Originally Posted by cutthemdown
What we really need is a new international corp tax rate. Along with it though we need to force by law american companies making money overseas to return home a certian % to be taxed and/or re-invested. Right now we have to much profit and dollars being left overseas never to help our country. Fact is companies can't pay 30 something % in the USA after paying all the money it takes to do business in other countries. They just leave it offshore.
Clinton has talked about, Bush SR talked about it, IMO its not a left or right issue its a hey times have changed issue. We never anticipated this much money being made overseas when we made the tax system one % fits all business.
Most big economies have already done this we are behind the times.
What would you rather do have them leave it overseason or have it back in the USA?
Being competitive is most important. Force an American company to repatriate all their Chinese proceeds, and they'll just move their HQ overseas and become just another foreign company selling Chinese goods to US consumers.
Stop actively punishing them for being American companies, and things will work out much better.