Corp., the second-biggest software company. Those companies reported rates that ranged between 4.5 percent and 25.8 percent for 2007 through 2009.

Google is "flying a banner of doing no evil, and then they're perpetrating evil under our noses," said Abraham J. Briloff, a professor emeritus of accounting at Baruch College in New York who has examined Google's tax disclosures.

"Who is it that paid for the underlying concept on which they built these billions of dollars of revenues?" Briloff said. "It was paid for by the United States citizenry."

Taxpayer Funding
The U.S. National Science Foundation funded the mid-1990s research at Stanford University that helped lead to Google's creation. Taxpayers also paid for a scholarship for the company's cofounder, Sergey Brin, while he worked on that research. Google now has a stock market value of $194.2 billion.

Google's annual reports from 2007 to 2009 ascribe a cumulative $3.1 billion tax savings to the "foreign rate differential." Such entries typically describe how much tax U.S. companies save from profits earned overseas.

In February, the Obama administration proposed measures to curb shifting profits offshore, part of a package intended to raise $12 billion a year over the coming decade. While the key proposals largely haven't advanced in Congress, the IRS said in April it would devote additional agents and lawyers to focus on five large transfer pricing arrangements."
----

Could this be why the republicans are going after the IRS as one of the government agencies where they want jobs slashed???

2 votes

#5.4 - Sat Jun 25, 2011 11:51 AM EDT

Par4TheCourse

Blackmail & Influence Peddling.. is "Our Washington DC Today" as it has always been .. I cannot recall it ever being like this before and so blantant

4 votes

#6 - Sat Jun 25, 2011 11:43 AM EDT

bore-head007

I agree Par, I never dreamed my country would be so selfish, and the Captains of Industry would be the pirates that would destroy it with the help of the whores that we elect.

3 votes

#6.1 - Sat Jun 25, 2011 11:52 AM EDT

Par4TheCourse

I do not think it is wrong for politicians to have the ability to raise money honestly and to put it to use to obtain a seat in congress or in state government.. It is when corporations and all businesses alike blatantly pay off our politicians in the form of Influence Peddling to get them to vote for actions or causes for the corporate world over the People.. and to take from the people over the whim of the corporations.. Then Taxation Without Representation has returned to its fold and one of the reasons Boston Harbor played a part in our history... because We are not represented except with a few .. but we are not on the wingnut side of congress...because they Are the ones who are putting the benefit of the corporations over the people...They ARE the people who have stuck with the notion that Trickle Down Economics is the way to go.. however I believe it is more of a ruse than an unscrupulous 2nd hand car dealer who sells cars only driven on Sundays by little old ladies.

The economy 'Grows' it does not Trickle Down...of course that IS what happened...It Trickled Down to the point there is barely any economy..it is so far down that one would have to be world class at performing the Limbo dance with a stick 5" off the ground.

Massachusetts isn't doing too badly.. and around me.. gawd!! trying to find a parking space at some of these places to shop can be a real chore..

3 votes

#6.2 - Sat Jun 25, 2011 1:09 PM EDT

Par4TheCourse

IF there is anyone on here from Massachusetts.. we recently had a 'Former' Speaker go to jail for "Kickback Scheme" /Influence peddling.. where he was paid a sum of money for favors rendered for contracts... he is the 3rd in a line of Speakers that found themselves in a cold concrete cell...

2 votes

#6.3 - Sun Jun 26, 2011 11:27 AM EDT

Fletch-495299

No tax breaks for tax cheats.

2 votes

BORE-HEAD007

Let's not open the door to corporate tax-dodging - The Boston Globe

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BORE-HEAD007

Let's not open the door to corporate tax-dodging - The Boston Globe

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