YESSSS! No more taking US jobs and Industries overseas and creating unemployment in the US !
YESSSS ! Welcome to STATEHOOD the 4 million disenfranchized US citizens in Puerto Rico for over 100 years!! MJ
Liberals introduce bill to end tax deferral on foreign incomeBy Erik Wasson
“It is past time for corporate America to contribute significantly to deficit reduction,” said Sanders in a statement.
Sanders has a key vote on the Senate Budget Committee so his proposal carries significant weight. Senate Democrats have pledged to move a budget resolution this year and a single "no" vote in committee would kill any budget if Republicans stick together.
Under the bill, companies would pay U.S. taxes as profits are earned and they would still be able to deduct the value of taxes paid to foreign governments. The bill would also restrict the ability of companies to claim the deduction by apply deductions only to profits earned in the same country where tax was paid and by tightening rules on how royalties such as on oil and gas extraction are treated.
The bill also aims to stop companies from using post-office drop boxes to claim exemption from U.S. tax. According to a summary, “a corporation could not claim to be from another country if their management and control operations are primarily located in the U.S.”
The bill has strong backing of the AFL-CIO and unions not affiliated with it. "Too many corporations are taking advantage of tax loopholes that allow them to keep trillions of dollars overseas without paying taxes they owe. These loopholes have cost millions of jobs and enabled corporations to avoid paying their fair share. It’s about time they are closed," Service Employees International Union president Mary Kay Henry said in a statement.
Read more: http://thehill.com/blogs/on-the-money/budget/281709-liberals-introduce-bill-to-end-tax-deferral-on-foreign-income#ixzz2KKspvGvg
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STATES HAVE REALIZED THEY ARE WHACKED BY OFFSHORE TAX HAVENS. MJ
Foreign tax breaks whack Illinois, study says.
Greg Hinz - Feb 7,2013
This report comes from the U.S. Public Interest Research Group, and it says the way the federal tax code works in taxing overseas profits made by domestically based multinational corporations particularly whacks cash-short Illinois.
Specifically, it says "offshore tax havens" cost the state treasury $1.94 billion in corporate taxes a year, more than any other state except the much larger California ($4.21 billion) and New York ($2.44 billion). Adding in breaks that individuals get by not having to declare their share of foreign profits, Illinois ranks fourth, with New Jersey slipping in ahead of us to the third slot after California and New York.
Read more: http://www.chicagobusiness.com/article/20130207/BLOGS02/130209819/foreign-tax-breaks-whack-illinois-study-says#ixzz2KKqG2o5m
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