NOTICE THAT THEY ARE FROM BOTH PARTIES.
This is a mortal blow to the US economy and to the US taxpayer.
I would like to know if I can also put up a poster in the halls of the US Internal Revenue Service that says the damage this has done to the economy and status of Puerto Rico, (and the US) a territory of the United States. mj
THE CHRISTIAN SCIENCE MONITOR
By Eric Toder, Guest blogger / April 5, 2013
Posters hang in the halls of the US Internal Revenue Service building in Washington. Some corporations would benefit from the chance to bring back their overseas profits without paying today’s repatriation tax, Toder writes.
Ann Hermes/Staff/File
House Republicans, former GOP presidential hopeful Mitt Romney, and the chairs of President Obama’s 2010 fiscal commission, Erskine Bowles and Alan Simpson, have all called for changing the way the U.S. taxes multinational corporations. The concept: Shift from a system where U.S. firms pay U.S. tax on their worldwide income to one where they’d pay U.S. tax only on what they earn at home—a structure known as a territorial system. A territorial system would accomplish this by removing the current tax that U.S. multinationals pay, net of foreign income tax credits, on dividends that their foreign affiliates repatriate to the U.S. parent company.
This is a mortal blow to the US economy and to the US taxpayer.
I would like to know if I can also put up a poster in the halls of the US Internal Revenue Service that says the damage this has done to the economy and status of Puerto Rico, (and the US) a territory of the United States. mj
Should the US adopt a territorial tax system?
Backers of a territorial tax system argue that the current worldwide system puts US firms at a competitive disadvantage since they must pay the high US tax rate on repatriated profits earned by their affiliates in low-tax countries, while multinationals based in territorial countries pay only the local tax rate on these profits, Toder writes.
THE CHRISTIAN SCIENCE MONITORBy Eric Toder, Guest blogger / April 5, 2013
Posters hang in the halls of the US Internal Revenue Service building in Washington. Some corporations would benefit from the chance to bring back their overseas profits without paying today’s repatriation tax, Toder writes.
Ann Hermes/Staff/File
House Republicans, former GOP presidential hopeful Mitt Romney, and the chairs of President Obama’s 2010 fiscal commission, Erskine Bowles and Alan Simpson, have all called for changing the way the U.S. taxes multinational corporations. The concept: Shift from a system where U.S. firms pay U.S. tax on their worldwide income to one where they’d pay U.S. tax only on what they earn at home—a structure known as a territorial system. A territorial system would accomplish this by removing the current tax that U.S. multinationals pay, net of foreign income tax credits, on dividends that their foreign affiliates repatriate to the U.S. parent company.
This is exactly why They don't want to make Puerto Rico a state, because is the only place where Big corporations and the lobbyist which most are congressmen or their assistants launder their money with tax evasion scheme. But there are over 2,000,000 Americans here that want statehood and most of the Islanders in the mainland would like for that to happen.
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