Treasury Weighing Tax Cuts On Overseas Profits Of U.S. Companies

[kentuck]

Surprise! Surprise!

<snip>
(BRAD DORFMAN, Reuters) - The Treasury is weighing a proposal to eliminate some, but not all, of the taxes on overseas profits of U.S.-based companies, the Wall Street Journal reported on Saturday, citing two people familiar with the deliberations.

Eliminating the taxes on some of the profits is a central element of the Obama administration's broader plans to overhaul the corporate tax code, the newspaper said.

Business have long complained that the U.S. system of taxing companies' overseas profits hits companies that have often already paid been taxed in the countries where the profits were earned.

.......more

http://www.huffingtonpost.com/2011/09/11/tax-cuts-overseas-profits_n_957333.html

[newfie11]

1. Then bring the companies back to America

Bullshit, tax the hell out of US companies that took their jobs overseas!

[kentuck]

2. I think they get a taxcut for taking their jobs overseas?

already?

They shouldn't be rewarded, they should be penalized.

[Vinca]

5. +1,000,000

[Bluebear]

3. "a central element of the Obama administration's broader plans"

Fired up!

[MannyGoldstein]

4. How about tax subsidies for executive bonuses over $1 million?

And slaves. Why not slaves?

[Atman]

6. Then say good-bye to the of American business.

Every major corporation will find a way to funnel ALL of their profits through some sort of foreign subsidiary, ensuring they never, ever have to contribute a dime to our country.

[blindpig]

7. Because profit always trumps the well being of the people.

This is capitalism, keep your priorities straight.

[Broderick]

8. Trickle down economics and stimulus does not work

:banghead: