Obamateurism of the Day
posted at 8:05 am on May 6, 2009 by Ed Morrissey
Jim Geraghty caught this one first, and it’s a doozy. Barack Obama worked himself into a lather when he gave a speech this week about his new proposals to close tax loopholes for multinational corporations, accusing them of tax evasion through manipulation of the tax code … or what we used to call “following the rules.” Obama called for extensive support for the people working on his behalf to make corporations pay their fair share:
The Treasury Department and the IRS, under Secretary Geithner’s leadership and Commissioner Shulman’s, are already taking far-reaching steps to catch overseas tax cheats — but they need more support. … These problems have been highlighted by Chairmen Charlie Rangel and Max Baucus, by leaders like Senator Carl Levin and Congressman Lloyd Doggett.
Obama makes it sound like he put the A-Team on the job, but only if It Takes A Thief to catch a “tax cheat.” Tim Geithner’s nomination almost got derailed — and should have been derailed — after it got revealed that the man who now runs the IRS skipped paying tens of thousands of dollars in taxes he owed, and for which he’d been reimbursed by his employer. Charles Rangel not only has tax problems, but also campaign-finance violations for which a House Ethics Investigation may yet be initiated.
Besides, if Obama wants to find tax cheats, he can always start with his own Cabinet.
Got an Obamateurism of the Day? If you see a foul-up by Barack Obama, e-mail it to me at obamaisms@edmorrissey.com with the quote and the link to the Obamateurism. I’ll post the best Obamateurisms on a daily basis, depending on how many I receive. Include a link to your blog, and I’ll give some link love as well. And unlike Slate, I promise to end the feature when Barack Obama leaves office.
Illustrations by Chris Muir of Day by Day. Be sure to read the adventures of Sam, Zed, Damon, and Jan every day!
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Yet another one glossed over by the Lamestream Media.
Red Cloud on May 6, 2009 at 8:10 AM
Democrats=taxes for thee but not for me….. Oh and about time you got to work Ed… ;p
doriangrey on May 6, 2009 at 8:10 AM
I like how he calls them cheats, when they are following the current law, but Secretary or Congressman when they haven’t been.
thespottedowl on May 6, 2009 at 8:11 AM
is it even funny anymore? maybe i need more coffee.
kelley in virginia on May 6, 2009 at 8:12 AM
Using the tax code to your advantage is not the same as cheating on — or otherwise not paying — your taxes.
BigD on May 6, 2009 at 8:12 AM
Obama is displaying a true Chicago gangster attitude, give me
yourmy money or I’ll break your legs…doriangrey on May 6, 2009 at 8:13 AM
Boy Hopey/Changey is out to p#ss off everybody!
I wonder how many Liberals have their cash in
off-shore accounts!
canopfor on May 6, 2009 at 8:15 AM
Yeah, but all the comedians and talk show hosts are gonna hammer Obama on this, right?
forest on May 6, 2009 at 8:16 AM
So Ed, you expect Americans to get on board with corporations using offshore accounts to avoid taxes as “following the rules”?
The US loses something like $100 billion yearly because US companies list themselves in places like the Cayman Islands, but Geithner didn’t pay “tens of thousands” of owed taxes on time so pfffft, forget about it?
Conservatives should make a killing by campaigning on “Obama’s wrong, corporations SHOULDN’T pay their fair share!”
e-pirate on May 6, 2009 at 8:16 AM
i am really worried about bambi’s policy towards israel, pakistan & afghanistan at the moment. this latest “gaffe” only pales in comparison to those issues.
kelley in virginia on May 6, 2009 at 8:16 AM
Only 2 or 3 percent, the rest are waiting on their welfare checks.
doriangrey on May 6, 2009 at 8:16 AM
Obama will be reaching into and
will be taking the money from,
the Good,the Bad,and the Ugly!
Can’t wait for this to start,
its going to be one h#lluva movie!ahem.
canopfor on May 6, 2009 at 8:18 AM
e-pirate: it think the hypocrisy of charlie rangel overseeing tax code “crackdown” is the point here.
kelley in virginia on May 6, 2009 at 8:18 AM
National Prayer Day
Shirley Dobson expressed disappointment that Pres.Obama would not join in either the communal prayer or even a breakfast with Catholics to honor the custom of prayer.
Obama faithfully attended Wright’s church of prayer for 20 years. His childhood Muslim faith in Indonesia required regular daily prayer.
But when it comes to praying a united prayer with Americans FOR America, Obama will at present only sign a permission slip for tomorrow’s occasion to go on without him and go about his daily routine, whatever.
Praying in private is great. Snubbing the very people you target as right wing radicals is not. All of those townhall hamburger visits with his servants and jet setting around the globe and his night out with Michelle have Obama too worn out to actually share space with the American community that includes Christians whom he has already blacklisted.
Divisive Obama is a Segregationist.
maverick muse on May 6, 2009 at 8:18 AM
ahahahaha, they couldn’t top that!
scalleywag on May 6, 2009 at 8:18 AM
Their fair share? US corporations pay the highest tax rates on earth, not their fair share.
doriangrey on May 6, 2009 at 8:18 AM
It won’t matter. Contractual law bears no weight in Obama’s world. Just as his Socialist-liberals are not required to pay taxes, their off-shore accounts will not be accounted liable, either.
maverick muse on May 6, 2009 at 8:21 AM
what? I think you missed the point entirely.
scalleywag on May 6, 2009 at 8:21 AM
These “loopholes” were written into the Tax Code by Congress, over several decades, under several Administrations…and until they are rescinded, they are a matter of Law, they are the Law.
If the loopholes are so odious to this Administration, perhaps sending to Congress a sweeping revision to the Tax Code should be a priority for the Administration?
Then, let Congress debate the entire Tax Code, open it up, the entire Tax Code…let the people see who is in favor of what special provisions and which “loopholes” are kept and which ones are hidden in other legislation, and which special interests are pandered to and which are demonized and why.
But, above all, let’s break a few rice bowls. But that takes conviction and fortitude…so don’t expect that to happen in this Administration.
This selective posturing for the cameras, demonizing private citizens and corporations who are following the Law, seems to be typically Obamaesque.
The problem is not tax cheats (though the Obama Administration has a knack for appointing cheats to high offices) it is a Tax Code written by Congress over decades that enables and encourages loopholes, and special considerations for whichever lobby or group has the ear of Congress at any particular time.
Want to close loopholes? Then do it. Re-write the entire tax code, in public, and see how it shakes out.
Or, let’s go to a flat tax across the board.
In the meantime, as Obama demonizes corporations and persons who are following the Law as it is written, as it stands today, look for more not less to head overseas, where they can depend on tax codes that are not re-written every session of their legislatures, or after every election of head of state. Stability encourages business growth. Witch hunts do the opposite. And those currently following the law as written will find that they will be held criminally liable for following the law…and that makes following the law insane.
coldwarrior on May 6, 2009 at 8:22 AM
I believe we should invoke the “Yougofirst Rule”, whatever policies the libs can impose upon us, they must go first. When the libs agree to live under the rules they have created, then maybe Americans will come around.
Ted Kennedy has lots of money, that will not be taxed. NOT FAIR. Hope and Change, my taxable arse!
bloggless on May 6, 2009 at 8:22 AM
Oh and how about you actually pay taxes for once in your miserable life before you suggest someone else pay their fair sshare.
doriangrey on May 6, 2009 at 8:22 AM
Good morning Ed, I hope you have a pleasant and productive day.
New editions of Obama’s official dictionary of American English need to be issued with his every speech. If obeying the law means cheating, I guess we’re all tax cheats now.
Loxodonta on May 6, 2009 at 8:23 AM
YOUGOFIRST. New slogan.
bloggless on May 6, 2009 at 8:23 AM
Only 2 or 3 percent,the rest are waiting on their welfare
checks.
doriangry on May 6,2009 at 8:16AM.
doriangry:
Good Morning Dori,yup,no kidding!
But,look on the bright side,they might snag,a welfare cheat
who has had multiple alias,and is rakeing in a pile of gov
ernment money through fraud,and is trying to hide their ill
gotten booty!!:)
canopfor on May 6, 2009 at 8:23 AM
coldwarrior on May 6, 2009 at 8:22 AM
In a nut shell, yep.
maverick muse on May 6, 2009 at 8:24 AM
e-pirate, I’d be happy if the libs would just pay their fair share.
http://74.125.93.132/search?q=cache:owxToA3vVNQJ:archive.newsmax.com/archives/articles/2005/11/1/162756.shtml+%22ted+kennedy%22+overseas+tax+shelters&cd=11&hl=en&ct=clnk&gl=us
bloggless on May 6, 2009 at 8:24 AM
First of all, Rangel shouldn’t be in charge of anything. He’s a liar and a cheat. Secondly, Geitner never should have passed muster and he’s proven that not only did he try and cheat, he’s incompetent. And finally, if there were a thorough investigation into Obama’s campaign finances I’d bet my job that there were “manipulations” there too. Clean your own house before you go on a corporate witch hunt.
scalleywag on May 6, 2009 at 8:25 AM
Get ready for the off-shore account ordeal,
instead of buses,be perpared to be thrown,
under da yacht!
canopfor on May 6, 2009 at 8:26 AM
Ya, then Obama would just nominate them to the SCOTUS or something…
doriangrey on May 6, 2009 at 8:26 AM
Loxodonta on May 6, 2009 at 8:23 AM
Obama uses Newspeak to rile the mobs against rule of law, to attack how UNFAIR rule of law is, to demise any law that supersedes his tyranny.
maverick muse on May 6, 2009 at 8:26 AM
Why doesn’t Ted Kennedy get rid of his shelters
bloggless on May 6, 2009 at 8:26 AM
Probably not, they’re still busy looking for an “angle,” right?
Red Cloud on May 6, 2009 at 8:26 AM
Yahah!
maverick muse on May 6, 2009 at 8:27 AM
That’ll be nothing compared to the billions lost when these companies pull their capital out of America when they can’t make a profit.
You do realize that making profit is the point of buisness, not paying taxes.
loudmouth883 on May 6, 2009 at 8:28 AM
Except the problem is that many corporations don’t actually pay that rate, since they’re using tax shelters. Try and keep up buddy.
By focusing on Geithner’s tax problems, and ignoring the $100 billion lost in revenue each year, Ed’s post misses the point. Deliberately.
e-pirate on May 6, 2009 at 8:28 AM
A laughable concept.
We don’t get their tax money now, so then they treaten to leave?
e-pirate on May 6, 2009 at 8:29 AM
Adults in charge. /sarc
bluelightbrigade on May 6, 2009 at 8:29 AM
This is yet another of his great ideas that’s going to blow up in his face, and then he’s going to do another about face.
scalleywag on May 6, 2009 at 8:29 AM
Thanks for the heads up.
Obama to be prayer day no-show
Someone please explain the following sentence:
Great! Now publicly means privately.
Loxodonta on May 6, 2009 at 8:30 AM
under da yacht!
canopfor on May 6, 2009 at 8:26 AM
maverick muse on May 6, 2009 at 8:31 AM
The only place parasite liberals ever go first is to help themselves to the fruits of someone else labors.
doriangrey on May 6, 2009 at 8:31 AM
The fact that you had to respond to this poster is exactly what the problem is today. Not what you said (which is correct) but that you HAD to say it. I would suggest that every socialist-leaning liberal dipped in class envy take an hour and visit with the accountant or CFO at their employer. They should be given a copy of a balance sheet showing how much revenue goes to the govt, state and city for taxes, the costs of employees including health care and training, the costs of equipment, maintenance, marketing tools, etc. as well as, the amount of money that gets reinvested annually so that the company can grow and hire more people to create new jobs.
This should be a mandatory exercise for all who hate the big bad corporate bosses. They should call it “Take a Liberal to Work Day”.
sherry on May 6, 2009 at 8:32 AM
This, from the 0ne’s speech:
Something very wrong with that sentence. Geithner should not be in any way connected with trying to catch tax cheats of any sort. Unless of course you’re using the premise, it takes one to know one.
4shoes on May 6, 2009 at 8:33 AM
Praying to oneself, Obama praying to Himself, the Obama way, should be seen by the public. His not participating in a tradition, a long standing tradition, says much about this President. It is indeed, all about the “O.”
coldwarrior on May 6, 2009 at 8:33 AM
tax cheats are in charge now
Loxodonta on May 6, 2009 at 8:34 AM
So now you’re trying to say these companies don’t pay any taxes? I find your line of thinking difficult to follow. Why do you think New York and California have such deficit problems? It’s cause they’re tax philosophy is so backward that the capital flees these areas in droves.
loudmouth883 on May 6, 2009 at 8:34 AM
You clearly have no idea what so ever what you are talking about.
doriangrey on May 6, 2009 at 8:34 AM
You point out the next stage.
Traditional Christian worship services will only be tolerated underground.
Remember airlines requiring people remove their religious Christian emblem jewelry?
Obama’s point is to remove Christian prayer from public view. He eschews national prayer for our well being, publicly, privately. Damn, his response infers he wills our failure, his success.
maverick muse on May 6, 2009 at 8:35 AM
….to the SCOTUS or something…
doriangry on May 6,2009 at 8:26AM.
doriangry: DOH! Must you ruin a good theory!heh:)
canopfor on May 6, 2009 at 8:35 AM
Obama’s Organized Crime Syndicate usurps our Constitutional Government.
maverick muse on May 6, 2009 at 8:36 AM
Taking a parasite liberal to work is like trying to get a hippy to take a bath.
doriangrey on May 6, 2009 at 8:36 AM
Obama’s election has stimulated a great increase in prayer.
At least I know I’ve been praying much more frequently that our nation survives his narcissistic egomania.
Loxodonta on May 6, 2009 at 8:36 AM
and the hollow echo chamber within his heart of hearts
maverick muse on May 6, 2009 at 8:37 AM
Just love how politicians create incentives for business through taxes. They ask businesses to do things they would never do without the incentives, then when election days come, campaign against teh incentives as corporate welfare.
Of course, all things past are suspended now that we have a king who decides.
billypaintbrush on May 6, 2009 at 8:37 AM
or give that hippy a haircut
maverick muse on May 6, 2009 at 8:38 AM
Shouldn’t the bottom 50%, who use government provided services and pay basically no income tax, also pay their “fair share”?
rbj on May 6, 2009 at 8:40 AM
YOUGOFIRST. New slogan.
bloggless on May 6, 2009 at 8:23 AM
Who’s On First?
maverick muse on May 6, 2009 at 8:41 AM
That number is larger and growing…the ultimate special interest group, Obama voters, who elected The One for no other reason than getting more “free” stuff.
coldwarrior on May 6, 2009 at 8:42 AM
Ah. This is why Obama will not be attending the National Catholic Prayer Breakfast: Obama …
Obama won’t attend unless he is honored and has an opportunity to speak.
So, it’s all about him again.
Loxodonta on May 6, 2009 at 8:45 AM
coldwarrior on May 6, 2009 at 8:42 AM
Hence, the dissolution of designated “special” classifications SEGREGATING citizens (hate crimes & thought police), and the defined liposuction of “entitled” pork.
maverick muse on May 6, 2009 at 8:46 AM
A Serbian car, obviously. Pay attention!
Loxodonta on May 6, 2009 at 8:48 AM
For being so smarmy about how dumb the rest of us are, you should probably know that balance sheets don’t list revenues, taxes paid, or other expenses.
And I don’t think Joe America, who just lost his job and had his house foreclosed on, is going to have much sympathy for poor little corporations who had to pay $9 million in expenses when they took in $10 million in cash.
Again, “Won’t somebody think of the poor, poor corporations” is not a winning campaign issue.
e-pirate on May 6, 2009 at 8:48 AM
“Taxes are for little people,” -Leona.
Akzed on May 6, 2009 at 8:48 AM
They are not required to think, only to chant.
It seems the more we spend on public education, the further the results are dismal.
I think this generation is doubly screwed, having suckled upon the teat of “virtual realities”.
Saltysam on May 6, 2009 at 8:49 AM
Poor people have it so easy!
People who have lots of money have the most to lose.
e-pirate on May 6, 2009 at 8:50 AM
Loxodonta on May 6, 2009 at 8:45 AM
I always thought the National Prayer Day was Ecumenical, though sponsored by Catholics.
Even so, given the Notre Dame ceremonial address and honorary degree, all the more reason to reciprocate with a spirit of kindness.
Obama not only has a cold shoulder for Americans, but a down right mean cold heart.
maverick muse on May 6, 2009 at 8:51 AM
You know what would be like a tax refund, you not getting your welfare check this month, that would be exactly like a tax refund.
doriangrey on May 6, 2009 at 8:54 AM
For those of us dependent upon corporations to produce a paycheck, yes it is. You ideals may change when you graduate.
sherry on May 6, 2009 at 8:55 AM
Hey, “omg you hate corporations so you must be on welfare, I’ll say that 5 times instead of actual debate” strategy isn’t working, ace.
e-pirate on May 6, 2009 at 8:58 AM
What makes you think e-parasite is ever going to graduate???
doriangrey on May 6, 2009 at 8:58 AM
What makes you think e-parasite is ever going to graduate???
doriangrey on May 6, 2009 at 8:58 AM
What makes you think e-parasite is ever going to graduate???
doriangrey on May 6, 2009 at 8:58 AM
Heh
The news certainly has not been paying attention to the weeks of fighting in Georgia, and yesterday’s Russian instigated failed mutiny of Georgian military forces.
Obama won’t respond, leaving the Pentagon to quote the isolated incident not worthy of contingency consideration, I paraphrase.
maverick muse on May 6, 2009 at 8:58 AM
Must have touched a nerve cause somebodies butt sure is hurting.
doriangrey on May 6, 2009 at 9:01 AM
Eventually someone has to kick them out of the nest and join the real world!
sherry on May 6, 2009 at 9:02 AM
They will never understand until it’s too late. They are practicing a perverse kind of procrastination. They don;t want to understand, now, with the desperate hope that they won’t have to understand later.
They will never understand that the transfer of productivity to state control always diminishes the value of that productivity, which results in the need to work more hours per week to sustain the standard of living enjoyed before the transfer.
Eventually they will have that “eureka” moment and realize you can’t squeeze blood from a rock, but by that time, they will already be wedged into the vice.
Saltysam on May 6, 2009 at 9:08 AM
Once the state is in control of everything, there are no “eureka” moments allowed.
Loxodonta on May 6, 2009 at 9:13 AM
lol! I like it. Someone should get this to Rush right away!
bloggless on May 6, 2009 at 9:13 AM
I agree that this gaffe doesn’t seem as important as the serious international issues facing The Precedent…but something this simple being screwed up so royally is pertinent in that it clearly shows The Precedent’s level of incomptency.
If he can’t handle the small stuff, he sure as heck can’t handle the big stuff.
And we all should be terrified…
ladyingray on May 6, 2009 at 9:16 AM
E-pirate,
It’s a shame that I have to explain this to you, but here it goes.
Corporations DO NOT pay taxes, never have and never will. Corporations are tax collectors. Through their activities the government embeds various taxes which are passed on to the end consumer of their products and services.
The ONLY thing in this universe that is taxed is the labor of the individual who eventually is the ultimate end consumer no matter if the corporation is a manufacturer or a consulting service, it’s the INDIVIDUAL HUMAN who is actually taxed.
Raise the cost of doing business through taxation and the corporation will either A)pass the cost on through embedding it into products and services or B)cease operations because the cost of doing business ceases to provide a source of wealth generation for individual humans who eventually own said corporation.
A corporation has a legitimate right and responsibility to ALL to examine the costs of doing business and reduce those costs whenever feasible. This isn’t being a tax cheat like Geither, it’s being a responsible business.
Corporations do not pay taxes, they only collect them. Reduce the amount they have to collect and they will expand their activities and increase profits for the humans that are associated with that business/corporation worker, executive and investor alike. Then, and only then will actual tax revenues increase, because actual humans are engaged in more economic activity.
The only thing that is taxed in reality is human labor.
Jason Coleman on May 6, 2009 at 9:17 AM
+1,000
ladyingray on May 6, 2009 at 9:19 AM
Following the law means you are a tax cheat if it results in paying less taxes than “The Won” wants you to pay?
Words clearly mean nothing anymore.
MarkTheGreat on May 6, 2009 at 9:20 AM
As someone else pointed out, it is quite easy for an American company with a subsidiary in Ireland, to become an Irish company with a subsidiary in America.
This is the route that most big companies will go if Barry follows through on these threats.
These tax law changes will not bring in more revenue, they will bring in less, and result in the loss of jobs for thousands of Americans.
MarkTheGreat on May 6, 2009 at 9:22 AM
It’s a winning issue if you need a job.
Exactly right. Higher taxes for buisness=higher prices for consumers. Seems like a simple concept, except for the simple minded.
loudmouth883 on May 6, 2009 at 9:24 AM
Every tool in this shed is a dull one, and dull tools are dangerous.
pugwriter on May 6, 2009 at 9:30 AM
I love it when liberal shills go out of their way to prove, beyond any doubt, that they know nothing except the talking points they are given.
Hey e-pirate, please be specific. Which tax law, passed by Congress, are these corporations breaking? Which tax law, passed by Congress, defines “fair share”?
Yoop on May 6, 2009 at 9:31 AM
Who gets to define what a fair share is? Is anything less than a tax rate of 100% “not fair”? Not fair to whom?
I reckognize that attitudes like yours are political winners, but that’s only because the vast majority of Americans are economically illiterate, thanks to the machinations of the teacher’s unions.
Companies don’t pay taxes, they just pass them on to consumers. Raising taxes on companies that have the ability to leave, causes them to leave, and take their jobs with them.
It may feel good to rail about how someone else has to pay for your welfare check, but it isn’t smart economics, and it is worse business.
MarkTheGreat on May 6, 2009 at 9:31 AM
We get plenty of their money now, but apparently you and Obama won’t be satisfied until we take it all. And raising taxes on corporations even higher than they are now will result in more than just threats to leave. Businesses will leave the U.S., and they’ll take the jobs they create here with them when they re-locate to more tax-friendly locations overseas. That will mean not only fewer businesses to tax here, but fewer working Americans to tax as well. But hey, just keep spewing your idiot liberal talking points about “evil” corporations and how tough the entitlement classes have it here in the U.S. — trying to survive with just their food stamps, welfare payments, public housing, taxpayer-funded medical care, taxpayer-provided cell phones, etc.
AZCoyote on May 6, 2009 at 9:37 AM
Absolutely. This clown-like posturing by Oboingo is so hypocritical that it has now become obscene.
One thing that needs to be clear: increasing corporate taxes, whether explicitly through the tax rate, or implicitly through elimination of legal arrangements that reduce net tax, destroys jobs and dissipates wealth.
Why are so many so anxious to tax the hell out of corporations, when those corporations are actually productive assets held in no small measure by everyday people who have money invested in retirement accounts?
This notion that corporations are owned solely by cigar-smoking, chauffeur-driven bigwigs is early-20th-century peasant politics, and has been turned entirely on its head. The Demoncraps are the elitists, the billionaires who know jack about the price of groceries or the appalling education our kids are getting, and who advocate inheritance taxes when they themselves have their money hidden outside the reach of the tax laws (George Soros comes to mind). The regular folks are stuck putting their money in their IRAs, and watching government bunglers/burglars, clueless at best, malevolent at worst, do everything in their power to destroy the retirement plans that the (admittedly shrinking) majority of Americans have worked so hard to build for themselves.
Time to stop this nonsense. Vote out your incumbent unless they have a clear record of acting in the interest of you and your country.
mr.blacksheep on May 6, 2009 at 9:39 AM
It was hysterical, a shout out to mobilize his thugs …
tarpon on May 6, 2009 at 9:49 AM
Pirate,, you think all these big corporations are rich and screwing the poor? What about GM and Chrysler,,,, do you want to tax them so they go out of business and not pay any tax at all? Corporations also pass their tax bill down on to the consumer or did you not know that? Remember taxes are an expense for employers and they have to place that tax on their product to get their money back.
garydt on May 6, 2009 at 10:16 AM
Nice explanation. People like e-pirate are clueless to this concept.
It requires critical thinking skills. Something Americans are not required to do anymore.
Products that are produced in any business, whether it’s a physical thing or a service, cost $$ to produce.
Not all businesses are able to pass on this cost to consumers, but many are.
In the beef business, if you are a producer, you cannot pass on the cost of raising a cow or calf onto the next guy-the feeder. The price we get for our product is set by the top guys-the packer. Since there is a monopoly in this sector that is being allowed to operate (without proper govt intervention), we are forced to receive what they offer through price manipulation in many cases & we either accept it, or go out of business.
But either way, the cost does get passed on to the consumer.
If you tax stuff-the consumer pays for that tax.
So when we all buy a burger, or a car, or a pencil-we the consumer are being taxed at a hugely un-proportional rate.
So the consumer is actually paying MORE than their fair share in taxes.
This is why the poor are largely affected by these taxes. Bcs they still have to buy stuff to survive & everyday stuff gets taxed through these taxes.
Legal loopholes are what they are-LEGAL.
It is ILLEGAL activity the govt needs to be concerned about-and they aren’t.
Badger40 on May 6, 2009 at 10:21 AM
Did getalife come back as e-pirate?
Christian Conservative on May 6, 2009 at 10:35 AM
One really cool by-product of this and the wide open border with Mexico is the caravans of folks physically transporting cash out of the country to safe banks offshore. Dems clamp down on above board bank transfers so the dollars go all “immigrant” on them.
Obama will end up building a wall around the country to keep the money in. Libs really don’t get Karma, do they?
noblejones on May 6, 2009 at 10:40 AM
“US loses something like $100 billion yearly because US companies”
First of all, it’s only a loss if you had it in your hands in the first place, so you are wrong about “losing” the money. Secondly, you are correct about corporations not paying taxes. I “have” a veterinary corporation. It hasn’t paid any more taxes than my annual corporate renewal requires (something like $300). However, and this is where education 101 failed you, my wife and I pay the taxes on the earning of the corporation. Oh sure, we have “tax shelters”. It’s called profit sharing, health plan, charitable contributions etc., but we still pay all the taxes currently dictated by law as those tax shelters are legitimate. Now, if my taxes get too high, I may decide to shut my corporation down and pursue other areas of interest. If I do, 13 people are without a job, the local government as well as the Federal government will lose the taxes I collect from clients on over a million dollars a year, so where’s the “corporate greed” showing up. I’m not sure if I could dumb it down anymore than that, but that’s pretty much it in a nut shell. I guess if you were educated in a government school, it still may seem a little fuzzy huh?
rayvet on May 6, 2009 at 10:40 AM
. . . and benny shakar and a handful of others. Media Matters is getting real cheap with their high school aged thread breakers. They could afford better.
noblejones on May 6, 2009 at 10:43 AM
Dems who, apparently, want government in every aspect of people’s lives are the ones who aren’t paying their fair share–100% of their income.
Christien on May 6, 2009 at 10:44 AM
e-pirate drooled:
Then it shouldn’t bother you, benny.
noblejones on May 6, 2009 at 10:54 AM
The first place to look is
-
General Electric Corp.
-
They pay their foreign sub corps extra high proces for products sold in the USA as a way of funneling domestic profits offshore.
-
The other trick is to overpay sub corps (100K / head) for engineers who work here for a two year hitch getting (25K) deposited back home in India.
-
This reduces domestic employment costs and moves profits offshore.
-
They probably have many other similiar “programs” to reduce their US tax bill.
-
The important factor is that corporations don’t pay tax costs. Taxes have to be built into the price of the product.
It is just a back door method of imposing additional tyaxes on consumers. Unless consumers decide not to buy.
-
Just goes to show how Wash D.C. is brain dead.
esblowfeld on May 6, 2009 at 10:55 AM
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