Sanders: 'Your $8.99 Netflix subscription is more than the company paid in federal income taxes

Dec 2018
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Yes, please quote the parts that don't have to do with deferrals.
Thanks for confirming that you didn't read what was posted earlier:

Here is how it works. U.S. companies with operations overseas don’t have to pay taxes on profits they earn from, say, selling soft drinks or software outside the U.S. as long as those profits stay overseas. This was intended to help these companies compete around the world almost a century ago. However, today that system creates a perverse incentive to keep corporate profits overseas instead of investing here at home.

What’s even worse is companies can also take advantage of current gaps in the tax rules on intangible items such as software to shift what are really U.S. profits abroad where they are subject to much less or, too often, no tax at all. These profits, generated by American innovation, stay in countries such as Ireland or the U.K., and U.S. companies have the luxury of deciding when or even whether to pay U.S. taxes. Today they have exercised that option not to pay taxes to the tune of $2.2 trillion!

... As I have long called for, ending deferral is a necessary step in making sure taxpayers get a fair deal and the U.S. maintains its position as the best place to do business. Combined with a new competitive corporate tax rate that reflects global tax realities and a structure that prevents shifting income to avoid taxes, it will encourage companies -- both domestic and multinational -- to build and grow their businesses in the U.S., creating red-white-and-blue-jobs here at home.

I have authored the only two bipartisan tax reform proposals -- with Republican senators -- in over a quarter-century and both reward the creation of good-paying jobs in the United States. A substantial portion of these proposals is paid for by ending overseas tax deferral.


And this from T.L. Hungerford of EPI:

...Although a variety of very different reforms have been proposed to change how the United States taxes U.S. multinational corporations, none of the major proposals in the 113th Congress gets to the heart of the problem: deferral. Simply eliminating deferral and taking a pure worldwide approach could remove the incentives to shift profits, investment, and jobs overseas. In addition, eliminating deferral would broaden the tax base and raise much needed tax revenue—revenue that could be used for education funding, infrastructure improvements, and other investments in America’s future. ...


If you don't understand the relevance of tax deferrals for MNCs, you don't get it.
 
Dec 2018
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How on earth do you suppose the US Congress can prevent a corporation from being formed in Switzerland, or Ireland, or Luxembourg, or Singapore, ... ?
Straw man alert!

No one is claiming or even suggesting that a subsidiary, division or affiliate of a parent corporation that files tax returns with the United States IRS can't be formed on foreign soil.
 
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Jun 2018
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Nope. You can operate in the US, hire people in the US, and pay your income taxes elsewhere. Many companies do it, and it's all quite legal.
What my statement means is "people" meaning the employees pay taxes, even tho the company may not. The benefit to the general welfare is people are employed here rather than offshore. Bernie doesn't like it because he and his merry band of commies can't tax these companies into oblivion.
 
Dec 2018
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Here is how it works. U.S. companies with operations overseas don’t have to pay taxes on profits they earn from, say, selling soft drinks or software outside the U.S. as long as those profits stay overseas.
Wong. You're just not thinking clearly. Go back to post #17 and try again to understand why that scenario is different that what is described here. Please don't bother repeating the above nonsense until you do. You're wasting your time.
 
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Straw man alert!

No one is claiming or even suggesting that a subsidiary, division or affiliate of a parent corporation that files tax returns with the United States IRS can't be formed on foreign soil.
Go back to post 17. You're still not getting it.
 
Dec 2018
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Go back to post 17. You're still not getting it.
You're being evasive because I'm zeroing in on IRS reporting requirements for parent corporations. (No pun intended.)

Any parent "multinational corporation", who files with the Internal Revenue Service, and who establishes any kind of affiliate, division or subsidiary in a foreign country must disclose all the financial statements of those divisions, affiliates, subsidiaries to the IRS or they're in violation U.S. tax code. Under the current tax deferral laws, however, those subsidiaries don't pay federal taxes on income. The U.S. tax deferral law allows multinational corporations, such as Apple, to heavily park their profits in their foreign subsidaries.

Get it now?
 
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Dec 2018
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Wong...Go back to post #17 and try again to understand why that scenario is different that what is described here. Please don't bother repeating the above nonsense until you do. You're wasting your time.
Your fantasy scenarios of the future are a waste of time, but thanks for the magical mystery tour.

Under Warren's or Sander's plan, the IRS would still require that all parent multinational corporations, like Apple, continue to disclose the financial statements of their foreign subsidiaries and manufacturing divisions to the IRS, (even if YOU insist on calling them "leasing" agents), in order that expenses and profits are fully transparent.
 
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Dec 2018
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You're being evasive because I'm zeroing in on IRS reporting requirements for parent corporations. (No pun intended.)

Any parent "multinational corporation", who files with the Internal Revenue Service, and who establishes any kind of affiliate, division or subsidiary in a foreign country must disclose all the financial statements of those divisions, affiliates, subsidiaries to the IRS or they're in violation U.S. tax code. Under the current tax deferral laws, however, those subsidiaries don't pay federal taxes on income. The U.S. tax deferral law allows multinational corporations, such as Apple, to heavily park their profits in their foreign subsidaries.

Get it now?
Yes, which is why so many of the parent corporations are the non-US entity.

Wake up.
 
Dec 2018
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Yes, which is why so many of the parent corporations are the non-US entity.

Wake up.
They still file tax returns with the IRS so their financial activities are monitored. Incidentally, your fantasy scenario in Post #17 was for a "US-based company".

Read it again.
 
Dec 2018
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They still file tax returns with the IRS so their financial activities are monitored. Incidentally, your fantasy scenario in Post #17 was for a "US-based company".
You don't seem to understand that it's not a fantasy. I worked for a company that did this. You don't know what you're taking about on this topic.