Obama Sets Sights on Offshore Tax Haven Abuses
May 4, 2009
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3 Responses to “Obama Sets Sights on Offshore Tax Haven Abuses”
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I don’t understand why one basic truth about corporate taxes is never mentioned. Every economist knows it to be a fact, so surely our appointed “experts” must be advising our elected officials. The simple truth is that you cannot tax businesses. A tax on business is actually a consumer tax. That is, when business must pay a tax, they must pass on that cost to the consumer through higher prices on their goods and services. It is no different than any other cost of doing business. A corporate tax simply raises the cost of living for individuals. It is a lie to present it any other way. And of course the people who pay the most for a tax on business, as a percentage of income, are those who make the least money and can least afford higher prices. Why do our politicians continue to lie to us and present taxes on business as a way of avoiding taxes on individuals? Actually, that is a rhetorical question. I know the answer. They continue to lie because so many people are willing to believe the lie.
We need smaller government – and a government that will make US corporations more competitive in the global market. Higher taxes at home will push more jobs away from the US. Obama’s announcement on Corporate tax breaks drew immediate criticism from two major business groups, the U.S. Chamber of Commerce and the Business Roundtable. John Castellani, president of the Roundtable called it in a statement “the wrong idea at the wrong time for the wrong reasons.” The Roundtable is made up of chief executives of the biggest U.S. companies. http://pfx.me/lv
Goverment should resitrict the holding company, and minmum corporate tax as per the Net earning of the company