jerryc41 Loc: Catskill Mts of NY

Here's a loophole that the politicians are trying to plug, and I hope they succeed. Businesses keep everything the way it is, but on paper, they make themselves a foreign company and reduce their tax burden. It's like continuing to live in your house but not have to pay taxes on it.

http://www.salon.com/2014/07/22/5_giant_companies_that_are_screwing_the_american_taxpayer_partner/

Gremlins666

That was mind blowing....I was on my way to pickup my prescriptions at Walgreens this morning...not sure if I want to continue to do business with a potential "Swiss" pharmacy.

Thanks for the link. VERY informative

jerryc41 Loc: Catskill Mts of NY

As a foreign company, I bet they will find other benefits.

Frank T Loc: New York, NY

Corporations have lobbyists and I doubt very much that the politicians will take the side of the American people or of logic.
I bet this loophole never gets closed.

Blurryeyed Loc: NC Mountains.

Personally I hope that more companies join them. It would be much better for congress to fix our corrupted tax code than just plug holes.... As companies flee our shores maybe, just maybe it will force congress to get off their lazy butts and begin to fix things like our tax code which is severely broken.

jerryc41 Loc: Catskill Mts of NY

They'll appear to work frantically on this problem till the money starts flowing and the public loses interest.

Racin17 Loc: Western Pa

Those companies put money into politians pockets so they have those loop holes. Thats why we have 30yr politians. Companies are happy, crooks....ooops I means politians are happy and we the people get shafted.

home brewer Loc: Fort Wayne, Indiana

The US tax rate at 35% on company profits is the highest in the industrial world. Just about all US companies keep their overseas profits over seas to avoid paying the extra 10 to 15% difference between that charged by the US and say Ireland. So the US gets nothing because the money stays overseas, The companies do not bring the money here and no knew jobs are created.

If we want to fix the problem then tell you representatives to bring the corporate tax rate into line with the rest of the world.

sb Loc: Florida's East Coast

Can I incorporate myself as a foreign corporation?

Frank T Loc: New York, NY

Actually, you can.

dljen Loc: Central PA

I wonder...no, that's going too far...I was going to suggest that Congress change something but no, they're just seat warmers...

Thanks for sharing, Jerry.

ole sarg Loc: south florida

No one pays that rate!

Look it up

ole sarg Loc: south florida

No one pays that rate!

Look it up

http://taxfoundation.org/article/beyond-headlines-what-do-corporations-pay-income-tax

home brewer Loc: Fort Wayne, Indiana

I did look it up only at a different website

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Salon------ a great magazine of fair-mindedness. NOT!

You guys need to read, and understand, the tax laws to make an informed decision on, say, the Salon article. The bottom line is that it is a global economy (note here the "global" economy was demanded and pushed by the liberal front throughout the 90s----careful what you ask for!) and U.S. Corps are competing with "all other" corps in the world.

The sad fact is we have the highest corporate tax rate in the industrialized world, thus U.S. Based companies are at a disadvantage in our own country! Ericsson comes in, does business, sells to Americans in America, and in the end makes more money because they pay much lower taxes. So, if a U.S. Company merges with, say, Ericsson, the only sane financial answer is to be a a Swedish company once all the smoke clears.

Instead of crying about it, and trying to add even more stupid laws and taxes that will on,y chase more corps away, the elected idiots should actually research and understand the problem, develop real solutions, and not just knee-jerk react to the lowest common denominator (emotions) of us, the stupid people who elect them!