Obama To End Tax Breaks For Corporations That Ship Our Jobs Overseas

Personally I think we should wipe clean all tax writes off and replace them with only write offs that benefit the country in some manner. Using our tax code to promote industry here in the states.

And make it the responsiblity of either the tax payer or non profit to prove their benefit to the american citizen.

Business expenses like machinery or any other ingrediant business expansion here in the United states should be tax free.

Making the tax code work for the population instead of promoting globalization. Globalization will happen just fine on its own.

It's about damn time. We need to reinvest in this country.

Big surprise...Republicans are protesting claiming Obama is raising taxes...

In one proposal businesses are poised to fight, Obama would tighten tax-code provisions that allow firms to defer paying taxes on profits they make overseas as long as those earnings are plowed back into the foreign subsidiaries.

That portion of his plan has drawn opposition from big multinational firms as Pfizer Inc and Oracle Corp.

The president said he also would close loopholes and bolster enforcement to prevent companies and individuals to prevent overseas tax avoidance.

This is fascinating. I consider this initiative as the opening salvo of a war that could give the country's economic controls back to the people. These controls presently reside in the hands of international corporations whose interests have nothing to do with this country's.

Whose interests have nothing to do with this country....

Well, without this country, these companies would lose a considerable portion of their consumer base. Of course these corporations care about this country - look at their philanthropy - these corporations fund major hospitals, provide grants, support literacy programs, etc. Without looking at the track record of each organization, it is too easy to assume they are completely selfish. The difference is that when these corporations set up foundations and programs, they get to direct their money to the issues they believe in - as opposed to letting the government put it wherever it chooses. If taxation were really fair, we would have "Option" boxes on our returns to direct which programs our dollars support.

newsguru

Unfortunately Barbara, corporations do what maximizes profits. They legally obligated to do so. Just a fact.

I will concede that ... Lucky us, we sometimes indirectly benefit from them maximizing their profits, which can be achieved by lower their taxes through their donations, philanthropy, grants, nonprofits, etc.

Not good enough to sometimes benefit! When CEO's decide to maximize their profit by putting hundreds or thousands of americans out of work and outsourceing their jobs to foreign countries, it is not good for america! It's good for the CEO's who's bonus's are tied to their stock options in the corporations they run, and it's good for the shareholders. But how is it good for america to put hundreds or thousands of americans out of work, who may lose their homes, their childrens chance at furthering their education, lose their family health coverage, and put them in the unemployment or welfare lines? How much in profit do they have to make to justify throwing employees with 20 to 30 years of loyal service on the garbage pile? If the only plan these CEO's can come up with to improve profits is to outsource lower level jobs to foreign shores, they should be fired immediately and their jobs should go to whoever comes up with a newer and better plan!

As I have always said. If people in the USA are out of jobs, they are not going to buy anything, or be paying taxes to support this country. If the USA has jobs that keep people working and bringing in a weekly paycheck, the people are going to purchase products, pay taxes, and give to charities. Since all of the problems this year, every corporation, business, etc., has plummeted. Why, because the American people are without jobs and cannot, or will not, purchase anything other that what is absolutely needed. It speaks for itself boys, that without Americans working, paying taxes, and giving to charity, this country and all of the other world countries are going down. I am shocked that the USA was the only country keeping all of the other countries in the world afloat!!!!!! Hopefully, the companies are now realizing this and will keep jobs in this country. The bottom line is "If America goes down, so will every other country in the world" and then where will the corporations see profits????