The new tax havens

American companies are finding new overseas tax havens to legally protect some of their profits from the U.S. tax rate of 35 percent, among the highest in the world. Lesley Stahl reports.

Category:

News & Politics

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• cbsepisode
• 60 minutes
• tax
• havens
• profit
• economy
• recession
• money
• jobs
• market
• cbs

[dtvgmedia]

Just do away with production taxes. We don't need to chase businesses out of the country with pitchforks and high taxes.

There is a better plan. It is called the FairTax and sit in congress as Bill HR25

[billepayne]

A one-time tax amnesty will not work. It may bring back some dollars but NOT jobs, when companies are continually forced to pay the highest tax rate in the world or spend a fortune complying or avoiding. Compliance costs in the US are close to $1/2 trillion EVERY YEAR. Wasted money! The FairTax (HR25/S13) will eliminate the taxes that cause companies to leave the country while repatriating the companies, their money AND JOBS. Don't get stuck on stupid. fairtax.org

[heinj98]

@dtvgmedia

Also, the Obama care plan mimics the health care system of Switzerland. There's an individual mandate, since 1997, I believe, which forces everyone to buy a standard health insurance premium, subsidized, in part, by the government, but switzerland goes one step further by regulating the cost of medical devices and such to keep medical costs down.

[heinj98]

@billepayne

[heinj98]

I hope you also realize that if Switzerland's corporate tax rate is 15% and the US's is 35% and US companies move to Switzerland, and the US reacts by reducing its corporate tax rate to 12% to bring it back, Switzerland or some other country will reduce it to 10% to drive foreign investment there, etc, in a neverending spiral until the corporate tax rate reaches 0% and our roads are crumbling, our kids won't be educated, we'll have no police or firefighters, no SS, until we're the 3rd world.

[heinj98]

@dtvgmedia

Also, you do realize, that the corporate tax is at the lowest that it has been since the early 1940s. These big corporations, that you see today, paid a higher tax rate for the past 70 years than they are now, and they have remained in business, and have steadily accumulated more and more money. If the lowest corporate tax rate in 70 years isn't enough to keep them here, then, perhaps, it's not a tax issue but a greed issue, and no amount of tax reductions is going fix that.

[heinj98]

@dtvgmedia

Get real. Companies are going to shelter their profits from taxation no matter what the tax rate is. You're going to tell me that these corporations can afford to spend hundreds of millions a year, collectively, to lobby executive and congressional agencies and committees but they can't afford to pay the corporate tax. Right.. keep eating that Republican bullshit

[lsnows]

See, y'all! Rich people will always find a way out or around taxes. No use raising taxes or trying to hunt down the rich. Somebody will always find a way to protect their wealth. It doesn't matter what the Republicans, Obama or Herman Cain says or tries.

[MrZipomatic]

HR25/S13 will bring back not only American companies that have moved their money and companies offshore, but, would also bring many foreign companies to the USA. This would cause not just the greatest economic boom this country has ever seen, but one that is sustainable as well.

[lafkdjay]

John Chambers, West Virginia boy, say, I'm gonna cut 6500 jobs from the company and give myself a bonus. FTW, bumpkin boy!

[billepayne]

A one-time tax amnesty is NOT the answer. It may bring back a lot of dollars once, but it will not bring back jobs when the companies have to either pay a higher tax or pay through the nose to accountants to try to avoid it. Compliance costs in the US are close to $1/2 trillion every year. Money that is just wasted. The FairTax (HR25/S13) will eliminate the taxes on companies that cause them to go overseas while repatriating the money AND the jobs. Don't get stuck on stupid. fairtax.org