President Obama Takes Aim at Foreign Profits (Barack Obama, revolution, companies)
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President Barack Obama has proposed a dramatic tax increase on the foreign profits of U.S. multinationals, in a 10-year budget blueprint released Thursday. Hardest hit from the business-tax-increase proposals would likely be oil and gas companies. Mr. Obama would repeal a range of tax breaks, including a tax deduction for domestic production.
Other Highlights:
A tax increase on foreign income and proposal to crack down on offshore tax cheating.
Eliminate incentives for companies that ship jobs overseas
Raise taxes on private-equity fund managers and venture capitalists, by taxing their profits as ordinary income instead of capital gains.
Tax cuts for businesses, including a two-year expansion of a tax break for net operating losses that was dropped from economic-stimulus legislation at the last minute. That tax break, important to manufacturers, retailers and home builders, is estimated by the White House to deliver $63.5 billion in tax refunds to struggling companies in 2009-2010. It is a candidate for inclusion in tax legislation to move later this year. President Takes Aim at Foreign Profits - WSJ.com
Argentina, here we come! Be prepared for prices to go way up! Lay away and black market days are back! Yard sales too -- oh, that's right, the blue staters have banned yard sales too b/c they're tacky.
Good luck. All that is going to do is encourage more flight of capital from the country and you'll see companies move wholesale overseas.
They've already "moved wholesale overseas"--where have you been the past 8 years?
In any case, doesn't matter: A new "green" industry is on the way, and you can bet that business--big and small-- is gearing up for it. There is BIG money to be made in the "green revolution." I'm in the midst of corporate culture every day, and people--from CEOs on down--are scrambling like crazy to prepare for it.
They've already "moved wholesale overseas"--where have you been the past 8 years?
In any case, doesn't matter: A new "green" industry is on the way, and you can bet that business--big and small-- is gearing up for it. There is BIG money to be made in the "green revolution." I'm in the midst of corporate culture every day, and people--from CEOs on down--are scrambling like crazy to prepare for it.
"Green" industry having sway in a future economy...that's good news.
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