Tuesday, July 12, 2011

Recent US stories on tax havens, repatriation tax holiday

Via Nicole Tichon, some stories worth reading about the much-discussed repatriation tax holiday proposal, and tax havens, in the U.S.:

Business and Investors against Tax Haven Abuse
. We, the undersigned business owners, executives and investors, call on the President and Congress to end tax dodging and support a level playing field for business by enacting strong legislation to stop tax haven abuses.

Business Leaders Say Corporate Tax Holiday No Win For America. Congress should reject pleas by U.S. multinational corporations for another tax holiday to “repatriate” profits parked overseas, a coalition of business organizations said in a letter to Congress released today. Letter is here.

Real patriots pay taxes. Some of our nation’s biggest corporations are planning a tax holiday and they want you to pick up the tab. There’s nothing patriotic about this repatriation being pushed by Google, Cisco, Pfizer and other companies in the Win America campaign.

Frank Knapp, A Charlie Brown Congress? Lucy is at it again. “I’ll hold the ball, and you come running and kick it,” Lucy tells Charlie Brown. We all know what to expect. Charlie Brown will run to kick the football and Lucy will pull it away...again. Charlie will fall flat on his back. This gag is playing out right now in Congress.

Avoiding taxes the way big corporations do it. Suppose that I formed a corporation to deliver my services, then took my diplomas and license off my wall and placed them in a safe deposit box in a Luxembourg bank. When clients came to my Oregon office, I would explain that the value of my services was represented by the diplomas and license now held in the offshore bank, and they should send their payment to my corporation housed at a PO Box in Luxembourg. Using this little accounting trick, I would be able to avoid paying U.S. taxes, until I brought those "foreign" funds back to the United States. If I spun this ludicrous tale to my clients, I expect most of them would leave my practice immediately and find a different accountant.

Paul Egerman: Offshore tax dodging hurts U.S. businesses When a company like General Electric pays little or no U.S. income taxes, it has troubling implications for domestic business and our entire society. As a businessman and entrepreneur, I believe it is myopic tax policy to force domestic enterprises to compete on an unlevel playing field against companies that use offshore tax havens to relocate profits.

U.S. Business Has High Tax Rates but Pays Less. By taking advantage of myriad breaks and loopholes that other countries generally do not offer, United States corporations pay only slightly more on average than their counterparts in other industrial countries. And some American corporations use aggressive strategies to pay less — often far less — than their competitors abroad and at home.

More than 800 U.S. Business Organizations and Owners Endorse Ending Corporate Tax Haven Abuse.
More than 800 business organizations and business people are publicly calling on Congress and the President to stop corporate tax haven abuse. They say that tax dodging deprives our nation of revenue needed for a strong economy.

Read more here.


Post a Comment

<< Home