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+--- Thread: U.S. firms move abroad to escape high taxes. Time to raise their taxes. (/showthread.php?tid=140826)
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U.S. firms move abroad to escape high taxes. Time to raise their taxes. - Avenger - 08-30-2012
"More big U.S. companies are reincorporating abroad despite a 2004 federal law that sought to curb the practice. One big reason: Taxes. A few cite worries that U.S. taxes will rise in the future, especially if Washington revamps the tax code next year to shrink the federal budget deficit."
When a US company moves to UK to escape high taxes, you know things are bad.
"In fact, Ensco's tax rate has declined. In the second quarter, the company said its "effective tax rate" was 10.5%, down from 19% in 2009. The savings: more than $100 million a year."
http://finance.yahoo.com/news/u-firms-move-abroad-024200566.html
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - decay - 08-30-2012
they want it both ways - to be in the USA but not to pay our taxes.
move to another country if you want to pay their tax rates.
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - Avenger - 08-30-2012
They will but don't cry over unemployment numbers when they come out before the election.
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - cbelt3 - 08-30-2012
Ever wonder why Delaware has so many corporations in it ?
The reality, aside from the BS hyperbole, is that businesses pay taxes where they do business. Make income in the US ? You pay US income taxes. Make income in the UK ? You pay UK taxes. The location of one's 'headquarters' (in other words, the lawyer' file cabinet where your incorporation documents sit) is much less meaningul.
I can use words like 'nexus' if it makes you happy, but the whole "I'm moving my company out of this country because taxes are too high" is always bull feces.
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - Lemon Drop - 08-30-2012
This is a Wall Street Journal article designed to make the current administration look like a high taxer, when the facts are that effective corporate tax rates are the lowest they have been in decades, thanks in part to deductions available through Obama's stimulus tax cuts.
An how much business does Aon do in the UK? A lot. They are an international outsourcing firm, BTW. A friend of mine from high school is an exec with that company. He consults with American businesses about how to move as many jobs offshore as possible, including HR and other administrative work once thought "safe."
From February:
"According to the Wall Street Journal’s recent study of Congressional Budget Office numbers, corporations are paying an effective rate of 12.1%, the lowest in at least 40 years. So why are some of the biggest and most powerful entities in our society getting away with paying so little? The story is complicated, but the biggest factor in the recent collapse in corporate tax receipts appears to be a set of tax breaks built into recent stimulus efforts."
Read more: http://business.time.com/2012/02/06/the-corporate-tax-rate-is-at-its-lowest-in-decades-is-big-business-paying-its-fair-share/#ixzz252amJgn7
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - RgrF - 08-30-2012
I suspect the effective corporate tax rate could be reduced to zero and the right wing kool-aid drinkers would still complain.
The interest rate for large scale commercial loans has been almost zero for the past two years, what the hell do they need, we should make it sub zero and pay these greedy fucks sitting on untold trillions of money that we'll pay them to invest in the country that made their existence even possible?
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - Avenger - 08-30-2012
RgrF wrote:
pay these greedy fucks sitting on untold trillions of money that we'll pay them to invest in the country that made their existence even possible?
Any wonder why they are leaving? Doesn't sound like a welcoming language. And don't you cry over unemployment numbers next month.
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - decay - 08-30-2012
if America is the land of opportunity, why won't these companies pay into that, since this is where they are based?
is that so hard to understand? you can't just take the part of America you like, and toss the rest out.
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - Avenger - 08-30-2012
decay wrote:
if America is the land of opportunity, why won't these companies pay into that, since this is where they are based?
They just won't, what are you gonna do about it? Tax them more?
Re: U.S. firms move abroad to escape high taxes. Time to raise their taxes. - decay - 08-30-2012
then they are breaking the laws of our land if they won't pay the taxes they owe.
prosecute for breaking the law, i guess.