Sen. Paul defended the job-creating efforts Apple has made and lambasted his fellow Members for perpetuating a U.S. tax code that hinders corporate growth and productivity.
He asks, how many politicians do not try to minimise their taxes? If it's legal, why the spectacle?
Sen Rand Paul is right on the money.The same thing should be done here.Instead of killing business with taxes,they should be giving business a break,big time.Taxes have to be paid,this I understand but you do not have to kill business.Look in the mirror Mr.Christie & Mr.Pinder & stop this madness.
No one is breaking the law but we must ask ourselves why should corporations or individuals pay US Federal taxes on income that is earned entirely outside of the United States?? These corporations and individuals pay taxes on income earned in the country of origin or residence.. Only the United States taxes it citizens on the basis of nationality and not on residence.. Why would any corporation want to bring earnings back to America to be taxed again at thirty-five percent?? These foreign earnings can be reinvested profitability overseas, make a fair return-on-investment, pay local taxes and avoid US Federal taxation.. Perhaps it is time to overhaul the Federal tax code to reflect global realities.. Today the United States is the only significant nation in the world to have such archaic tax policies..
It may be time for US multinational corporation to consider spinning off to shareholders their non-US international operations into a separate (offshore) corporation that would have no US taxable source income, operations or activities.. Think of the money that could be saved to expand international investment and enhance shareholder value.. It may be time for these multinationals to say adios, au revoir, cheerio to an out dated and oppressive tax system where over a trillion dollars are parked overseas outside the grips of the Internal Revenue System..