White House To 'Go After' Corporations Over Tax Inversion

August 13, 2014

White House Principal Deputy Press Secretary Eric Schultz told reporters Wednesday that the White House is studying ways to “go after” U.S. corporations that elect to undergo a process known as “inversion” and become a foreign-based corporation.

7 Comments - what are your thoughts?

  • Concerned says:

    The President needs to work with the House and revise the tax laws to give the companies the right incentive to remain a U.S.-based company. The current Tax incentives are forcing this “inversion” to stay competitive and any attack on companies may actually force them to more their entire operation out of the country. The ego of powerful people often cause undesired results.

  • Misty says:

    Stupid White House The Supreme Court has already recognized Corporations as having the same rights as people……Holly Lobby for one.

    1. I Seigel says:

      So it’s OK for rich people – Romney, for example – to move their money to offshore bank accounts so that they don’t have to pay US taxes? Yes, it’s legal, but do you agree that it’s the right thing to do? How many middle-class people do that, or have the resources to hire the tax attorneys and the accountants to set those accounts up? Should Romney end up paying less taxes than his secretaries do?

      1. Misty says:

        Yes, I agree. The company I retired from built three medi-clinics in the U.S. at a cost of several million dollars each. They have supplied medical supplies, food and vaccines to Africa, disaster aid to the Philippines (more than our government sent and they were in Tacaloban the next day) and paid for teachers in Haiti. What you are implying is that these companies save on taxes and then greedily keep the money themselves….which is very far from the truth. We are working in Tennessee now, and by the way NONE of this can be a tax deduction……..greedy bastards aren’t they.

        1. I Seigel says:

          I would like to better understand what you said here, so I need to ask some questions.

          It’s great that the company you worked for was doing all those great, very-needed things overseas. But it’s not clear where you used to work, or where the headquarters of the company was when you worked there or where it is now.

          Then you said you are working in Tennessee now – I assume not with the same company that built the 3 clinics. And you said “NONE of this can be a tax deduction”. I don’t know what “this” refers to – your original employer or where you are working now? Thanks.

          1. Misty says:

            About 60 percent of my company’s charity work is done in the U.S. Yes, their money is in off-shore banks. I am working for my company’s charity in Tennessee and the Appalachian Mountain areas as a non-paid volunteer since I retired. Every cent goes directly to the people needing it. Our government squanders over half of the revenue they receive and the people end up getting only a small portion. It is shameful. I have never worked for a poor man….you know….some rich man gave me a job and I appreciated it. You have been brain-washed by Democratic propaganda into thinking the rich should pay more. Do your own research and you will find that only half of the U.S. pay any taxes at all. The top (rich) 10 percent pay almost all of the taxes. They are the most generous people on earth. As for Mitt Romney, I would be happy if this rich man paid NO taxes at all because he gives so many people jobs.

          2. I Seigel says:

            Misty, Thanks for this additional info.

            So the company you worked for – and now volunteer for – keeps their money in offshore accounts. I would assume they are headquartered in the US? You said that about 60% of their CHARITY work is done in the US. Is there other work they do that is not charity? In other words, what part of their overall work is their charity work?

            You say that government squanders over half of the revenue they receive…. That’s true – look at all the projects that were given to government contractors during the Iraq war that turned into gold mines for the contractors but sh!t for the people of Iraq. I’m particularly thinking of Halliburton here, but there are many others.

            Regarding private companies and charities, you have to admit that many charities have been shown to misuse donated funds, using more of the funds for administrative purposes and more fundraising than actually going to the intended victims. This misuse of funds isn’t the sole domain of the government. Monies that are donated to the Red Cross, for example, go mainly towards the people needing help. You could have given to Hurricane Sandy victims, and some charities were better than others at helping people with that money and others were not as honest.

            Regarding brainwashing and taxes – it was reported a few years ago that GE, for example, paid no corporate income taxes. They were just one of many, but maybe one of the biggest. There are many rich people who do great philanthropic things with their money – museums, medical research, symphonies, Habitat for Humanity, etc. One of the reasons they do these things is that they know the monies they spend are tax-deductible. They are using the tax code to benefit society but also themselves. That doesn’t take away anything from all the good work they do, it’s just business. They have many accountants and attorneys to set up these philanthropic organizations, endowed university chairs, symphony halls, and hospital wings with their names on them.

            By doing all these things, they reduce their personal tax liability.

            That’s a reason that CEOs and company officers and big hedge fund managers take a very small (comparatively) salary – so they’re not liable for a big tax bill in April – but defer much of their salary as stock options and future payouts which aren’t currently taxed. And they get lots of other perks which they don’t pay income taxes on.

            Speaking of big hedge fund managers, could you please explain your statement about Mitt Romney? You say that he gives lots of people jobs. Could you explain that and give some details?

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