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Obama Wants Limits on
US Company Mergers Abroad

Associated Press, by Staff

Original Article

Posted By:voxpopuli, 7/24/2014 8:18:22 AM

President Barack Obama is tapping into growing misgivings about tax-driven overseas mergers by U.S. corporations, issuing a new call to end the practice quickly and questioning the patriotism and citizenship of those companies. The push comes amid a developing trend by companies to reorganize with foreign entities partly to reduce their tax payments in the U.S. But Obama's election-year drive also coincides with increased attention to the issue by congressional Democrats, who are seeking to draw contrasts with Republicans and to portray them as too corporate-friendly. Obama was scheduled to address the issue in remarks
Source corrected and text added by Staff.

Comments:
Medtronic just merged with an Irish company to escape punishing taxes in the last few months.. BO better work fast or we won´t have ANY companies left.. of course his fellow travelers in EUROPE are all for these mergers..

      


Post Reply  

Reply 1 - Posted by: Keekng, 7/24/2014 8:22:11 AM     (No. 9937797)

Sorry, Zippy, you do not rule the world. Fix the USA tax code, solve the problem.

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Reply 2 - Posted by: ruready?, 7/24/2014 8:26:24 AM     (No. 9937810)

Someone told Obama that this was a growing problem. Would have like to have heard the conversation.

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R-G1
  


 
Reply 3 - Posted by: Scottyboy, 7/24/2014 8:39:22 AM     (No. 9937828)

In 0bama´s leftist world, it is impossible for his policies to have negative consequences that are attributable to those policies. Hence the debacle in Iraq is not his fault, it is not his fault the economic stimulus failed, 0bamacare crashing and burning is someone else´s fault and these damn corporations are just not being patriotic because they don´t want to give more of their capital to him so he can flush it down the toilet.
The mental gymnastics the leftist ideologue must go through to shield his thought process from the reality of their numerous and sundry failures truly boggles the mind.

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Reply 4 - Posted by: StormCnter, 7/24/2014 8:46:00 AM     (No. 9937839)

This would be step 2. A step 1 effort has already been made to prevent companies from moving around in the US. Remember Boeing in NC?

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Reply 5 - Posted by: Pearson365, 7/24/2014 8:48:20 AM     (No. 9937844)



One would think that that smartest president ever would call for a sharp reduction if not elimination of federal corporate taxes rather than increasing the tax burden. Companies do NOT pay taxes: their customers and/or their shareholders pay the tax.

Having a zero corporate tax rate would attract foreign companies here (Obama doesn´t just have to attract illegals to our shores). Zero tax rate would reduce the overhead burden on companies for tax accountants and tax driven decisions. The income earned by these companies would be taxed as capital gains and/or dividends. The corporate executives would still pay federal income taxes. And, the IRS could assign its thousands of agents now auditing corporate books to harassing groups opposed to the most magnificent president ever. Think outside the box, Barry, rather than how to box us all into your socialist utopia.

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Reply 6 - Posted by: heartsurgeon, 7/24/2014 8:56:48 AM     (No. 9937866)

This is typical Obama. He knows this will never see the lite of day. This is solely for political purposes, so he can call the House Republicans unpatriotic in the upcoming election cycle. The meme is "corporations renouncing their citizenship" This is the second time I have read this absurd phrase this week (never having heard this before).
Clearly, this phrase has been crafted and tested to gin up the base.

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Reply 7 - Posted by: PatrickTex, 7/24/2014 8:57:06 AM     (No. 9937868)

Lawdy Lawdy Misters Obama, I guess us ignorants common old citizens just don´t know this here corporate stuff likes you...... " And because people are not familiar with the intricacies of many public-policy issues, Republicans can get away with such obfuscation, [Obama]said.

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R-VAR_AD
  


 
Reply 8 - Posted by: voxpopuli, 7/24/2014 9:38:50 AM     (No. 9937957)

the Chief Moron will be "interviewed" by CNBC tonight at 50 ET.. apparently he, rightly, figures he will be lionized by their chief commie, Steve Liesman.. and the topic is these "inversion" mergers..
i just saw one of their taglines on this and it says he wants Congress to make it RETROACTIVE, thereby catching the recent Medtronic merger..

he better REALLY get out those PIAPS FBI files and the latest NSA wiretaps on Congress..

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Reply 9 - Posted by: craige, 7/24/2014 10:26:47 AM     (No. 9938049)

Cutting through the BS:
This is Not about lost taxes. "Administration officials estimate the deals, if allowed to continue, will cost the U.S. Treasury $17 billion in lost revenue over the next decade."

17 Billion over a decade is 1.7 billion a year. Federal revenues are 3 Trillion. That´s 5.6% of 1%. Trivial amount.

It´s about Power, Control and dominance.

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Reply 10 - Posted by: voxpopuli, 7/24/2014 10:36:48 AM     (No. 9938060)

another followup..
this is HUGE in the Republik of Minnetaxes.. Medtronic promised Governor Google-eyes that on a quid pro quo for moving to Ireland they would add 1100 jobs to MINNESOTA as well as keeping their headquarters here..

Steve "Red" Liesman just said on CNBC that the Head Kenyan wants to make this new edict retroactive TO MAY!!
the Medtronic deal was done in June..

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Reply 11 - Posted by: grahamcracker, 7/24/2014 10:43:50 AM     (No. 9938072)

That´s rich...Obama questioning the patriotism and citizenship of these companies.

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Reply 12 - Posted by: Doctor P, 7/24/2014 11:12:37 AM     (No. 9938139)

The socialist problem has always been what happens when they run out of OTHER people´s money.

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B-G1


 
Reply 13 - Posted by: stablemoney, 7/24/2014 11:27:27 AM     (No. 9938161)

Everybody that is productive wants to leave Obama and the socialist utopia.

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Reply 14 - Posted by: mitzi, 7/24/2014 11:33:32 AM     (No. 9938168)

call to end the practice quickly and questioning the patriotism and citizenship of those companies

What a coincidence!

There are millions of us who call to end the EO practice quickly and questioning the patriotism and citizenship of the president.

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