Skip to main content

View Diary: Corporations add big bundle to overseas hoard. Expect to hear more cries for lowering their tax rate (49 comments)

Comment Preferences

  •  How do we collect funds that aren't moving? n/t (0+ / 0-)

    We organize governments to deliver services and prevent abuse.

    by hannah on Fri Mar 08, 2013 at 10:23:19 AM PST

    [ Parent ]

    •  Ask the Netherlands and other countries that have (7+ / 0-)

      wealth taxes. It can be done. Companies have records of the money they have sitting off-shore. Use it or lose it. Why aren't shareholders up-in-arms? All that income should be plowed back into dividends or re-investment opportunities.

      You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

      by ontheleftcoast on Fri Mar 08, 2013 at 10:31:26 AM PST

      [ Parent ]

      •  I'd think it would be reinvested. (1+ / 0-)
        Recommended by:
        VClib

        if its just sitting in an investment account, the income is getting taxed.  the only way to avoid taxation on the income from the profit is to reinvest it in operations.

        •  Bull (5+ / 0-)

          75% of Apple's "overseas investments" is cash. Pure, unadulterated, cash. Roughly 70 billion the last time I saw a number. They're not investing it, they're hoarding it like Scrooge McDuck. As far as I can tell all the tech giants, Google, Cisco, etc. are doing the same thing. Selling their goods overseas and claiming "permanent reinvestment" exemptions on cash. They're taking advantage of a loophole you could sail the USS Enterprise thru and it needs to be closed and that income (and it's taxes) repatriated.

          You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

          by ontheleftcoast on Fri Mar 08, 2013 at 12:10:23 PM PST

          [ Parent ]

          •  The good news is that Americans do have (2+ / 0-)
            Recommended by:
            howd, TomFromNJ

            some expertise in how to move vast amounts of cash around the globe:

            The US flew nearly $12bn in shrink-wrapped $100 bills into Iraq, then distributed the cash with no proper control over who was receiving it and how it was being spent.
            link

            So, scale that up only 6x, and all those $$s can safely be returned home (although * some * shrinkage is to be expected, I suppose).

      •  ontheleftcoast - the cash can be re-invested (0+ / 0-)

        just not in the US. The offshore cash makes investing in the US very difficult. If the corporation is looking at investment alternatives it can use 100 cent dollars to invest anywhere in the world, except the US or use 65 cent dollars to invest in the US. The difference is so significant that few US opportunities would ever make the cut. The cash isn't coming back to the US unless there is a tax holiday.

        "let's talk about that"

        by VClib on Fri Mar 08, 2013 at 03:05:35 PM PST

        [ Parent ]

        •  Play me a song on a tiny violin (0+ / 0-)

          They are NOT investing the cash, they're sitting on it. If we had a Congress willing to fight for tax revenues they'd just close the ridiculous loophole on "permanent investment" and make it come back by taxing them on their global earnings, not just what they're willing to claim they've made.

          You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

          by ontheleftcoast on Fri Mar 08, 2013 at 03:10:25 PM PST

          [ Parent ]

          •  Actually the funds are invested in securities (1+ / 0-)
            Recommended by:
            VClib

            they are not keeping stacks of $100 bills in the supply room.

            The most important way to protect the environment is not to have more than one child.

            by nextstep on Fri Mar 08, 2013 at 03:50:19 PM PST

            [ Parent ]

            •  It's liquid assets. Cash, stocks, bonds, etc. (0+ / 0-)

              And they actually do have literal piles of cash -- some of these companies move billions thru currency exchange markets. Shuffling the money around endlessly to make money from the money. The tax provision was supposed to be for "permanent assets" buildings, employees, equipment. Not financial instruments to play accounting tricks.

              You can't assassinate the character of any of modern conservative. You'd have to find where it was buried, dig it up, resurrect it, then kill it. And killing a zombie isn't really assassination, is it?

              by ontheleftcoast on Fri Mar 08, 2013 at 03:59:40 PM PST

              [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site