WN: Business Leaders Speak Out on Tax Crackdown - ABC News

[WorthyNewsBot]

Members of the business community today are starting to sound off in opposition to President Obama's new plan to crack down on offshore tax evasion, denouncing the initiative as a "foolish" program that would do more harm than good.

http://www.worthynews.com/top/abcnews-go-c...int-id-7499323/

[Matthitjah]

I agree with the Business Leaders WorthyNewsBot.

We are making all the same mistakes that we made right prior to The Great Depression. Those who reamin ignorant of History are doomed to repeat it.

[MorningGlory]

Before we jump to the defense of these people it would be wise to read up on facts. These cheats not only hide their profits offshore to avoid taxes, they make obscene profits by moving the jobs to India and other countries where they can pay 1% of what they pay an American and, at the same time, take advantage of tax breaks here. Profit is a good thing; taking advantage of this country while moving the jobs elsewhere should mean they have to pay higher taxes. Then, when they HAVE to have skilled labor here, they lobby Congress for H1B visas to bring it in from India or some other third world country; once again these people will work for less and it costs American's their jobs. I'm for reining in the greedmasters who have helped to gut the American job market.

[Matthitjah]

Sister,

You need to take a course in International Business. What your stating is perfect for 30 years ago, but today we have Multi-National Corporations. They need to be competitive. I don't like it anymore than you do.

However, protectionism and overtaxation will only exacerbate the problem. Meanwhile, stifling competition, and removing a compettitive advantage in a world where China and other nation states will take a huge advantage of our disadvantage when the recession lifts, despite current public policy, is not wise.

Take a look at Michigan and you will see where these policies will take us.

The asnwer isn't to punish Industry and Capitalism. The answer is to lift the restrictions on their Liberty and to allow the natural course of competition and the open market to take it's course. America is a fierce competitor and our Liberty allows ideas to flourish. We should not be afraid to compete and we should not shackle aggressive competitors for the sake of controling their interests.

Watch what happens to Chrysler nd GM over the next ten years as Toyota totally takes advantage of their disadvantage. Waht we sought to protect, we will kill.

Peace,

Dave

[MorningGlory]

Sister,

You need to take a course in International Business. What your stating is perfect for 30 years ago, but today we have Multi-National Corporations. They need to be competitive. I don't like it anymore than you do.

However, protectionism and overtaxation will only exacerbate the problem. Meanwhile, stifling competition, and removing a compettitive advantage in a world where China and other nation states will take a huge advantage of our disadvantage when the recession lifts, despite current public policy, is not wise.

Take a look at Michigan and you will see where these policies will take us.

The asnwer isn't to punish Industry and Capitalism. The answer is to lift the restrictions on their Liberty and to allow the natural course of competition and the open market to take it's course. America is a fierce competitor and our Liberty allows ideas to flourish. We should not be afraid to compete and we should not shackle aggressive competitors for the sake of controling their interests.

Watch what happens to Chrysler nd GM over the next ten years as Toyota totally takes advantage of their disadvantage. Waht we sought to protect, we will kill.

Peace,

Dave

No, I don't need a course in international business; I work for a huge international corporation; one who moved their headquarters to Dubai. I've no problem with making profit, I love capitalism but big business often doesn't have the best interests of the country in mind. If Americans aren't working and cannot buy their products where will they sell them? The average Chinese citizen can't afford them. India? Nope. I am against these corporations making the profits and hiding them elsewhere, avoiding taxes and not reinvesting those profits here, where we all work. And my own company brings in engineers and tech people from India because....uh, why? Because there are no Americans who will do the work? No, because they can pay the Indians half the salary. THAT is the bottom line and the absolute truth. I know everything is global but building up an enemy, like China, while hollowing out our own industrial base is lemming behavior.

[rpfan76]

I lost my job 15 months ago to NAFTA. The company I worked for has two plants in Juarez. The only reason they shut us down was greed. For example we made the electronics for Segway Scooters. Now they pay nearly nothing for labor but the cost of a Segway is just as high as ever. CORPORATE GREED! We had made money for the last thirty years and all our customers were satisfied. Now I don't blame the Mexicans because they are just trying to make a buck just like the rest of us. My former company is just using them for slave labor. A maintenance man making $25/hr here is paid $3/hr there and provided a free lunch. If they want to give our jobs away these corporate greed mongers should have to pay equivelant wages to their new slaves and be taxed enough to pay our welfare. I cannot express what a slap in the face it is to be told your job is going to Mexico, not because you performed poorly or they are smarter than you, but because the board members aren't making enough money. Any company that leaves the U.S.A. because of profit margin should be taxed out of business! If taking care of your own countrymen and their families is protectionism, I'm all for it!

[Matthitjah]

Sigh, Capitlaism isn't perfect, but if we go along with Obama's plans we will kill the goose that lays the golden egg.

No one said there wasn't greed, however, when that sentiment that opposes that greed turns into bloodlust we are all in trouble.

Obama isn't going after these companies to get their taxes. He is going after them because he see's Capitalism as fundamentally flawed and he wants to reorder our society. I don't want to live in this new vision where pinheads and elitests tell e what kind of car I can buy, what kind of lightbulb to screw into a socket, what job to have, and where to seek my Medical care.

Liberty may allow for greed and it may even allow flawed people to make mistakes and mistreat each other, but it's still the best policy going, because living under Totalinarianism will make every heart sigh.

Peace,

Dave

[Believer1997]

I think he and others, who, for years, have seen a lot of tax evasion with major companies burying taxable assets in places like the Grand Cayman Islands and other places to avoid paying their fair share of taxes. Some of these same companies have taken advantage of government programs to shutter plants here in the US and move them to other places in the world. Seems nothing is as simple as it should be... sadly.

[Matthitjah]

Grace to you,

The article isn't about Corporations hiding anything. it is about Obama going after their overseas profits. They have already been taxed on these profits in other Nations. The reason they go overseas to begin with is to enlarge their market and to become profitable.

Critics argue the president's effort to raise taxes on the overseas profits of U.S. companies could damage U.S. multinational corporations.

Please, Anyone at all, tell me why a Corpoartion decides to go into business in the first place?

They go into business to make a Profit. Anybody who goes into business, besides a non-profit, goes into business to make a profit.

"His proposals would put American corporations at a great disadvantage, which is a very foolish policy in a competitive global marketplace," said Dan Mitchell of the Cato Institute.

The CATO Institute is exactly correct here. This is what I have been saying in this thread. It is sheer lunacy to put American Corporations at an economic and competitive disadvantage in a world wide recession especially while we are losing jobs every where.

This is not about the evil corporations, it is about re-ordering our society.

This man is not leading anything, he is bullying people to his point of view and that is not Leadership.

He is making threats to get his way, which is nothing more than infantile behavior. Yes, Leaders need to insure that there are regressive punishments in place to insure that people follow rules. Those regressive punishments aren't there as a course of Leadership and a matter of Leading. They are in place as a last resort for those who refuse to play by those rules or for those who pull the organization off focus. Leadership is setting the example and getting folks to get behind you and work together on the same Team.

It is not employing tactics that state this;

"If financial institutions won't cooperate with us, we will assume that they are sheltering money in tax havens and act accordingly,"

That is a threat and a bullying tactic to quiet opposition. It is also a cheap Political ploy that plays to the populist sentiment for bloodlust.

Here's a Treasury Department Official from the Clinton Adminstration, of all people, disagreeing strongly with this policy;

West, who served as international tax counsel for the Treasury Department under President Clinton, summarized what the opposition would argue.

"It's not fair to treat U.S. businesses worse than their foreign competitors," he said. "A lot of foreign competitors have the benefit of more liberal tax systems, and when you put U.S. companies at a competitive disadvantage, you're going to hurt the U.S. economy at the time when it can least afford it."

This bullying tactic and pathetic populist ploy will damage more U.S. jobs;

"Cisco would be adversely affected if tax deferral was implemented by the U.S.," said Cisco spokesman John Earnhardt. "If rules are changed on tax deferral and we are taxed in the U.S. on non-U.S. profit, this significant additional U.S. tax would adversely impact our ability to invest and grow our business in the U.S. and to compete against our foreign competitors who are not subject to this U.S. tax."

Peace,

Dave

[boblandis]

This is just part of the dismantling of our economy. If he keeps going he will destroy it. He has the approval of the majority of the voters in this country so I do not see how anyone is going to stop him.