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Kerry to CUT Corporate TAXES

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  • Kerry to CUT Corporate TAXES

    There goes one more arrow from Bush's quiver. For those of you who have been complaining that Kerry is not giving enough specifics, get ready, because here they come. And for whoever it was who didn't understand the corporate tax breaks given for outsources, here are some specifics.

    http://story.news.yahoo.com/news?tmpl=stor...r/kerry_economy

    By RON FOURNIER, AP Political Writer

    WASHINGTON - John Kerry (news - web sites), promising to create 10 million jobs and keep them in America, said Friday he would cut corporate taxes by 5 percent and eliminate tax loopholes that push jobs overseas.

    The Democratic presidential nominee-in-waiting said he would fight a reluctant Congress and special interests to carry out the most far-reaching changes in international corporate tax law in four decades. Kerry overrode the objections of some advisers who opposed the corporate tax cut on political grounds

    ...

    "We now have a tax code that has American taxpayers paying to ship jobs overseas," Kerry said. "That makes no sense. And if I am president, it will end."

    Current tax laws allow American companies to defer paying taxes on income earned by their foreign subsidiaries until they bring it back to the United States. If they keep the money abroad, they avoid paying U.S. taxes entirely.

    Kerry would require companies to pay taxes on their international income as they earn it rather than being allow to defer it. The new system would apply to profits earned in future years only, not retroactively.

    He also would allow companies to defer taxes when they located a business in a foreign country that serves that nation's markets. A U.S. company seeking the tax break could open a car factory in India to sell cars in India, for example, but could not relocate abroad to sell cars back to the United States or Canada.

    Kerry's campaign estimates that the change would save $12 billion a year. The savings would be used to reduce the corporate tax rate from 35 percent to 33.25 percent — a 5 percent reduction.

    More than 99 percent of companies paying corporate taxes would see their tax bills lowered, the campaign says. But the 1 percent paying higher taxes are some of the nation's biggest and most powerful.
    2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

  • #2
    Official Sponsor of Jim Edmonds & John Smoltz

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    • #3
      Instead of No Politics Friday, how about if we have No Bitching From Jack Sparrow Friday?

      If you don't want politics, go back to Bernie's. You were one of the loudest complainers over there about not being free to post whatever you wanted, and now you're crying about politics over here?

      If Steve or 007 say not to post political threads I'll stop.
      2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

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      • #4
        Its sad that you couldnt go without doing it for 24 hours.
        Official Sponsor of Jim Edmonds & John Smoltz

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        • #5
          (IMG:http://www.petsignsplus.com/1fantasyxgif/troll.gif)
          And, frankly, it has never occured to me that "winning" a debate is important, or that I should be hurt when someone like Airshark or kah, among others (for whom winning a pseudo debate or declaring intellectual superiority over invisible others is obviously very important) ridicule me.

          -The Artist formerly known as King in KC

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          • #6
            I suspect Trig has gone without "it" for a lot longer than 24 hours =]
            When you say to your neighbor, "We're having a loud party on Saturday night if that's alright with you," what you really mean is, "We're having a loud party on Saturday night."

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            • #7
              So, is Trig now banned?

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              • #8
                Originally posted by JackSparrow@Mar 26 2004, 10:38 AM
                Its sad that you couldnt go without doing it for 24 hours.
                Not couldn't - wouldn't.
                2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

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                • #9
                  Originally posted by WinstonSmith@Mar 26 2004, 10:38 AM
                  I suspect Trig has gone without "it" for a lot longer than 24 hours =]
                  Of course - as soon as you move in with 'em, party time is over.
                  2005 Mandatory Loyalty Oath: I love America, our troops, baseball, Moms, and certain pies. I want no harm to come to any of those institutions, nor do I take any glee in their demise.

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                  • #10
                    Originally posted by Trigfunctions+Mar 26 2004, 10:55 AM-->
                    QUOTE (Trigfunctions @ Mar 26 2004, 10:55 AM)

                  • #11
                    Originally posted by FAR52+Mar 26 2004, 11:01 AM-->
                    QUOTE (FAR52 @ Mar 26 2004, 11:01 AM)
                    Originally posted by [email protected] 26 2004, 10:55 AM

                  • #12
                    Originally posted by FAR52+Mar 26 2004, 11:01 AM-->
                    QUOTE (FAR52 @ Mar 26 2004, 11:01 AM)
                    Originally posted by [email protected] 26 2004, 10:55 AM
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