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September 25, 2011

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If Win America Wins, America Loses

Has anyone heard of Win America? No., not surprised. Win America is a group formed by more than 160 lobbyist from companies like Pfiser, Google, and others. A full list is here: http://www.winamericacampaign.org/supporters/ . What they are pushing, with bipartisan support right now, is a tax holiday on earnings held in a foreign country. What most multi national companies do is store money in foreign countries to avoid or put off paying American taxes on those earnings, sometimes paying a much lower tax rate in the foreign nation and often none at all. (We have all heard of Banks in the Bahamas; etc. Pick your off-shore account...) If that money comes back into the U.S. it is then supposed to be taxed as earnings at the appropriate rate. What Win America is pushing for is a reduction of the standard rate of about 35% to 5% before any deductions are taken. That is ridiculously low, lower even than the 15% tax rate that Wall Stre...

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