Some people say we should just repeal the rule that lets companies defer taxes due on profits earned outside of the country until they bring it home. But that undoes the benefits that were the original reason to allow deferral.
Why should Apple have access to U.S. consumers if Apple refuses to pay its fair share of taxes to finance the infrastructure and education that Americans need to improve their living standards? Americans could buy from one of Apple's competitors instead.
Putting aside the debates between the effectiveness supply-side economics and whether an increase in sales tax would disproportionately negatively impact the poor, state sales tax only plans cannot make up for the lost revenue under current laws. The reason?
Since Japan lowered its rate last April, our corporate tax rate has been the highest in the world. There is no disagreement in Washington, believe it or not, that a 35% rate is too high. What complicates things is that very few if any corporations actually pay that rate.
We have a debate between the right -- Republicans like Mitt Romney who would cut corporate taxes and ask them to pay less -- and a business-friendly, centrist president who won't call on corporations to pay more. "Fair share?" -- not so much.
The promise was displayed prominently at the top of the "economy" section of Obama's campaign website. However, the language regarding the windfall profits tax vanished in an unceremonious and abrupt manner.
While the traveling Republican circus continues in its drawn-out pursuit of a winner, the policies which will be pursued by whichever Republican wins go largely unchallenged by a mainstream media preoccupied with the immediate details of the show.
Corporate profits are up right now largely because pay is down and companies aren't hiring. This is a losing game even for corporations over the long term. Without enough American consumers, their profitable days are numbered.
GOP candidate Tim Pawlenty observed the 10th anniversary of the Bush-era tax cuts by proposing $2 trillion in additional tax cuts, primarily for millionaires and global corporations. Have we learned nothing?
Our democracy is frozen, calcified like arteries beset by arteriosclerosis. Everyone acting on their own behalf, protecting their own interests, has stopped up the flow of democracy, and as a result, America is falling behind.
Globalization is nothing more than a trade war with production looking for a cheaper country to produce. If the president stayed in Washington and enforced the trade laws, far more jobs would be created, and the economy would recover.
Obama proposed a number of ideas last night, amongst the continuation of themes or policies he has pushed previously. The following are the proposals that stuck out as being truly new ideas for him, and thus worth examining.
While Social Security and Medicare may turn out to be inflationary, they are not 'bankrupting the nation' as most believe, including a Democratic Congress that cut Medicare spending with the recent health care bill.
With imports soaring, we're stimulating the production of China, not the US. The Obama administration refuses to enforce our trade laws to protect the economy and change our tax laws to promote exports.