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Politics : Don't Blame Me, I Voted For Kerry -- Ignore unavailable to you. Want to Upgrade?

To: H-Man who wrote (10040)	3/26/2004 11:33:32 AM
From: ChinuSFO	Respond to of 81568

And we need to look also at the number of underemployed, people who were making $50/hr during the Clinton years and now making $10/hour even though they could be considered self-employed and counted along with those working in warehouses ($10/hr. jobs) etc.

To: H-Man who wrote (10040)	3/26/2004 12:16:39 PM
From: Lizzie Tudor	Read Replies (3) \| Respond to of 81568

Nobody is falling for that "self employed" BS anymore because the tax rolls go down month after month, which is another reason for the sky high deficits. I am impressed with Kerry's plan. He plans to tax corps that move ops offshore the US tax rates, UNLESS they are operating a business unit offshore (building and selling there). That is exactly what we need. Kerry said he would reverse U.S. tax policy allowing companies to defer U.S. taxes on their profits in other countries, a blow to U.S. companies with overseas business such as General Electric Co., Hewlett-Packard Co., and Honeywell International. Rate Cut In exchange, Kerry proposes to cut the 35 percent corporate tax rate to 33.25 percent, give tax credits to companies that create jobs in the U.S., and allow a one-year tax holiday to return $639 billion in foreign profits never taxed by the U.S. at a one- time rate of 10 percent, according to a fact sheet from his campaign. U.S. companies such as General Electric, the world's biggest by market value, avoid paying U.S. taxes of 35 percent on income earned outside the U.S. by investing the money there and leaving those amounts out of their tax calculations at home. Overseas earnings brought back to the U.S. get a credit for taxes paid to foreign governments, subject to limitations. General Electric earned more than $54 billion of its $134 billion in sales outside the U.S. last year, including about $30.5 billion from Europe. It has accumulated $21 billion in foreign profits that have never been taxed by the U.S., according to the company's filings with the Securities and Exchange Commission. This has helped reduced its effective tax rate to 21.7 percent. Tax revenue from corporations fell to $132 billion in 2003, a 36 percent drop from 2000 when companies paid $207, according to the Washington-based Center on Budget and Policy Priorities. (2003 corporate taxes were the lowest as a % of GDP since the 30s... meanwhile this whitehouse/congress are spending like drunken sailors with no benefit to individuals only corps) Kerry's plan would subject U.S. companies to taxes both by foreign governments and by the U.S., said Kimberly Pinter, director of corporate finance and tax for the National Association of Manufacturers, a Washington lobby group for companies such as General Motors Corp., based in Detroit, and Exxon Mobil Corp., based in Irving, Texas. Kerry's plan would allow companies that sell a product or service in the same country -- for example, a car built in India to be sold in India -- to continue avoiding double taxation using tax deferral. A U.S. company that simply moves its call center to India would face double taxes. quote.bloomberg.com