Obama wants to increase taxes on companies who have foreign business

IBD:
Leadership: A global tax is the latest example of the idiocy that defines Joseph Biden's vice presidency. Dopiness a heartbeat away from the presidency shouldn't be tolerated.
If Arnold Schwarzenegger is the Terminator, promising "I'll be back," the best moniker for Joe Biden might be "the Dumb-Biden-ator," with the motto "I'll be stupid."
At a Davenport, Iowa, manufacturing plant last week, Biden declared "We're not done" of the Obama economic program that has saddled Americans with a $1.3 trillion deficit and $15 trillion national debt, with plenty more to come.
"We want to create what's called a global minimum tax," he said, "because American taxpayers shouldn't be providing a larger subsidy for investing abroad than investing at home."
According to the White House, this refers to all U.S. companies being subjected to a minimum tax on overseas profits, to prevent them from taking advantage of other countries' low tax rates. President Obama's National Economic Council director Gene Sperling also used the term "global minimum tax" last month.
... 
This idea must have been suggested by someone who is both desperate and not very smart.  Do they really want to drive businesses to move their corporate headquarters to Switzerland or Dubai?   Foreign profits are already staying over in other countries because our taxes are too high.  This would only move the businesses out of the US.  This administration is a danger to itself and this country.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more