http://www.zerohedge.com/article/companies-petition-obama-tax-amnesty-repatriate-cash-myth-cash-sidelines-crumbles
This is why you have no jobs America.
Massive labor over seas makes for very low labor costs and then for an added bonus, the government pardons their over seas taxable income.
Ain't that white of them to reward corporations for the loss of American employment.
China actually didn't have a corporate tax.
Richard Nixon talked them into making it, just for this purpose, so that overseas income would not be taxed by the United States.
China just gives it back to the corporation as a perk, for what ever services the company requires. Like a new rail road spur, or extra police protection ect...
This money does not go to support the government of China.
It goes to benefit the corporation.
And now they want tax amnesty to bring some of that money back home.
It's certainly not going to be for jobs, but more like to pad their bare ass.
About a month ago, when discussing the debunking, for the latest time, the biggest lie in modern history, namely the massive exaggeration about the corporate cash on the sidelines, we noted: "Our advice to all those who like blind lemmings follow the advice and chase the "cash hoard" - think, and do your homework first. If indeed over a third of the record cash holdings are foreign, they are as good as useless to shareholders." The reason for this: a major portion of the billion or so dollars in cash is held abroad and "repatriating this cash to the good old USA would cost companies hundreds of billions in US corporate taxes. That's right: even though companies are taxed abroad, the issue of double taxation is resolved by subtracting foreign taxes paid from the US tax liability. However, because foreign corporate taxes are typically lower there is an adverse tax consequence associated with remittance to the parent company. In other words, of the $1.2 or however many trillions in total corporate cash on balance sheets, a good 30% chunk of this belongs to Uncle Sam if these companies wish to use it for domestic IRR purposes. And yes, just so there is no confusion: using foreign cash to pay dividends or share repurchases is considered repatriation from the perspective of US tax regulations." And now that the cat is out of the bag that the huge cash hoard is really about 30% less, here come these very same multinationals begging Obama for tax amnesty so they can actually bring the cash home and, gasp, use it. Too bad this request will never fly,
