Big Corporations Pressure Congress to Stop Taxing Overseas Profits

[The Straight Story]

Big Corporations Pressure Congress to Stop Taxing Overseas Profits

At a time when the U.S. government needs more revenue to help close a trillion-dollar a year deficit, large American corporations want to be exempted from paying taxes on overseas corporate profits, which could further worsen the red-ink problem for the U.S. Treasury.

The big-business lobby in Washington is pressuring Congress to repeal the current system that requires U.S. corporations to pay taxes on earnings made in foreign countries, and replace it with what is known as “territorial taxation,” in which they only have to pay U.S. taxes on business they perform within the United States.

Under current law, corporations are supposed to pay a 35% rate on foreign profits. But they rarely do, by keeping their monies parked in overseas accounts.

It is estimated that $1.5 trillion in profits is residing outside the U.S., avoiding taxation. Businesses want to bring this money home, but not if they have to pay any taxes on it.

http://www.allgov.com/US_and_the_World/ViewNews/Big_Corporations_Pressure_Congress_to_Stop_Taxing_Overseas_Profits_110915

[ananda]

1. Interesting how we can always count on big business...

... to do the wrong thing.

[ret5hd]

2. first, thru bookeeping maneuvers, they shift all their profits to overseas subsidiarys...

so they pay no taxes here, now they want to bring it all home and pay no taxes again.

hell no.

[RegieRocker]

3. They should respond with

" You're right, we should be taxing you more, we will get right on that".

[Booster]

4. Bet this passes and the jobs bill doesn't.