I thought we were suppose to hate Corporate Greed Tax Cheats Mr President?

http://www.huffingtonpost.com/2011/0..._n_851746.html

Jokes and jokes and jokes. Meanwhile, Facebook & Google use the "Double Irish" loophole to save billions in tax money. :lol America

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From Wikipedia, the free encyclopedia
The Double Irish Arrangement is a tax avoidance strategy that U.S. based multinational corporations use to lower their income tax liability. The idea is to use payments between related entities in a corporate structure to shift income from a higher-tax country to a lower-tax country. It relies on the fact that Irish tax law does not include effective transfer pricing rules.
Overview

Typically, the company arranges for the rights to exploit intellectual property outside the United States to be owned by an offshore company. This is achieved by entering into a cost sharing agreement between the U.S. parent and the offshore company, in the terms of U.S. transfer pricing rules. The offshore company continues to receive all of the profits from exploitation of the rights outside the U.S., without paying U.S. tax on the profits unless and until they are remitted to the U.S.
It is called "The Double Irish" because it requires two Irish companies to complete the structure. The first Irish company is the offshore company which owns the valuable non-U.S. rights. This company is tax resident in a tax haven, such as Bermuda or the Cayman Islands. Irish tax law provides that a company is tax resident where its central management and control is located, not where it is incorporated, so that it is possible for the first Irish company not to be tax resident in Ireland. The first Irish company licenses the rights to a second Irish company, which is tax resident in Ireland, in return for substantial royalties or other fees. The second Irish company receives income from exploitation of the asset in countries outside the U.S., but its taxable profits are low because the royalties or fees paid to the first Irish company are deductible expenses. The remaining profits are taxed at the Irish rate of 12.5%.

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brb bitching about corporate greed then receiving campaign money from said corporate greed

How is that cheating?

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Originally Posted by ManuBalboa

http://www.huffingtonpost.com/2011/0..._n_851746.html

Jokes and jokes and jokes. Meanwhile, Facebook & Google use the "Double Irish" loophole to save billions in tax money. :lol America




brb bitching about corporate greed then receiving campaign money from said corporate greed

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so it's legal.... mmmmmk

so I guess you agree that corporations shouldn't hide their money..welcome to the democrat side of things!

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Originally Posted by George Gervin's Afro

so it's legal.... mmmmmk

so I guess you agree that corporations shouldn't hide their money..welcome to the democrat side of things!

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...where apparently the head Democrat is choosing to turn his head to this?

And, I think, most companies that do this, do it legally. Ethically? Nope.

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Originally Posted by TeyshaBlue

...where apparently the head Democrat is choosing to turn his head to this?

And, I think, most companies that do this, do it legally. Ethically? Nope.

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If he demonizes them he is attacking the job creators.. it he remainis silent he's allowing this to happen...

damned if he does..damned if he doesn't


like you said.. can they do it? Sure.. Should they do it? Probably not..

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Originally Posted by George Gervin's Afro

If he demonizes them he is attacking the job creators.. it he remainis silent he's allowing this to happen...

damned if he does..damned if he doesn't

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Sucks to be the POTUS.:lol

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Originally Posted by TeyshaBlue

Sucks to be the POTUS.:lol

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it is a big boy job!

I don't care, get their Irish on - wgaf. Just laughing at the clown president whoring himself out to get the youth vote. GE fucking over IRS, but hey - Green Week on Sunday Night Football is the shit son. The stage is green yo!

Which laws were broken?

that's just it...no laws were broken....

...the entire debt can be solved by closing tax loopholes on corporations, raising taxes to Clinton levels on those making more than $250k and reducing spending on defense by 10-20 percent...

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Originally Posted by Nbadan

that's just it...no laws were broken....

...the entire debt can be solved by closing tax loopholes on corporations, raising taxes to Clinton levels on those making more than $250k and reducing spending on defense by 10-20 percent...

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Bullshit.

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Originally Posted by Marcus Bryant

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Originally Posted by Nbadan

that's just it...no laws were broken....

...the entire debt can be solved by closing tax loopholes on corporations, raising taxes to Clinton levels on those making more than $250k and reducing spending on defense by 10-20 percent...

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Bullshit.

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You have to remember. Dan's a card carrying Kool-Aid drinker.

What part?

You know which.

No, I don't...

you think the debt is gonna stay at over a trillion dollars annually forever?

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Originally Posted by Nbadan

No, I don't...

you think the debt is gonna stay at over a trillion dollars annually forever?

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You need to get tour terms right. Debt and deficit are two different things. You mean deficit, right?

Are we gonna turn this into another petty argument about semantics

Here are the facts

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Corporate Taxes as a Percentage of Federal Revenue

1955 . . . 27.3%
2010 . . . 8.9%

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Corporate Taxes as a Percentage of GDP
1955 . . . 4.3%
2010 . . . 1.3%

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Individual Income/Payrolls as a Percentage of Federal Revenue
1955 . . . 58.0%
2010 . . . 81.5%

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Source: Citizens United

Anyone who is serious about closing the US deficit should consider the changes in what corporations pay in taxes and the rise of the deficit.

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Originally Posted by Nbadan

Are we gonna turn this into another petty argument about semantics

Here are the facts

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Individual Income/Payrolls as a Percentage of Federal Revenue
1955 . . . 58.0%
2010 . . . 81.5%

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Too bad they didn't separate income taxes from payroll taxes.

As for corporate rates going down, it's called competition. As goods can be transported nationally cheaper, and now globally, we are still taxing national producers out of existence in many cases.

I am all in favor of returning tariffs if we are going to continue taxing production.

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Too bad they didn't separate income taxes from payroll taxes.

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Payroll taxes aren't company money, they are taxes withheld from employee paychecks...

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Originally Posted by Nbadan

Payroll taxes aren't company money, they are taxes withheld from employee paychecks...

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Half correct. Those percentages have also increased, and the employer matches them. It appears your source effectively shifted the percentage to the individual and away from the corporate tax burden.

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Originally Posted by Wild Cobra

Half correct. Those percentages have also increased, and the employer matches them. It appears your source effectively shifted the percentage to the individual and away from the corporate tax burden.

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Are you really comparing gains from corporate tax loop-holes to rises in the SS tax?

no laws are broke, just wankers hating on wankers who know how to exploit the law with taxation avoidance schemes....hey if the system is not correct, you cant stop ppl from exploiting the system

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Originally Posted by Nbadan

Are you really comparing gains from corporate tax loop-holes to rises in the SS tax?

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No, just present the untainted facts please.

So no laws were broken.

just curious if anyone had any thoughts on how to close the loophole.

This is such a super old thing, if it was as easy as saying, no more loophole, it would have happened by now.

Loopholes have to be intentional. Lawyers who write this stuff know what they are doing. It's what gives politicians power. They have the ability to help or hurt people, and they often abuse the power.