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View Diary: Open thread for night owls: It's the trade deficit, stupid! (And currency manipulation) (88 comments)

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  •  Bernie Sanders seeks to crackdown on corporate.. (16+ / 0-) havens

    Senator Sanders legislation: The Corporate Tax Fairness Act

    Independent Sen. Bernie Sanders of Vermont on Thursday announced new legislation aimed at preventing corporations from using offshore havens to lower their taxes.
    “If we are going to be serious about deficit reduction, corporate America — which is now enjoying record breaking profits — is going to have to step up to the plate,” he said at a press conference. “We are not going to balance the budget on the backs of the elderly, the children, the sick, or the poor.”

    The Corporate Tax Fairness Act would require corporations to pay U.S. taxes on their offshore profits as they are earned. Currently, corporations can defer U.S. income taxes on overseas profits as long as the money is held overseas. The bill would also limit foreign tax credits, and crack down on corporations that claim to be a foreign company by purchasing a post office box in another country.
    Rep. Jan Schakowsky will be introducing this legislation in the House.

    Good - keeping the republicans surrounded and off balance with no let up. :)
    Raw Story - By Eric W. Dolan
    Thursday, February 7, 2013 20:58 EST

    •  Unfortunately, the House Teabagger nutjobs (2+ / 0-)
      Recommended by:
      Eric Nelson, JeffW

      are only concerned about the Mitt Romney's of the world.

      "I'm so happy 'cause today I found my friends, they're in my head. Light my candles, in a daze 'cause I found god." - Kurt Cobain

      by Jeff Y on Thu Feb 07, 2013 at 09:01:26 PM PST

      [ Parent ]

    •  Offshore profits are the elephant in the room (6+ / 0-)

      Corporations have been hording huge piles of money overseas in order to avoid U.S. taxes. They want a tax holiday so that they can repatriate the funds and pay zero taxes on their decades of profit.

      This is a big motivator for funding the Republican party. Democrats need to pass a law requiring them to repatriate that money, now.

      •  Whether they stash it off-shore or at home (2+ / 0-)
        Recommended by:
        Odysseus, JeffW

        doesn't make much difference. The hoarding is a problem because, instead of just issuing more money, Congress wants an excuse to ration services.

        We organize governments to deliver services and prevent abuse.

        by hannah on Fri Feb 08, 2013 at 01:02:21 AM PST

        [ Parent ]

      •  No need for a law. (0+ / 0-)

        Apple is being pushed to pay a special dividend.

        Apple could distribute high-yielding, tax efficient preferred stock to existing shareholders at no cost. This new type of easily tradable preferred security would allow Apple to take advantage of the market’s appetite for yield while preserving future operating and strategic flexibility. Importantly, we believe this strategy would require no immediate use of cash other than the ongoing dividend, and would not pose any maturity, re-financing, balance sheet, or default risk.
        Any publicly traded company is a takeover target.  Resolutions which pass with a majority shareholder vote can be used to change corporate governance.

        -7.75 -4.67

        "Freedom's just another word for nothing left to lose."

        There are no Christians in foxholes.

        by Odysseus on Fri Feb 08, 2013 at 06:39:49 AM PST

        [ Parent ]

    •  Thank heavens the Democratic Party (6+ / 0-)

      will stand solidly behind Sen. Sanders, the leader of the Democratic Wing of the Democratic Party. (Well, okay, Socialist, not a Democrat, but you know what I mean.)

      I expect the Democratic Leadership to be furiously promoting this legislation. If not for a Law in this Congress, then for a Democratic majority to pass it in the next.

      OMG! Hearing the video now: 18,000 companies in a foreign 4-story building!!!

      How can such things be?

      Markos! Not only are the Gates Not Crashed, they've fallen on us. Actual Representatives are what we urgently need, because we have almost none.

      by Jim P on Thu Feb 07, 2013 at 09:28:18 PM PST

      [ Parent ]

    •  It's a sad state of affairs (3+ / 0-)
      Recommended by:
      JeffW, jhb90277, NonnyO

      that everybody refers to Bernie Sanders as an "Independent" when he's actually a socialist. The real kind, not the John Birch bogeyman kind.

      If you can't say anything nice about the GOP, please post here more often.

      by Omir the Storyteller on Thu Feb 07, 2013 at 09:47:27 PM PST

      [ Parent ]

    •  But, I thought Obama was taking care of that (0+ / 0-)


      Democratic Leaders must be very clear they stand with the working class of our country. Democrats must hold the line in demanding that deficit reduction is done fairly -- not on the backs of the elderly, the sick, children and the poor.

      by Betty Pinson on Fri Feb 08, 2013 at 06:24:05 AM PST

      [ Parent ]

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