There's a much bigger, largely untold story behind the renewed debate over U.S. corporations who merge with foreign firms to reduce their federal tax bills.
It looks like “the corner of happy and healthy” will remain right here in the good ol’ U.S. of A.
The Senate Finance Committee met Tuesday to address the increasing national concern of corporate tax inversion and its negative impact on U.S. economy. Lawmakers were split along partisan lines when discussing whether relocated firms should be subject to punitive legislation.
Monday, I reported that yet another American corporation, Medtronic, has chosen to move its headquarters abroad to avoid high tax rates. I ended the article by inquiring, “There is no denying that our federal tax code needs a major overhaul. The million dollar question is how?” Rep. Dave Camp (R-MI), Chairman of the Ways and Means Committee, has proposed a solution.
The final kicker is that the bureaucrats at the OECD get tax-free salaries, so they’re insulated from the negative impact of the bad policies they want to impose on everyone else.
The Washington, D.C.-based Tax Foundation does a yeoman's job of keeping track of how much we're paying in taxes and who's paying what. It turns out that American taxpayers worked this year from Jan. 1 to April 17, 107 days, to earn enough money to pay their federal, state and local tax bills. That statistic requires some clarification, and I ask my readers to help me examine it.
“Government is killing small business,” said Bob Bertsch, who closed his longtime construction business in Washington State and auctioned off his assets. The problems: taxes and overburdensome regulations. I know what he’s talking about—and so do too many Americans.
At the Heritage Foundation last week, House Budget Committee Chairman Paul Ryan demonstrated why he doesn't need to be running for President to be framing the debate for 2012. He delivered there on October 26 a breathtakingly beautiful speech on Saving the American Idea, which defines the Spirit of 2012.
It’s about time the rich started paying their fair share, according to the “Occupy Wall Street” protesters. Those fat cats aren’t chipping in as much as the less fortunate. When are they going to start spreading their wealth around?