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Report: George Zimmerman May Face Hate Crime Charges

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kirkspencer5/15/2012 7:42:28 pm PDT

re: #343 BryanS

We should lower the tax on money held oversees. Keep in mind, this is from profits earned in oversees markets, subject to taxes oversees. The ~$100billion Apple alone has in oversees cash is profits they made there and were taxed under the appropriate foreign government corporate tax rates. If they repatriate that money, they will get taxed again at about 35%. Apple can’t write enough off enough in tax deductions to offset their oversees profits.

According to this story, there is about $1trillion in profits sitting oversees from US corporations.
[Link: www.politico.com…]

Actually, I think we should close the loopholes to include the current overseas exemptions — and use the model used by individuals to deal with foreign taxes. That is, calculate what you owe, and deduct what you paid to the foreign nation from what you owe.

But first close the loopholes. When the largest corporations in the nation by revenues are paying zero or next to zero tax on revenues, it’s a case of misdirection to claim the tax rate is too high.