Stop giving tax breaks to companies that ship American jobs overseas....

Stop giving tax breaks to companies that ship American jobs overseas....

President Obama may have another massive tax cut in the works – this one for America’s giant corporations. The White House may be considering cutting the 35% corporate tax rate next year. The rate is the highest in the world – but with so many loopholes in the law – most companies don’t pay nearly 35%. Also – as most businesses divert their profits into the hands of individuals who play some of the lowest income taxes in the world – many corporate profits go completely untaxed. Last year - Exxon Mobile – the most profitable corporation in the history of the world - and General Electric paid no corporate taxes. In fact – 85% of all corporate tax revenue comes from only one half of one percent of companies – about 10,000 businesses in all. This may actually be a good idea though – if President Obama does indeed close some of the loopholes that plague our corporate tax structure. The best way to do that – stop giving tax breaks to companies that ship American jobs overseas. Not only will the federal government raise more revenue to offset the lowering of the corporate tax rate – it will encourage business to stay in the United States. It’s time for meaningful tax reform – not giveaways to companies who can hire the most lobbyists.

Comments

Ben Hoffman's picture
Ben Hoffman 3 years 39 weeks ago
#1

Sure! Cut the tax rate down to 25%, but at the same time, eliminate the loopholes that allow most corporations to pay less than 10% with the current tax laws.

Right-wingers like to site the tax cuts by Kennedy where he greatly reduced the tax rate on wealthy individuals. What they fail to mention is that Kennedy eliminated most of the loopholes used by the wealthy to avoid paying the high rates. So while Kennedy cut taxes, revenues were stable.

Of course, knowing Obama, he'll capitulate to the Republicans and cut the rate while adding more loopholes.

Dale1932's picture
Dale1932 3 years 39 weeks ago
#2

Obama SHOULD campaign for a 90% tax rate on the wealthy (as in the good old days of that infamous Commie pinko Dwight Eisenhower). He won't do any such thing, of course.

Obama seems to be one of the biggest fools God ever created. He ignores or spits on his allies and bends over backwards for his enemies.

Dutch163 3 years 39 weeks ago
#3

I agree with stopping tax breaks to companies that ship jobs overseas

Something should be done to eliminate the loopholes that allow companies to get away with paying no tax...that is immoral, unethical...almost criminal

is there any hope,though, that it could be changed? the "little people" don't seem to have too much say in matters...corporations do

molmsted's picture
molmsted 3 years 39 weeks ago
#4

He will give away the store as usual.

making progress's picture
making progress 3 years 39 weeks ago
#5

Brand Obama is just an arm of Corporate America. Does Thom know something we don't? Is Thom not telling us something? He seems to continue to believe in the face of overwhelming evidence to the contrary that Obama is a Progressive Trojan Horse (for lack of a better term) and I can't understand why? The Wealthy are fleecing what is left of America and leaving us with scraps, all the while telling us that we should be thankful. Then we are made to believe that Obama has a plan or that he somehow has our best interests at heart. He clearly does not.
As someone who has lived in DC most of my life I can tell you from experience that one has to sell their soul to get to where Obama is. To do it as fast as he did it and by surpassing The Clintons, he definitely owes some people big time. The Community Organizer is dead and we can see what is left.

gerald's picture
gerald 3 years 39 weeks ago
#6

Are more and more Americans awakening to the real Obama??? I would say yes!!!

noneed2know's picture
noneed2know 3 years 39 weeks ago
#7

IMHO, the huge banks and corporations, have so much money and so much influence that they are able to totally control us - both by their individual practices and by their ability to heavily influence what all elected officials do, especially at the federal level. These huge banks and corporations are well endowed with lawyers and accountants who are very specialized in how to do, and not do things that are solely in their interest. Ordinary working citizens do not have these powerful resources.

With the enormous, and continuing, wealth shift to the wealthy elite, and their control over our government, how can we ever expect the working middle class, much less the poor, to ever have a chance for a comfortable life again?

My biggest concern now, is where it is all going to end up. Will we all eventually wind up being little more than slaves to these folks, or will they just continue to give us enough to keep us barely happy, so that we do not revolt?

deanzk's picture
deanzk 3 years 39 weeks ago
#8

Stop H1B and Student Visa abuse

Create 250,000 to 500,000 good paying IT jobs in a matter of weeks for U.S. citizens

I work in the IT field doing consulting at many Fortune 500 companies, and see the abuse of the H1B Visa system almost everywhere I go. The whole purpose of this program is to bring in expertise that American corporations cannot find within the United States, AND they are supposed to be paid at competitive wages. This is not the case, I would argue, with over 98% of the successful H1B applicants. There is no shortage of IT professionals with U.S. citizenship except in the lies..sorry, "eyes" of certain large outsourcing companies.

I have nothing against hard-working folks coming over here trying to earn a living for their families, but I do have a problem with it when it's main purpose is to lower IT salary costs to about half of what they were at their peak, all part of a general destruction of the American middle class. Also, many of those that come over on these programs are usually much less experienced and therefore less capable as the U.S. citizens they replace. Or, in some cases, these used to be the jobs for our inexperienced college graduates coming out of American Universities...now what do they do? Sell shoes at the mall to pay back their $100,000 in student loans?

It's happening everywhere in this country, and it is slowly degrading our society from a 3 tier land of opportunity to a 2 tier land of Lords and Serfs (like many of these same corporations encourage overseas).

For anyone that disagrees with what I have seen at company after company, you can take 1 hour of a workday to see my proof. If you are in the Dallas/Plano, Texas area, I'll make it easy for you. All you have to do is choose 3-4 "All American" companies that have large offices on or off Legacy Drive in west Plano. These will all be within 3 miles of the former EDS headquarters campus, that is now HP's Services division Headquarters, which has laid off over 5,000 IT professionals in the last few years. Ask these other "All-American" companies if you can just walk through their IT departments, which should only take a few minutes. You don't even have to ask for identification to see the abuse of the H1B program in action. All within 3 miles of a building where thousands of IT professionals were laid off from.

Another sad point that needs to be made is that HP (and other) large outsourcing companies have laid off so many of these experienced I.T. workers because they are rapidly moving their steady state service jobs to 3rd World countries. The cheaper country, the better.

If after a few visits you are still not convinced, check out what contract houses that supply these workers charge for them. A few Internet searches will easily lead to these types of job posting. It is not a competitive bill rate; it is generally 1/2 of what you would pay for an experienced U.S. citizen. Even sadder, the poor workers are lucky to get half of that, and fully rely on the company that "owns" their H1B status for them to stay in the U.S.A. (indentured servitude, anyone?). Is this the type of society we want to live in? We don't have to.

I have been to and worked in many 3rd world countries, and have seen what a two tier society looks like. 1-2% of the population live like kings behind armed security guards and small, sectioned off areas of the city, while the masses live like peasants. Unfortunately, we have encouraged this "Free Trade" arrangement across the globe through trade agreements, bribes (a.k.a. the World Bank), and our C.I.A. Now the chickens are coming home to roost, but it's not too late to stop this.

If we enforce existing H1B and student Visa laws, and at the same time drop the allowed totals to 10% of what they are, even if the large companies only re-staff 25% of those jobs at competitive rates with American workers, that could total 250,000 to 500,000 high paying jobs in a matter of months.

nanatea's picture
nanatea 3 years 38 weeks ago
#9

I think that any group that wants to do business in this country should pay taxes to it. I would go further and say that any business group that wants to support political candidates must do so only in the state or district where they are headquartered and not wherever they may sell their product and services. The quickest way to end our politically corrupt system is not to curtail the activity but to curtail its scope.

A corporation headquartered outside of the United States is a foreign enterprise and cannot be part of our system. A corporation not paying its share of taxes is like any other tax evader: a felon. Felons are not allowed to be part of the political system until they make amends for their behavior and pay the fines attached to their criminal activity.

We need to start using the right words for any and all political players. Tax evasion is much harsher than any other meme now used. Foreign enterprise would help more people understand than off-shore enterprise.

making progress's picture
making progress 3 years 38 weeks ago
#10

RAVI BATRA! It's 2011 and it's time to hear what Dr. Batra foretells our future to be. I thought we'd be into our "New Golden Age" by now? What Gives? I’ve been saying for two years that the stock market will crash and people are starting to call me an alarmist. Wouldn’t it be prudent for people to start closing their 401k’s? Lastly, when will we OFFICIALLY be in a “Depression?” Where is our New Golden Age?

polycif1's picture
polycif1 3 years 38 weeks ago
#11

really we need to (this is not an advertisement) read thom's book rebooting the american dream. i have learned a lot more than i already knew. it simultaneously pisses you off and inspires you w facts and real things to do. thank you!!

Why the Web of Life is Dying...

Could you survive with just half of your organs? Think about it. What if you had just half your brain, one kidney, half of your heart, one lung, half a liver and only half of your skin? It would be pretty hard to survive right? Sure, you could survive losing just one kidney or half of your liver, but at some point, losing pieces from all of your organs would be too much and you would die.

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