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Apple, Cisco, Pfizer, others lobby for special tax break

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Apple, Cisco, Pfizer, others lobby for special tax break
Apple, Cisco, Pfizer, others lobby for special tax break | Electronista

In short Apple and others who have a large percentage of their earnings overseas don't want to pay the 35% tax to get the money back into the USA. They want a one year tax holiday to get the cash back tot he USA. And in that year under their proposal, the tax rate for moving the funds would only be 5%.

I saw this and thought to myself. Hmmmm that's 30% Apple does not want to pay. Hmmmm have I seen 30% somewhere before? It sounds strangely familiar. :).
 
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That's ridiculous.

That's like me saying, "hey government, I don't like paying taxes, so how about you don't tax me this year, ok?"

Suck it up. You put your money over there knowing there was a tax to be paid. Just pay it.

Corporations have way too much power in this country, no thanks to our esteemed Justices Scalia and Thomas...conflicts of interest be darned.
 
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the8thark
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That's ridiculous.
Suck it up. You put your money over there knowing there was a tax to be paid. Just pay it.
It's not case of putting your money out of the US. It's more a case of it happens with any international company cause sales generated outside the US have to stay outside the US unless you convert the local currency back to US dollars and pay the cash import tax.

But I agree with you, that all these companies are fully aware that is how the US system works. They just want to avoid paying tax. Can I work overseas for a year or two then expect not to be charged import tax on the money I bring back to Australia? No way. I have to pay it. As should these companies.
 
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Good luck to them, with many governments running deficits taxes may well increase rather than decrease. And dont think I would relish a tax increase, who does?

Its either that or cut spending, but I cant see the US government of either party rushing to decrease spending on the two big ones, defence and welfare for the elderly, neither of which are exactly vote winners despite calls to cut gov spending.

Unfortunately there is no magic cure, either cut a deficit by tax increases or cut spending on big ticket items, I had to when the crunch hit with no holidays for 3 years and no new TV for the last 10 years.

If only governments could only borrow what they can pay back in a reasonable time frame.
 
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If only governments could only borrow what they can pay back in a reasonable time frame.
But they expect us Joe Sixpack to be able to do this. When they can not. Hypocrisy.
 
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Their reasoning is they would use the money to invest more in the US. The reality is the last time this tax holiday was tried in 2004 that there was no further investment, but the shareholders got more money.
 
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The rich get richer...
 

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