US: Highest Corporate Tax Rate in the World

  1. You have chosen to ignore posts from ThinkSnow99. Show ThinkSnow99's posts

    US: Highest Corporate Tax Rate in the World

    excerpts from 60 Minutes.

    http://www.cbsnews.com/stories/2011/03/25/60minutes/main20046867.shtml?tag=contentMain;contentBody

    (CBS News)  "I think when people hear that all these companies are moving overseas because of taxes, they think that doesn't smell right," Stahl said to Swiss tax attorney Thierry Boitelle.


    "Yeah, the question is, 'Does a company have a moral obligation to pay its fair share?'" he replied.


    "I think many companies in the U.S. would like to keep the jobs in the U.S. if they could, but they also need to keep their shareholders happy. And they are in the U.S. in a corporate tax nightmare because it's the highest tax rate in the world," Boitelle explained.


    With Japan slated to lower its rate in April, the U.S. will soon have the highest corporate tax rate in the developed world.


    "We are dealing with a tax system that is a dinosaur," Cisco CEO John Chambers told Stahl.


    One CEO who would talk to us was Chambers. Cisco is the giant high tech company headquartered in San Jose, Calif. He says our tax rate is insane. It's forcing companies into these maneuvers, especially when many other industrialized countries including Canada are busy lowering their tax rates in order to lure our companies and our jobs away.


    "Every other government in the world has realized that the U.S. has it wrong. They're saying, 'I'm going to have lower taxes, period.' That's what you see all across Western Europe, that's what you see in Asia in the developed countries," Chambers said.


    When asked if he's judged as a CEO on issues like taxes, Chambers said, "Absolutely."

    Economist Martin Sullivan says it's standard operating procedure for companies like Cisco. "U.S. multinationals are shifting their research facilities, shifting their manufacturing facilities, and shifting some regional headquarters into Switzerland and into Ireland. And those are massive numbers of jobs," he told Stahl.


    Sullivan says Ireland taxes corporations at just a third of the U.S. rate, so no wonder the outskirts of Dublin look like Silicon Valley. Many well-known companies are all but obliged to go abroad.


    "Well, if you have a 35 percent rate in the United States and, for example, a 12.5 percent rate in Ireland, there's a incentive to move your factory to Ireland," he explained.


    "Six hundred American companies are in Ireland and they employ 100,000 people," Stahl pointed out. "Those are jobs that aren't here. And they moved to Ireland because of taxes."

     
  2. You have chosen to ignore posts from sk8ter2008. Show sk8ter2008's posts

    Re: US: Highest Corporate Tax Rate in the World

    No libs wants to hear this!
     
  3. You have chosen to ignore posts from lawboy. Show lawboy's posts

    Re: US: Highest Corporate Tax Rate in the World

    It wouldn't matter some country will have lower tax rates than the US, even if the US were to lower the rate to 5% Ireland would lower theirs to 4%.

    The Cisco CEO said he wouldn't come back to the US even if the rate was lowered to 20%. His company alone has 40 billion in overseas investments. 60 minutes stated that the US tried lowering the rate in the past and few jobs were created and the companies banked the money.
     
  4. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    No libs wants to hear this!
    Posted by sk8ter2008


    You are right we dont want to hear that we as a country are being held hostage by corporations who value the dollar over country and their people.

    The only way to stop it is to stop them from selling their products in the country unless they are made here, and to stop them from doing business here if they continue to be the greedy litte wing nuts that they are.
     
  5. You have chosen to ignore posts from WIIN12AM. Show WIIN12AM's posts

    Re: US: Highest Corporate Tax Rate in the World

    The only way to stop it is to stop them from selling their products in the country unless they are made here, and to stop them from doing business here if they continue to be the greedy litte wing nuts that they are.


    And here I thought we lived in a free country.
     
  6. You have chosen to ignore posts from ThinkSnow99. Show ThinkSnow99's posts

    Re: US: Highest Corporate Tax Rate in the World

    We can keep squawking about greedy corportations and continue to collect 35% of nothing and be stuck with crappy-paying service jobs.

                             -or-

    We can get in the game and bring our taxes in line with the rest of the world and try prevent further leakage, and keep these jobs here.
     
  7. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    The only way to stop it is to stop them from selling their products in the country unless they are made here, and to stop them from doing business here if they continue to be the greedy litte wing nuts that they are. And here I thought we lived in a free country.
    Posted by WIIN12AM


    The ony thing free here is corporations getting away free on paying their taxes because we allow them to sell their products in the country. Cut off their access to the largest CONSUMER market in the world today they sure as hell wont be playing these rob the people and the country scams.
     
  8. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    We can keep squawking about greedy corportations and continue to collect 35% of nothing and be stuck with crappy-paying service jobs.                          -or- We can get in the game and bring our taxes in line with the rest of the world and try prevent further leakage, and keep these jobs here.
    Posted by ThinkSnow99


    BS they wont care if its 10% they wil still want out of paying and will still ship jobs out to cheap labor third word countries. Its not the taxes its the greed in making profit thats the probem. The less they pay the more you do its that simple , and they are being the smart ones because WE let them get away with it and blame the government. 
     
  9. You have chosen to ignore posts from WIIN12AM. Show WIIN12AM's posts

    Re: US: Highest Corporate Tax Rate in the World

    So beKool advocates forcing US companies from being able to sell goods and services all over the world. Hmmm....what does that sound like folks? Anyone? Anyone?
     
  10. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    So beKool advocates forcing US companies from being able to sell goods and services all over the world. Hmmm....what does that sound like folks? Anyone? Anyone?
    Posted by WIIN12AM


    No so why the Lie ?

    I said they should be stopped from selling here and your lying palin knows it. MORON
     
  11. You have chosen to ignore posts from lawboy. Show lawboy's posts

    Re: US: Highest Corporate Tax Rate in the World

    republican

    So beKool advocates forcing US companies from being able to sell goods and services all over the world. Hmmm....what does that sound like folks? Anyone? Anyone?
     
  12. You have chosen to ignore posts from newman09. Show newman09's posts

    Re: US: Highest Corporate Tax Rate in the World

    The man (bekool) has posted 866 times in less than two months, eventually something will stick....still waiting.
     
  13. You have chosen to ignore posts from WIIN12AM. Show WIIN12AM's posts

    Re: US: Highest Corporate Tax Rate in the World

    BeKool = liar
     
  14. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: US: Highest Corporate Tax Rate in the World

    As has been said here, the U.S. could lower the corp. tax rate to 10% tomorrow, and companies will still go overseas given the first opportunity.


    The question is really whether or not these companies have the best interests of the nation at heart.  And the answer is no.  They don't.  And don't we feel silly for asking....

    [Full disclosure: I work for a foreign company.]

     
  15. You have chosen to ignore posts from lawboy. Show lawboy's posts

    Re: US: Highest Corporate Tax Rate in the World

    The Cisco CEO said his first concern is..... anyone?...anyone?


    the shareholders.
     
  16. You have chosen to ignore posts from ThinkSnow99. Show ThinkSnow99's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    As has been said here, the U.S. could lower the corp. tax rate to 10% tomorrow, and companies will still go overseas given the first opportunity. The question is really whether or not these companies have the best interests of the nation at heart.  And the answer is no.  They don't.  And don't we feel silly for asking.... [Full disclosure: I work for a foreign company.]
    Posted by MattyScornD



    I disagree, and so does the Chairman at Cisco.  These companies want to operate in the US, but it doesn't make sense to.

    more from the interview:

    If they bring the money home, it's taxed the full 35 percent. If they leave it overseas, the IRS can't touch it. In other words, the tax law all but forces companies to keep their money out of the country, indefinitely.


    "We leave the money over there. I create jobs overseas; I acquire companies overseas; I build plants overseas; and I badly want to bring that money back," John Chambers told Stahl.


    Chambers told Stahl Cisco has almost $40 billion overseas that could be brought back to the U.S.


    The total amount of money U.S. companies have trapped overseas is $1.2 trillion. Chambers is advocating for a one-time tax break to allow them to bring that money home at a rate of, say five percent. That would, he says, stimulate the economy and create jobs.

     
  17. You have chosen to ignore posts from ThinkSnow99. Show ThinkSnow99's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    The Cisco CEO said his first concern is..... anyone?...anyone? the shareholders.
    Posted by lawboy



    lawboy....do you write anything off on your taxes or do you just pay the maximum? 
     
  18. You have chosen to ignore posts from WIIN12AM. Show WIIN12AM's posts

    Re: US: Highest Corporate Tax Rate in the World

    lawboy....do you write anything off on your taxes or do you just pay the maximum? 


    Depending on how he answers this he's either dumb or a hypocrite.
     
  19. You have chosen to ignore posts from lawboy. Show lawboy's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    In Response to Re: US: Highest Corporate Tax Rate in the World : lawboy....do you write anything off on your taxes or do you just pay the maximum? 
    Posted by ThinkSnow99


    Mortgage, college tuition, UNION DUES, capital gains
     
  20. You have chosen to ignore posts from DamainAllen. Show DamainAllen's posts

    Re: US: Highest Corporate Tax Rate in the World

    Oh please, those buttwipes complain about corproate tax rates and via various deductions and itemizations end up paying nothing, and sometimes get rebates from the IRS.  One of the forum wingnuts posted a thread on Friday about GE and how they banked millions in profit but received a tax rebate because of a loophole that allows companies to pay no taxes on foreign revenue of the money stays offshore.  In other words the tax code is itself an incentive to offshore jobs.  But beyond that, tax code revisions is a simplistic attempt at solving a more complex reality.  The global markets, particularly emerging markets like China, Brazil, India, are the new gold rush destinations.  The markets there are growing and ripe for exploitation and as time passes more companies begin to see a pluarality of the overall profits that were once from overseas becoming the majority of their profits.  Its simply math:  sell to the 300 plus million in the US and use the homeland as the base of operations or move resourses overseas to sell to those markets with less overhead, benefit from the tax loopholes, and that plurality of profits soon becomes the majoirty of profits.  There are more non americans in the world than americans and that is the reality facing the United States in an era of stateless mulitnationals with global reach and market share. 
     
  21. You have chosen to ignore posts from ThinkSnow99. Show ThinkSnow99's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    In Response to Re: US: Highest Corporate Tax Rate in the World : Mortgage, college tuition, UNION DUES , capital gains
    Posted by lawboy


    So we are in agreement that its wise to minimize your tax exposure?
     
  22. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    The man (bekool) has posted 866 times in less than two months, eventually something will stick....still waiting.
    Posted by newman09


    You need brain matter first son and you are way short on it.

     
  23. You have chosen to ignore posts from pelosireturns. Show pelosireturns's posts

    Re: US: Highest Corporate Tax Rate in the World

    Doesn't take a phi beta kappa to see the way to create/save jobs is not to drive American business/industry overseas...  When are the liberl going to realize that class warfare only hurt those the corporations employ... and of course, the normal taxpayers..
     
  24. You have chosen to ignore posts from Reubenhop. Show Reubenhop's posts

    Re: US: Highest Corporate Tax Rate in the World

    Interesting debate.  But in a period when we are shouldering massive deficits, can we afford another tax reduction?  The money has to come from somewhere to address the red ink.

    And as for Ireland, keep in mind that the personal income tax rate is 20% (spiking to 41% for higher incomes) and they pay social security, V.A.T. and capital gains on top of that.  More than a bit higher than us.
     
  25. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: US: Highest Corporate Tax Rate in the World

    In Response to Re: US: Highest Corporate Tax Rate in the World:
    In Response to Re: US: Highest Corporate Tax Rate in the World : I disagree, and so does the Chairman at Cisco.  These companies want to operate in the US, but it doesn't make sense to. more from the interview: If they bring the money home, it's taxed the full 35 percent. If they leave it overseas, the IRS can't touch it. In other words, the tax law all but forces companies to keep their money out of the country, indefinitely. "We leave the money over there. I create jobs overseas; I acquire companies overseas; I build plants overseas; and I badly want to bring that money back ," John Chambers told Stahl. Chambers told Stahl Cisco has almost $40 billion overseas that could be brought back to the U.S. The total amount of money U.S. companies have trapped overseas is $1.2 trillion. Chambers is advocating for a one-time tax break to allow them to bring that money home at a rate of, say five percent. That would, he says, stimulate the economy and create jobs.
    Posted by ThinkSnow99


    Right.  We can believe everything the Cisco CEO says, because he's such an honest, square guy...?  Why should I believe him any more than the CEOs for Fidelity Investments or Evergreen Solar - companies which were given massive tax breaks and yet still flew the coop for tax havens overseas...??

    And I'll repeat.  I am not saying the tax code doesn't need a complete overhaul.  It does, and the sooner the better.  But if we're going to extend olive branches to businesses by way of corporate tax cuts, they should be able to offer some semblance of a guarantee that they won't bail out at the first sign of trouble.
     
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