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Thread: We're No. 32!

  1. #1

    We're No. 32!

    Any day now the White House and Sen. Charles Schumer (D., N.Y.) will attempt to raise taxes on business, while making the U.S. tax code even more complex. The Obama and Schumer plans to punish businesses for moving their legal domicile overseas will arrive even as a new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. Way to go, Washington.

    On Monday the Tax Foundation, which manages the widely followed State Business Tax Climate Index, will launch a new global benchmark, the International Tax Competitiveness Index. According to the foundation, the new index measures "the extent to which a country's tax system adheres to two important principles of tax policy: competitiveness and neutrality."

    A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high "drive investment elsewhere, leading to slower economic growth," as the Tax Foundation puts it.

    By neutrality the foundation means "a tax code that seeks to raise the most revenue with the fewest economic distortions. This means that it doesn't favor consumption over saving, as happens with capital gains and dividends taxes, estate taxes, and high progressive income taxes. This also means no targeted tax breaks for businesses for specific business activities." Crony capitalism that rewards the likes of green energy with lower tax bills while imposing higher bills on other firms is political arbitrage that misallocates capital and reduces economic growth.

    The index takes into account more than 40 tax policy variables. And the inaugural ranking puts the U.S. at 32nd out of 34 industrialized countries in the Organization for Economic Co-operation and Development (OECD).

    With the developed world's highest corporate tax rate at over 39% including state levies, plus a rare demand that money earned overseas should be taxed as if it were earned domestically, the U.S. is almost in a class by itself. It ranks just behind Spain and Italy, of all economic humiliations. America did beat Portugal and France, which is currently run by an avowed socialist.

    The Tax Foundation benchmark compares developed economies with large and expensive governments, but the U.S. would do even worse if it were measured against the world's roughly 190 countries. The accounting firm KPMG maintains a corporate tax table that includes more than 130 countries and only one has a higher overall corporate tax rate than the U.S. The United Arab Emirates' 55% rate is an exception, however, because it usually applies only to foreign oil companies.

    The new ranking is especially timely coming amid the campaign led by Messrs. Obama and Schumer to punish companies that move their legal domicile overseas to be able to reinvest future profits in the U.S. without paying the punitive American tax rate. If they succeed, the U.S. could fall to dead last on next year's ranking. Now there's a second-term legacy project for the President.

    http://online.wsj.com/articles/were-...-32-1410729349

  2. #2

    Re: We're No. 32!

    Awesome. Basically their rising the prices even beyond inflation. Way to drive down the quality of living...What a bunch of jackasses.
    I am going to tear down your safe space
    Brick by brick I shall smash it with glee
    You cannot stop me from getting inside
    I am cold and I am hard and my name is 'Reality'

  3. #3

    Re: We're No. 32!

    Washington ignores history, even recent history. They need to look no further than Ireland to see how this should work at an international / national level. They need to look no further than Delaware to see how this should work at a state / national level.

    Instead of trying to raise revenue by punishing companies, they should try to raise revenue by attracting companies.

    These bozos do everything backwards. They don't understand that corporate attorneys are smarter than they are, and will find other ways to maximize profits. They don't understand there's always unintended consequences.

    I guess they will be surprised when major companies start disbanding altogether, and reforming as a new corporate entity in other countries. New public companies will start being formed offshore. I wonder what that will do to the US equity markets.

  4. #4

    Re: We're No. 32!

    if only we could have a "do-over" with the commerce clause in the constitution. they have really bastardized it over the years and totally f##ked up the country...
    http://www.bigdelivery.com/image.php?type=sigpic&userid=31&dateline=142444635  1

  5. #5

    Re: We're No. 32!

    Actually, the language is clear. It took a creative reading in Wickard to turn it into something it isn't.

  6. #6

    Re: We're No. 32!

    I don't know how many times this ridiculous argument has to be debunked...

    http://dealbook.nytimes.com/2014/08/...s-study-finds/
    You shut your mouth when you're talking to me!

  7. #7

    Re: We're No. 32!

    Oh, because Edward D. Kleinbard, a former chief of staff to the Congressional Joint Committee on Taxation, says it ain't so, then that's the end of the discussion?

    That's like saying since Nancy Pelosi says Congress isn't unpopular, that everyone should shut up about it.

  8. #8
    Senior Member
    Join Date
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    Posts
    11,649

    Re: We're No. 32!

    How about attacking the argument with facts instead of resulting to useless personal put downs Trad.

    You know - at least try to act like you have something to retort with every once in awhile.

    Tribe posted a good link. You don't like it what it says - post evidence to disprove it.

  9. #9

    Re: We're No. 32!

    Also, how can Edward D. Kleinbard refute a ranking that didn't even exist at the time his article was published?

    He's complaining about marginal tax rates not being taken into account. This new index from the Tax Foundation takes into account more than 40 tax policy variables.

  10. #10

    Re: We're No. 32!

    Also, how can Edward D. Kleinbard refute a ranking that didn't even exist at the time his paper was published?

    He's complaining about marginal tax rates not being taken into account. This new index from the Tax Foundation takes into account more than 40 tax policy variables. Kleinbard appears to only be interested in one variable.

  11. #11
    Senior Member
    Join Date
    Aug 2014
    Posts
    11,649

    Re: We're No. 32!

    See, was that so hard?

  12. #12

    Re: We're No. 32!

    It doesn't matter what a journalist says. A tax burden is never a burden to someone who isn't paying it. If there wasn't a problem, then no companies would be doing inversions, and if it wasn't a problem, Chucky and Barry wouldn't be trying to "fix" it.

  13. #13

    Re: We're No. 32!

    I thought this thread was about our health care system.

  14. #14

    Re: We're No. 32!

    That said, while the typical tax burden may not be excessive, our corporate tax structure is absolutely ridiculous. I would be open to lowering the marginal rate and simplifying.
    You shut your mouth when you're talking to me!

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