Sneek Preview -- The Donald Trump Tax Reform Plan

[Barry-xlovecam]

He said he wants to lower corporate taxes and eliminate financial hurdles that have prevented multinational companies from moving profits earned overseas into the United States. Trump estimated that $2.5 trillion is being kept out of the country for that reason.

"The corporations rightfully don't bring it back because they have a massive tax to pay and we've got to make it so they can bring it back," Trump said.

"And I'll be bringing it back and we're going to have a lot of money pouring into the United States if I'm elected," Trump said. "So we're going to make it possible for them by lowering their tax rate. We're going to be lowering it for corporations because we want jobs."

Trump hits hedge funds, CEOs in tax plan preview - CNNPolitics.com

If you believe Trump can be elected -- buy multinational corporations' stocks.

Lower corporate taxes will trickle down to the trailer parks of AmeriKa ...

[Rochard]

So Trump wants to..... Lower taxes..... For the rich corporations.....

Hell, who saw that coming?

[Barry-xlovecam]

Yes, a NEW AmeriKa -- YEAH!

And jobs for the unskilled building walls and guarding our Mexican border to keep out the criminal invasion -- what could go wrong!!!

[Barry-xlovecam]

Where are all the Trumpsters -- too early on Saturday?

[arock10]

I'm going to guess every GOP candidate says the same

[~Ray]

Go Donny go go go

[dyna mo]

Originally Posted by Rochard

So Trump wants to..... Lower taxes..... For the rich corporations.....

Hell, who saw that coming?

did you read the article? do you comprehend multinational tax codes? can you disprove his reasoning on lowering corp tax codes to bring that money back? did you get to the part about lowering taxes on the middle class?

[crockett]

Originally Posted by Rochard

So Trump wants to..... Lower taxes..... For the rich corporations.....

Hell, who saw that coming?

But he can't be bought and his lower taxes are diffrent from the other guys...

[crockett]

Originally Posted by Barry-xlovecam

Where are all the Trumpsters -- too early on Saturday?

Is a Trumster like a dumpster with bad hair,

[Barry-xlovecam]

Repatriation Tax Holiday Would Lose Revenue And Is a Proven Policy Failure | Center on Budget and Policy Priorities

Benefit of Repatriating Foreign Earnings From Corporate Tax Havens Is a Myth

Robert Pozen: A Better Path to Corporate Tax Reform - WSJ

Reading comprehension test :P

[dyna mo]

seems like BO thinks the same as trump.


Obama?s budget proposed to make inversions very difficult for
companies that have the majority of their operations and ownership in
the U.S. He would prevent them from reincorporating abroad if they
are owned by at least 50% of the former U.S. parent?s stockholders
(the current threshold is 80%). He would also require that the new
foreign corporation be primarily managed and controlled from abroad.


What is happening in Congress?
Key members of Congress have introduced legislation based on
Obama?s plan. Sen. Carl Levin (D-MI), Chairman of a subcommittee
that has investigated tax avoidance by Apple and other corporations,
has introduced the Stop Corporate Inversions Act of 2014 (S. 2360).
Rep. Sander Levin (D-MI) has introduced a companion bill in the House
of Representatives (H.R. 4679) that would raise $19.5 billion over 10
years.

http://www.americansfortaxfairness.o...Fact-Sheet.pdf


http://www.treasury.gov/resource-cen...ons-FY2015.pdf

[dyna mo]

seems like Trump's plan is not that much different than Hill's either, both are in-line with BO's tax plan:

https://www.aei.org/publication/will...lary-clintons/

Trump’s plan would be more typical of what a Democratic presidential contender might favor than of a GOP “supply-side” plan. A very comfortable fit with the former. For instance: President Obama’s tax reform ideas would cut corporate rates but crack down on corporate inversions, make the wealthy pay a larger share of the tax burden, focuses on cutting taxes for the middle rather than the top, and end tax breaks for hedge funds. (Certainly other Republicans have not focused on revenue neutrality, at least on static basis.)

So, too, Hillary Clinton would “reform our tax code so the wealthiest pay their fair share” and “cut taxes for hard-working families to increase their take-home pay.”

[Barry-xlovecam]

Inversions are a strawman argument.
Inversions are domicile moves -- tax circumvention.
Repatriation is the subject.

Repatriation does not create jobs it lets you buy new assets -- like land developments

Throw the dog a bone ...

Just buy REITs and Global USA stocks. New game same players.

[dyna mo]

it sounds like your argument is with the experts who think Trump's plan coincides with both BO's and Hill's.

[Barry-xlovecam]

You will have to do better than that

This result is also inconsistent with the principle that previously untaxed earnings and profits of a
foreign subsidiary should be subject to U.S. tax upon repatriation.

Moreover, in cross-border distributions, the earnings and profits
adjustment rules can permit U.S. shareholders to repatriate previously-untaxed earnings and
profits of foreign subsidiaries with minimal U.S. tax consequences. This is inconsistent with the
principle that previously untaxed earnings and profits of a foreign subsidiary should be subject to
U.S. tax upon repatriation.

Tell me how lower income taxes on repatriation will lower taxes for the middle class LOL

They will still be drinking cheap Qs in the trailer park. And the welfare lines will not be any shorter.

[dyna mo]

i don't have to do jack shit.

[Robbie]

Guys...what is needed is an environment for business to thrive. The idea that having one of the highest corporate tax rates in the world is a great idea has already been proven to fail.

The big corporations simply build factories everywhere BUT the USA.

I think if I had to pick between ideas on how to make money...I'm gonna go with Trump over a bunch of guys who don't make much money on GFY.

Go with success guys. If there's one thing Trump is good at...it's money. And his economic ideas are (in my opinion) very, very good.

As I have said in other posts in the past...I was living in the upstate of South Carolina from 1993 to 2008.
When I first moved there it was an economic disaster.

The area had been a HUGE textile industry hotbed for a hundred years.

But all of that moved to China. All around the upstate were giant textile mills closed down. Even the house I bought there was an old "mill house"...where the companies had built entire neighborhoods of homes for their workers.
The mills ran 24 hours a day and the workers worked on shifts.

Suddenly that was all gone.

But in the late 1990's BMW came calling.

The state of South Carolina gave them a ton of tax breaks.

And guess what? They started building cars in the upstate. And the economy came back to life there.

THAT is what needs to happen nationally as well.

But go ahead and tell me I'm wrong and spout out a bunch of rhetoric.

The choice is clear...either have good paying jobs, or continue with high corporate taxes and let people continue to suffer.

The high corporate rate doesn't do a thing for the greedy federal govt. anyway.

Look at GE. They simply move everything out of the country and use all the deductions available and end up paying ZERO tax anyway.

The whole thing is stupid. It costs jobs for Americans and doesn't add any money to Federal Revenue.

Wake up guys. It's a failed policy. Time to get smart about things.

[dyna mo]

Barry, you make it out like i'm trying to get you to change your mind about Trump.

I'm not. you don't like the guy and i'm fine with that.

what i am doing is simply including relevant points of view re: the topic of Trump's tax plan.

for instance, in the very article you cited it points out that Trump's plan includes a tax cut for the middle class. I've also pointed out that the similarities between Trump's plan, BO's plan and Hill's plan have been recognized by expert pundits and written about, again, not trying to get you to change your mind about Trump.

[Barry-xlovecam]

Sorry, You must not understand the tax consequences and differences of repatriation and corporate inversion.

Corporate inversion is domicile for tax advantage.
Repatriation in the return to the corporate domicile's taxing jurisdiction of after foreign taxed or untaxed profits. Bringing your money home (in laymans terms).

Corporate profits are not taxed like wage income.

"We have an amazing tax plan," Trump said. "We're going to be reducing taxes for the middle class, but for the hedge fund guys, they're going to be paying up."

A fucking mzing -- You mean that claim? Above is the only 'middle class' find on that page and that is total bullshit fluff ...
Amazing bla bla bla

I would probably make more money if a jack ass like Trump is elected -- I will offshore more profits -- I can do that ... I can cut my taxes a lot at most ''workers'' (the wage earners) expense or at the expense of the new debt that a President Trump will create.

Someone tell Trump that you can't take the USA to Bankruptcy CH11. Like Nixon, a President Trump might devalue the dollar. So by keeping money offshore, and not in US dollar denomination, that might net you 10% overnight -- interesting bet

[dyna mo]

i'm certainly not claiming to be up to speed on multinational tax codes but this guy seems to think that corp aversion and repatriation are tied together, not mutually exclusive.

What Are Corporate Inversions?

i have been following the trump news, there are quite a few articles out there that make mention of his plan to lower taxes on the middle class.

again, you don't like Trump at all and i appreciate/respect that. he's not my guy either. i've been a jim webb guy but i do like bernie sanders's new bill to ban our privatized prison system. i am not up to speed on his tax plan though.

Sanders, House Leaders Introduce Bill to Ban Private Prisons - Senator Bernie Sanders of Vermont

[dyna mo]

i just did a cursory research on Bern's tax plan, he too wants to close the loopholes that allow US corps to save on taxes and states it will create jobs.

Sanders is a member of the Senate Budget Committee and helped draft a resolution that the full Senate passed in March calling for $975 billion in new revenue over the next decade by closing tax loopholes that benefit the wealthy and large corporations. ?That was a good start. I would go further,? Sanders wrote in letters that spelled out specific proposals to:

Stop profitable Wall Street banks and corporations from sheltering profits in the Cayman Islands and other tax havens to avoid paying U.S. taxes. Closing that tax loophole would reduce the deficit and create jobs that millions of Americans need.

Establish a Wall Street speculation fee to ensure that large financial institutions pay their fair share in taxes. A fee of 0.03 percent on the sale of credit default swaps, derivatives, options, futures, and large amounts of stock would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and reduce the deficit by $352 billion over 10 years, according to the Joint Committee on Taxation.

End tax breaks and subsidies for oil, gas and coal companies to reduce the deficit by more than $113 billion over the next 10 years. The five largest oil companies in the United States have made more than $1 trillion in profits over the past decade. Exxon Mobil is now the most profitable corporation in the world. Large, profitable fossil fuel companies do not need a tax break.

Tax carbon and methane emissions that cause global warming. A bill by Sanders and Sen. Barbara Boxer (D-Calif.), the Senate environment committee chairman, would apply fee at coal mines, oil refineries, national gas processing plants and other sites. Imported fuels would be subject to equivalent carbon fees. Some of the revenue would be returned to consumers and some would pay for investments in energy efficiency, sustainable energy, worker training and deficit reduction.

Tax capital gains and dividends of the wealthiest 2 percent at the same rate as ordinary income to yield about $500 billion over the next decade. Today, the wealthy obtain most of their income from capital gains and dividends taxed at a much lower rate than work. The top marginal income tax for working is 39.6 percent, but the top tax rate on corporate dividends and capital gains is only 20 percent. That is not fair.

Enacting all of these proposals would raise more than $1.8 trillion in new revenue over the next decade. ?I look forward to working with you to reform the tax code in a way that protects the middle class, working families, and the most vulnerable while making sure that the wealthiest Americans and most profitable corporations pay their fair share,? Sanders wrote to Baucus and Hatch.


Sanders Details Tax Plan, Declines Secrecy Offer - Senator Bernie Sanders of Vermont

[Barry-xlovecam]

Let's just say I have some first hand knowledge of inversions and repatriations and leave it at that.

I know of your choosing as 'my guy' Jim Webb he's not my guy either. Bernie is too populist-socialist for me -- when I was 25 or 30 and struggling to get by he would have had more appeal when I was 20 I would have been working hard for his campaign -- or e-whoring

I want 6 % inflation on the books and 8% unemployment -- why. I can make the most on my assets before I retire ;-) Cold, but I have to look out for myself. I would prefer some of Bernie's financial regulatory schemes, and my only real beef with Obama on domestic policy is that he has done too little to make good his promises to improve the Internet structure in this country and close the digital divide. That is important to me because that is where I make my money and where 95% of my business communication is today.

So, I might vote for an Alien Grey if he could deliver these things without demanding 30K alien abductions a month in return In other words, I think all these candidates are full of shit but The Donald is so damn fucking easy -- like a pinata to beat with the ugly stick :P

[Barry-xlovecam]

Establish a Wall Street speculation fee to ensure that large financial institutions pay their fair share in taxes. A fee of 0.03 percent on the sale of credit default swaps, derivatives, options, futures, and large amounts of stock would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and reduce the deficit by $352 billion over 10 years, according to the Joint Committee on Taxation.

This proposal on speculation is solid but should be .5% then it would make a difference. If nothing else this would tend to stabilize stock, bond and currency prices and help the economy in many unstated ways. If you sell out before you have made a reasonable return on your investment you are speculating and just gaming the markets. There is no economic benefit to the market or general economy. (What ever happened to the guillotines?)

On capital gains the top 0.05% would almost yield the same amount and not affect myself or anyone I deal with (nor the pranksters around here).

The rest to me is populist foolishness ...

[2MuchMark]

Originally Posted by dyna mo

did you read the article? do you comprehend multinational tax codes? can you disprove his reasoning on lowering corp tax codes to bring that money back? did you get to the part about lowering taxes on the middle class?

Dude... he has no tax plan... all he wants to do is what every other republican wants to do, is lower taxes for the super rich.

[2MuchMark]

Originally Posted by Robbie

Guys...what is needed is an environment for business to thrive. s.

As long as:
- They pay their fair share of taxes (currently they don't)
- Loopholes are closed for the mega rich (They're not)
- There are penalties in place for shipping jobs to china (there are none)

[TheSquealer]

Originally Posted by **********

Dude... he has no tax plan... all he wants to do is what every other republican wants to do, is lower taxes for the super rich.

Corporations are not "the super rich"

[bronco67]

Donald Trump doesn't have a plan for anything. He's just wingin it and saying whatever he needs to so he can milk the attention as long as possible.

vaccinations? I'll be the best Vaccination president.

Mexicans. I'll build a wall. It's be the best wall you ever seen and Mexico will pay for it.

ISIS? I got a plan. It'll be the best plan you ever seen.

Jobs? I'll be the best jobs president god ever created (that one is actually verbatim)

Iran deal? Let me tell youz something. Ehhh, nobody makes a deal like me. I got the best people and we'll get all the these countries in line.

China? Let me tell you something bout China. They'll be sucking my dick and asking for seconds. Yeah baby.

blah blah blah. The fucker is just full of hot air, to put it mildly. he just repeats the same shit over and over and if he has to speak off the cuff, he just adds he'll be the best at it -- whatever IT is.

Listen to this right now. Donald Trump will not be the Republican nominee. He has no intention of making it that far, nor would he if the intent even existed in the first place. The whole thing is a sideshow for suckers.

[Barry-xlovecam]

There is one problem with that logic maybe -- what is in it for The Donald?

Spend tens of millions just to fuck with the candidates heads so he can watch the watch heads roll and ego boost?

[Paul Markham]

Corporation tax is an international problem. We have Starbucks, Google, Amazon, Ebay, Vodafone plus others in the UK, for certain, so I assume it's a world wide problem.

Is a British registered company able to open a branch in America and not pay Corporation tax? Certainly. Impose it and the HQ issues invoice for service rendered, reducing the profits to a very low amount.

The problem for getting businesses to build in the US ism't CT. It's costs, plants, offices, local taxes, services, staff, insurance, etc. We all know we can outsource to the 3rd World and lower costs, raise profits.

What it will do is give bonuses to smaller businesses.

BMW China.

General Motors, Buick, Chevrolet, Iveco, ?koda, Volkswagen, PSA Peugeot Citroën, Renault, etc. Just lift the bonnet and find where the parts are made.

Anyone who thinks a country that's aiming to put men on the Moon and Mars, isn't going to take whatever industries it can. Is insane.

All paid for by you and me.

[Paul Markham]

Originally Posted by bronco67

Donald Trump doesn't have a plan for anything. He's just wingin it and saying whatever he needs to so he can milk the attention as long as possible.

vaccinations? I'll be the best Vaccination president.

Mexicans. I'll build a wall. It's be the best wall you ever seen and Mexico will pay for it.

ISIS? I got a plan. It'll be the best plan you ever seen.

Jobs? I'll be the best jobs president god ever created (that one is actually verbatim)

Iran deal? Let me tell youz something. Ehhh, nobody makes a deal like me. I got the best people and we'll get all the these countries in line.

China? Let me tell you something bout China. They'll be sucking my dick and asking for seconds. Yeah baby.

blah blah blah. The fucker is just full of hot air, to put it mildly. he just repeats the same shit over and over and if he has to speak off the cuff, he just adds he'll be the best at it -- whatever IT is.

Listen to this right now. Donald Trump will not be the Republican nominee. He has no intention of making it that far, nor would he if the intent even existed in the first place. The whole thing is a sideshow for suckers.

Name the candidate who didn't say that. Even Obama with his "Yes we Can." Was blocked by the Republicans saying, no you can't.

Even a simple thing like Healthcare. The US could of copied the model of the rest of the world, halved costs and made people healthier. Food is another major problem in the US, are the people allowed to vote for a Government that will force them to make food better to eat.



Or give the people a vote on the right to carry guns.

As for the Constitution being sacred, watch this. It shows it's not and your Miranda Rights, aren't all they're cracked to to be. Which is unconstitutional.

[Barry-xlovecam]

Who the hell told you that Paul?

Any corporation with sales and nexus inside of the USA (a Foreign Corporation as opposed to a Domestic Corporation) must pay US and State plus any local taxes due in the USA first on every dollar earned on operations here.

Example: Marks and Spencer opens up a retail store and warehouse in Los Angeles: they must make a State of California Foreign Corporation registration to do business here. They must file with the IRS and California (+local?) an income tax return and pay the taxes that they owe.

I am not sure as to the reciprocity between the IRS and the UK Inland Revenue -- generally credit is given for foreign taxes paid on income with any UK taxes due on the profit beyond the taxes already paid by the USA subsidiary due above and beyond that already paid in the states? Ask Deloitte not me HAHA

Tax inversion for a USA corporation gets a lot more complex but it has to do with lower corporate rates applied in foreign jurisdictions. However, US persons (or business entities) that are shareholders would have to pay taxes as capital gains on any dividend distribution or earnings.

Hedgefunds play the short-term capital gains game or shelter their trading income in other ways to pay only the capital gains taxes and not be taxed as regular income -- consult your CPA for details.

[Barry-xlovecam]

Let me briefly explain USA politics to you foreigners ...

Every 4 years we elect the best liars and they fumble through the next few years fucking things up for everybody but their pals (bros) who got them elected in the first place.

Rinse and repeat.

[Robbie]

Originally Posted by Barry-xlovecam

Let me briefly explain USA politics to you foreigners ...

Every 4 years we elect the best liars and they fumble through the next few years fucking things up for everybody but their pals (bros) who got them elected in the first place.

Rinse and repeat.

That's a pretty accurate description of how the political system our nation's founders envisioned has been corrupted over the years.

[Grapesoda]

Originally Posted by Barry-xlovecam

Trump hits hedge funds, CEOs in tax plan preview - CNNPolitics.com

If you believe Trump can be elected -- buy multinational corporations' stocks.

Lower corporate taxes will trickle down to the trailer parks of AmeriKa ...

so you think it's a coincidence that apple has giant offices in Ireland then?