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The President & the Executive Branch Discuss After Carrier deal, Trump vows tax of 35 percent for US business going overseas at the Political Forums; Hope Trump follows through with this. Easing regulations on businesses, giving them tax breaks, and putting a 35% tax for ...

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Old 12-04-2016, 01:06 PM
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Default After Carrier deal, Trump vows tax of 35 percent for US business going overseas

Hope Trump follows through with this. Easing regulations on businesses, giving them tax breaks, and putting a 35% tax for companies trying to export their sh*t overseas will dramatically help our economy and jobs.

It's nice to see a POTUS so concerned with our economy, jobs, and the working class.

After Carrier deal, Trump vows tax of 35 percent for US business going overseas | Fox News

President-elect Donald Trump said Sunday that he’ll slap a 35 percent tax on U.S. companies that move jobs or operations to other countries -- days after announcing a controversial deal with Carrier to keep roughly 1,100 manufacturing jobs in the United States.

Trump, a prolific tweeter with about 15 million followers, needed six posts, each limited to 40 characters, to get out his message.

“The U.S. is going to substantially reduce taxes and regulations on businesses,” Trump tweeted. “But any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will sell its product back into the U.S. without retribution or consequence, is WRONG!

“There will be a tax on our soon to be strong border of 35% for these companies ... Please be forewarned prior to making a very expensive mistake! THE UNITED STATES IS OPEN FOR BUSINESS.”

The string of tweets follow Trump’s announcement last week that he had reached a deal with the Carrier furnace and air-conditioning manufacturer to keep the jobs in Indiana, instead of moving them to Mexico where labor costs are significantly less expensive.

Trump made vowing to keep Carrier in the country and returning other good-paying manufacturing jobs to the economically challenged Midwest a major part of his successful presidential campaign.

But the Carrier deal -- which purportedly includes $6 million in tax incentives and $1 million in job-training grants over 10 years -- has been criticized by liberals and conservatives alike.

Among them are self-described socialist and 2016 Democratic presidential candidate Bernie Sanders and 2008 GOP vice-presidential nominee Sarah Palin, who suggest the deal was an example of “crony capitalism.”

Vice President-elect Mike Pence, who remains governor of Indiana until next month, defended Trump’s effort on Carrier on NBC’s “Meet the Press."

“We were heartbroken when we heard Carrier was pulling up stakes,” said Pence, who acknowledges he couldn’t broker the deal. “The only reason Carrier is staying in the United States is because Donald Trump was elected president.”
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Old 12-04-2016, 01:28 PM
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Default Re: After Carrier deal, Trump vows tax of 35 percent for US business going overseas

I don't think the President has authority to raise taxes does he? Doesn't that have to be done by congress? Not that he can't get his way but just sayin...
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Old 12-04-2016, 01:52 PM
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Default Re: After Carrier deal, Trump vows tax of 35 percent for US business going overseas

I DISAGREE with this...

The U.S. has one of the highest top marginal corporate tax rates in the world...

It's unfair to overtax and then penalize when they want to get away from that...That has to be dropped first...
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Old 12-04-2016, 02:13 PM
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Default Re: After Carrier deal, Trump vows tax of 35 percent for US business going overseas

Quote:
Originally Posted by cnredd View Post
I DISAGREE with this...

The U.S. has one of the highest top marginal corporate tax rates in the world...

It's unfair to overtax and then penalize when they want to get away from that...That has to be dropped first...
At 40% the US has the 3rd highest in the world Chad and UAR being the other two. Taxing the already overtaxed as a way to stop them from moving from a high tax environment makes about as much sense as stopping the return of cash assets held by US corporations by taxing the assets out of existence.

Trump needs to be careful with this. He has hotels, recreational facilities, and office buildings worldwide. Should people desiring to vacation at a Trump hotel in Australia be taxed 35% on the ticket? That money could be better spent vacationing in downtown Detroit or the Grand Canyon.
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Old 12-06-2016, 06:06 PM
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Default Re: After Carrier deal, Trump vows tax of 35 percent for US business going overseas

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Originally Posted by jimbo View Post
At 40% the US has the 3rd highest in the world Chad and UAR being the other two. Taxing the already overtaxed as a way to stop them from moving from a high tax environment makes about as much sense as stopping the return of cash assets held by US corporations by taxing the assets out of existence.

Trump needs to be careful with this. He has hotels, recreational facilities, and office buildings worldwide. Should people desiring to vacation at a Trump hotel in Australia be taxed 35% on the ticket? That money could be better spent vacationing in downtown Detroit or the Grand Canyon.

This is actually highly misleading. Because the average effective tax rate, the actual rate paid after deductions and credits, is lower than all other large economy countries, this is according to the Congressional Research Service (CRS).

Look at PAGE 3
https://fas.org/sgp/crs/misc/R41743.pdf


Heres a few Facts for you also:

General Electric, Boeing, Verizon and 23 other profitable Fortune 500 firms paid no federal income taxes from 2008 to 2012.

288 big and profitable Fortune 500 corporations paid an average effective federal tax rate of just 19.4% from 2008 to 2012.

U.S. corporations dodge $90 billion a year in income taxes by shifting profits to subsidiaries — often no more than post office boxes — in tax havens.

U.S. corporations officially hold $2.1 trillion in profits offshore — much of it in tax havens — that have not yet been taxed here.
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