An interesting read on the Deep State.

[Tiny]

Originally Posted by GastonGlock

As for Globalization - I don't necessarily approve of companies who claim to be US based and get US tax breaks and advantages but do all their production and development overseas. They can sell overseas all they want, but I don't think you get to be an "American Company" just because your HQ is in Seattle, but your production is a sweatshop in Vietnam.

The real problem used to be the reverse of that. They didn't want to be American companies anymore.

U.S. corporations were re-domiciling and moving their headquarters outside of the U.S. to avoid paying the average 40% tax rate imposed by our federal and state governments, the highest in the developed world. I believe a law was passed to make this more difficult. And, more importantly, The 2017 Tax Cuts and Jobs Act, which lowered the corporate rate, removed the incentive to do it.

Biden however, as you know, is proposing to raise the federal corporate rate to 28%. Add in 4% or 5% for state income taxes and we'll go back to having among the highest corporate rates in the world.

So say Biden gets his way. Are there loopholes that will enable many corporation to continue to pay less than "their fair share" of taxes? Yes. Will there still be many corporations that will have to pay at a 30%+ average federal plus state rate and thus again be disadvantaged compared to their foreign competitors? Yes again.

[bambino]

Originally Posted by Tiny

The real problem used to be the reverse of that. They didn't want to be American companies anymore.

U.S. corporations were re-domiciling and moving their headquarters outside of the U.S. to avoid paying the average 40% tax rate imposed by our federal and state governments, the highest in the developed world. I believe a law was passed to make this more difficult. And, more importantly, The 2017 Tax Cuts and Jobs Act, which lowered the corporate rate, removed the incentive to do it.

Biden however, as you know, is proposing to raise the federal corporate rate to 28%. Add in 4% or 5% for state income taxes and we'll go back to having among the highest corporate rates in the world.

So say Biden gets his way. Are there loopholes that will enable many corporation to continue to pay less than "their fair share" of taxes? Yes. Will there still be many corporations that will have to pay at a 30%+ average federal plus state rate and thus again be disadvantaged compared to their foreign competitors? Yes again.

Tiny, I think your a good guy and all that. But you seem to be very naive. You miss a lot. Is that on purpose or by design?

[Tiny]

Originally Posted by bambino

Tiny, I think your a good guy and all that. But you seem to be very naive. You miss a lot. Is that on purpose or by design?

I'll come back with what you posted. How so? Explain.

[nevergaveitathought]

Originally Posted by Tiny

The real problem used to be the reverse of that. They didn't want to be American companies anymore.

U.S. corporations were re-domiciling and moving their headquarters outside of the U.S. to avoid paying the average 40% tax rate imposed by our federal and state governments, the highest in the developed world. I believe a law was passed to make this more difficult. And, more importantly, The 2017 Tax Cuts and Jobs Act, which lowered the corporate rate, removed the incentive to do it.

Biden however, as you know, is proposing to raise the federal corporate rate to 28%. Add in 4% or 5% for state income taxes and we'll go back to having among the highest corporate rates in the world.

So say Biden gets his way. Are there loopholes that will enable many corporation to continue to pay less than "their fair share" of taxes? Yes. Will there still be many corporations that will have to pay at a 30%+ average federal plus state rate and thus again be disadvantaged compared to their foreign competitors? Yes again.

biden, or lets say, "they", also plan to eliminate oil and gas tax "preferences" as part of the plot

I guess that means eliminating the idc deduction

and statutory depletion -

of course only small operators and john q. public gets percentage depletion

and an integrated oil company, the big guys, already have to reduce deductible idc by 30%

and for investors - working interests are deemed not to be a passive activity thus allowing deduction

have these people never drilled a dry hole? if so they'd know the pain

the price of gas will keep going up - but that's their plan

[rexdutchman]

43% new tax s on corps -- one world order , I never believe till I watched what they did and are doing to Big t