PostmodernProphet
fully immersed in faith..
Hey, have you never seen the AD that shows a US one hundred dollar bill makes friends wherever it goes?
I thought that was the yuan......
Apple's calls for repatriation tax holiday gain no traction with White House
- Thread starter RockX
- Start date
I thought that was the yuan......
Hey, have you never seen the AD that shows a US one hundred dollar bill makes friends wherever it goes?
As for doing it the right way what is the right way? Remember, this has been tried before. Who decides which companies are worthy of investment? The Repub favorites or the Dem's favorites?
It would not only punish companies that played by the rules but it would encourage other companies to do the same, namely, fire US employees, close plants and move overseas. But like so many other laws enacted they're nothing but a knee-jerk reaction to a situation and never thought through. Demanding they pay taxes is not even a punishment. All the companies here paid those taxes. Why should those companies that relocated overseas be rewarded? It is not a punishment. It is expecting the companies to follow the same rules as every other company that remained here. Why should they get special treatment after having fired US employees and moved overseas? Your argument is illogical.
Considering who is in charge, it is likely the Democrats faves that would get it this time. While I have my faves it isn't about that, it's about what it can do for this economy, right now. It isn't about how companies "feel", it is about what is best for the US of A, and there is nothing "better" about having that money elsewhere than it is to have it here, even paid simply as dividends it would do better for this place, expand the tax base (yeah, those who get those dividends will be paying tax on them), and help the economy as well as increase revenue... or it can just sit, and do nothing at all for the US, no skin off their nose. One option is better than the other, you just want to do the one that foolishly continues the disincentive because you want the world to run according to your ideology rather than reality.
I fully understand your position. It doesn't matter if it can do good here, you don't want it because it doesn't follow your belief system. Pointing out that there are ideologues on both sides doesn't change that reality either. Ideologues are bad for any nation as they tend to believe that what is best for the ideology is more important than what is best for the nation.
apple0154
MEOW
Ah, but there is skin off their nose unless you believe those companies are spending money lobbying because they're such benevolent entities.
As for my position having to do with ideology if ideology is expecting companies to respect the law and not seek ways around it then consider me guilty. The companies knew the rules. Those with a social conscience stayed in the US and kept the US citizen employed. Those that didn't stay want to benefit from their selfish, greedy behavior. Surely one can see the consequences, the reality, of changing the laws to accomodate and reward them. Besides being grossly unfair to the companies that stayed it would promote more companies to do the exact same thing; fire US employees and move overseas.
(Excerpt) “In 2004, when the U.S. enacted a repatriation tax holiday, the goal was to encourage U.S. multinationals to pay bigger cash dividends from their overseas subsidiaries and use the cash to make investments in the United States,” Michael Mundaca, the assistant secretary for tax policy, wrote in March. “Unfortunately, there is no evidence that it increased U.S. investment or jobs, and it cost taxpayers billions.”
Mundaca and other critics point to studies by the Congressional Research Service and others showing that the earlier program had little positive economic impact. Many beneficiaries actually reduced their workforces during the same time period: Hewlett-Packard, for example, announced more than 14,000 U.S. job cuts even as it brought back $14.5 billion in overseas money.(End) (Emphasis added.)
http://www.washingtonpost.com/polit...overseas-money/2011/04/13/AFGpMp0E_story.html
Been there, done that. Who knows what devious, diabolical plans are in the making? (Drama added.)
As sure as night follows day if the companies do get a tax holiday, bring the money back, then renege on or distort the intentions of the newly enacted law and the government attempts to uphold it you'll hear screams of "socialism", "government intrusion", etc.
apple0154
MEOW
(Excerpt) Bank of New York Mellon Corp. BK +1.51%on Thursday took the extraordinary step of telling large clients it will charge them to hold cash.
The unusual move means some U.S. depositors will have to pay to keep big chunks of money in a bank, marking a stark new phase of the long-running global financial crisis.
The giant bank, which specializes in handling funds for financial institutions and corporations, will begin assessing a fee next week on customers that have been flooding the bank with dollars, Bank of New York told clients in a note reviewed by The Wall Street Journal. (End)
http://online.wsj.com/article/SB10001424053111903366504576488123965468018.html
Times are changing, PmP. You're not keeping up.
PostmodernProphet
fully immersed in faith..
(Excerpt) Bank of New York Mellon Corp. BK +1.51%on Thursday took the extraordinary step of telling large clients it will charge them to hold cash.
The unusual move means some U.S. depositors will have to pay to keep big chunks of money in a bank, marking a stark new phase of the long-running global financial crisis.
The giant bank, which specializes in handling funds for financial institutions and corporations, will begin assessing a fee next week on customers that have been flooding the bank with dollars, Bank of New York told clients in a note reviewed by The Wall Street Journal. (End)
http://online.wsj.com/article/SB10001424053111903366504576488123965468018.html
Times are changing, PmP. You're not keeping up.
from your link, a comment that I think is adequate response to your post....
apple0154
MEOW
Ah, but once the other banks start to get overrun...(Excerpt) Over the past two weeks, money-market funds, corporate treasurers and investment houses have pulled money out of securities that mature in more than one day in favor of stashing their cash in bank accounts at Bank of New York and other banks with custodial operations. The accounts don't earn interest, but have a big attraction: They are insured by the Federal Deposit Insurance Corp.
The fastest-growing asset on bank balance sheets this year is cash. Since the beginning of the year, U.S. bank holdings of cash are up 83%, or $890 billion, to $1.98 trillion. Consumer loans, by contrast, have grown 0.2%, or $1.7 billion. Commercial and industrial loans are up 3.8%, or $46.1 billion. (End)
Too much money. If the banks aren't making money they won't take the risk of holding it.
It definitely paints a different picture from the whining and crying of corporations paying too much in taxes and not having money to invest.