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Post by graybeard on Mar 28, 2011 6:06:27 GMT -6
60 Min. last night had a piece on offshore corporate tax shelters, and started with showing a few Houston Corps with HQ moved to Zug, Switzerland, just for the lower taxes. Some of the HQ were just mailboxes.
The piece ended up with claiming the US Corporate 35% tax rate is the highest in the world, and the poor corps just can't help but to offshore their profits, which are now over $1 Trillion they can't bring back to the US.
How do we fight this?
GB
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Post by unlawflcombatnt on Mar 28, 2011 10:23:03 GMT -6
That's a good question. I don't much about tax law. But it seems like the Government should be able to revoke their license/charter to do business (i.e., sell goods or services) in the US if they haven't paid their taxes. Since we apparently DO know where their offshore locations are, the IRS should be able to force them to divulge how much they have offshore, and apply taxes to that. Again, if they don't pay, they don't do business in the US. For example, we know how much business Halliburton is doing with the US Government. We should be able to collect taxes on all of their income, regardless of where their Corporate office is located. Since these Corporations are now "global," then Corporations doing any business in the US should be taxed on all their income received from any US entity. This would undoubtedly be hard to do politically. But technically it seems like it would be quite do-able.
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