Rho whats your idea to get those offshore profits back into the American system? I have given mine over and over. We have to make two corp tax rates. One for domestic profits and one for profits made in other countries.
They don't shift profits as much as we have certain huge companies that do a lot of business overseas not bringing the money home. Why should they? After paying high tax to do business in other countries they dont want to pay another 35% to bring that money home to the USA. Until this issue is handled our economy really can't grow much. Obama can do whatever he wants but he has to make doing business in America more friendly if he wants economy to grow a lot.
We should drop the corp tax rate to about 10% for profits made overseas. The tradeoff would be American companies by law forced to bring at least half of what they earn overseas back to America and pay the 10%. Right now we get 35% of almost nothing.
I think we should also drop the corp rate in America also but only for companies re-investing in America.
our article mentions its common for them to move or keep profits overseas. IMO it's mostly keep overseas. The problem isn't money made in America being swindled out of the country.