senate Bill S. 922
Closing Overseas Tax Loopholes to Make Businesses Pay More Income Taxes
Argument in favor
U.S. corporations need to pay their fair share of taxes to support the infrastructure and services that help facilitate commerce. Deficits are large, and the government needs all the money it can get.
03/09/2016
"Today, we lose over $100 billion a year in revenue because large corporations stash their cash in offshore tax havens around the world. That is unacceptable." [berniesanders.com]
03/09/2016
“These companies are cherry-picking the rules, and it damages the country’s finances... It adds to the deficit. It sticks you with the tab to make up for what they are stashing offshore.” [nytimes.com]
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01/16/2016
Way past due! Businesses establish themselves here in the US and conduct the majority of their business here. Incorporating overseas in order to avoid paying taxes and thereby avoid giving back to the system that helped make them rich is absolutely criminal!
Argument opposed
Rather than punishing businesses for behaving rationally, why not reform corporate income taxes — and reduce tax rates? If U.S. tax rates were lower, corporations wouldn't try to avoid them.
02/11/2016
A one page tax code, with a flat tax of 14.5% on individuals, businesses and corporations (with no loopholes) is a vastly more pragmatic advancement to "give onto Cesar". Only a fool looks at the reaction of these corporations; a wiseman looks at what their reacting too. Witch is a daunting, 70,000 page tax code.
01/19/2016
Instead of again, adding pages to our already-extensive tax code, let's make big tax cuts and drop to a flat tax system. Also, to make them come back to the U.S., we should lessen taxes, not raise them. That's not an incentive at all.
01/16/2016
Corporations have paid there taxes. It's only Government who wants to double tax US corporations on overseas earnings. If US Corporations have followed the IRS taxation laws and have paid overseas taxes, case closed. Just wait, the IRS may be coming for your bank account.
"Today, we lose over $100 billion a year in revenue because large corporations stash their cash in offshore tax havens around the world. That is unacceptable." [berniesanders.com]
A one page tax code, with a flat tax of 14.5% on individuals, businesses and corporations (with no loopholes) is a vastly more pragmatic advancement to "give onto Cesar". Only a fool looks at the reaction of these corporations; a wiseman looks at what their reacting too. Witch is a daunting, 70,000 page tax code.
“These companies are cherry-picking the rules, and it damages the country’s finances... It adds to the deficit. It sticks you with the tab to make up for what they are stashing offshore.” [nytimes.com]
Way past due! Businesses establish themselves here in the US and conduct the majority of their business here. Incorporating overseas in order to avoid paying taxes and thereby avoid giving back to the system that helped make them rich is absolutely criminal!
Instead of again, adding pages to our already-extensive tax code, let's make big tax cuts and drop to a flat tax system. Also, to make them come back to the U.S., we should lessen taxes, not raise them. That's not an incentive at all.
About time!!!!! Why didn't you think to do this when Bush crashed the economy? Or why didn't it occur to you when you became aware of the huge income inequality gap in the US? You really must be collectively dumber than the proverbial box of rocks (that means you Sen Rubio & Rep DeSantis.)
Big corporations need to pay their fair share in taxes! Period.
It's decades past time to recoup the tax money owed to the US public by large corporations stashing their profits overseas. These large corporations do not hesitate to ask the US government to smooth their way in trade hassles. It's time for them to pay for it.
Corporations have paid there taxes. It's only Government who wants to double tax US corporations on overseas earnings. If US Corporations have followed the IRS taxation laws and have paid overseas taxes, case closed. Just wait, the IRS may be coming for your bank account.
Congress won't move to tax externalities and institute either state-level LVTs or a national sales tax anytime soon, so I vote that we simply lower taxes while closing these loopholes so that capital isn't thrown out of the economic loop.
These tax loopholes are what allow fraudulent claims of business in the Cayman Islands or St. Maarten to maintain a savings that doesn't pay taxes. People should have to pay taxes on all their income and not find sneaky ways to avoid it. Truly, the billions of dollars in lost revenue from this is devastating to our debt payoff and public services.
I voted for this for three reasons. 1) Companies in America must pay their fair share, if they are going to make profits in the US. 2) Increasing income taxes will help to reduce income inequality. 3) By implementing this, Americans will have increased support of the government.
American taxes are meant to provide better resources for Americans. Let's hold corporations responsible.
Anyone who's ever looked at the Laffer curve can tell you, when you tax more you don't increase revenue YOU DECREASE IT. The United States needs to lower taxes on businesses so we can bring more corporations to our country, and in turn create more government revenue. It's simple, it's been proven to work, and it benefits both parties in the long run.
Corporations need to pay their fair share in taxes. It is wrong that the average tax rate for the Fortune 10 is about 10%.
The idea that the problem is tax rates is ludicrous. There are already plenty of legitimate deductible business expenses; what's left is taxable regardless of where it's located.
Everyone needs to pay their fair share of taxes. Now it's easy to say that avoiding taxes is criminal but that's not true it's just survival of the fittest. I have been guilty of calling them criminals but I think I may be wrong here, you can't expect people to act morally all the time. So instead we have to make it fair. No tax breaks and no exceptions. You pay the going rate or face the consequences. And in my mind the punishments should be severe. They are for citizens so they should be for corporations. No exceptions.
It's time for corporations to stop abusing tax loopholes and pay their fair share. The money could be used to rebuild our crumbling infrastructure! Do the right thing. Thanks!
Deficit is large, not because of this loophole but because over spending on social programs & pork. Cut the crap and use that to reduce the debt