I would have to read the plan, however their are a lot of things that can be
done to increase us corporate expansion while ensuring that they are taxed
appropriately. I am not one for taxation, however, if you benefit from
government intervention, such as the US legal system, the transportation
understructure, etc., you should pay back into the system. Rite now (or at
least the last time I had to deal with international taxation) if I take a
job in Japan I can file for a tax exemption from Japan because I do not live
or work in Japan, even though I earned income from a Japanese business. I
would then be required to pay taxes in the US since I do live and work here.
Currently this gets a bit squirrely as no one in Japan will notify the US
that I earned this money and I can just sweep it under the rug by leaving it
with the Japanese post office and spending it while overseas. Now, if I pick
up a job in Bangladesh and spend time their to complete the work and pay
say, 8% of the money earned in taxes, then when I come to the US I can
deduct those taxes from my US taxes thus paying less. The only people who
have real issues are consolidated multinational companies who are traded on
us exchanges as a consolidated company. If Cisco US was separated from Cisco
UK their should be almost no issue. Heck, the home builder I worked for was
around 50 separate and legal companies, but we were not publicly traded and
did not use oversees growth to bolster the US numbers.
I would be interested in seeing the actual proposal.
_____
From:
plug-discuss-bounces@lists.plug.phoenix.az.us
[
mailto:plug-discuss-bounces@lists.plug.phoenix.az.us] On Behalf Of keith
smith
Sent: Monday, May 04, 2009 2:27 PM
To:
plug-discuss@lists.plug.phoenix.az.us
Subject: OT: Taxing non-us profits
I wonder what this will mean for multi-national companies? I'm guessing
companies like Cisco will move off shore completely.
---
"Cisco would be adversely affected if tax deferral was implemented by the
U.S.," said Cisco spokesman John Earnhardt. "If rules are changed on tax
deferral and we are taxed in the U.S. on non-U.S. profit, this significant
additional U.S. tax would adversely impact our ability to invest and grow
our business in the U.S. and to compete against our foreign competitors who
are not subject to this U.S. tax."
---
http://abcnews.go.com/Business/Economy/story?id=7499323&page=1
------------------------
Keith Smith
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