Just a question on tax breaks for moving jobs overseas.

[Tennessee Gal]

I tried to research this and did not find much.

What I did find said there is a tax break for the expense of moving companies within the United States as well as overseas.

Does anyone have any info on this issue?

[antigop]

1. Here ya go...

http://www.democraticunderground.com/1251120926

[Tennessee Gal]

2. So, it's the profits made overseas that are tax exempt!

Ding, Ding, Ding! The light bulb in my brain just flashed!

Thank you!

[aint_no_life_nowhere]

4. My understanding is that all companies can write off the costs of moving their business

whether it is within the US or abroad. Obama wants to end that for U.S. companies that move overseas. He wants to set up a disincentive in the tax code for that, allowing the write off only for companies that stay within our borders. Romney cynically pretended to not understand that, acting as though Obama was claiming that there was a special law in the tax code that allows only the deduction for companies that move abroad. Romney knew precisely what Obama was talking about, the asshole.

[aint_no_life_nowhere]

3. Apparently Mitt's 26 years in business taught him nothing

If I had been Obama, I would have offered to hook him up with a decent accountant.

[JHB]

5. It taught him to shovel whatever horseshit he needed to close a deal

You can't load up a company with debt while extracting big management fees until you get your hands on the controls.

[abelenkpe]

6. Couple things

Heres how I've seen it work:
Studio tells US workers they are opening offices overseas to "compete" and to be able to continue to hire in the US.

Studio gets tax break from the US for opening office overseas

Studio gets subsidy from other country for opening office.

Studio saves on healthcare With workers overseas (other countries have nationalized healthcare)

Studio gets up to a 45 percent tax subsidy from other country for hiring locals who pay taxes)

Studios overseas operations are exempt from taxes in the US.

Eventually studio lays off all US workers except a small core who score contracts and deal with clients.

Works even better than manufacturing because with tech or computer work because there are little or no transportation costs for the product.

How are US workers supposed to compete when their own government, foriegn governments and the financial industry are all encouraging jobs be shifted overseas?

Here's a better summary:






http://www.democraticunderground.com/10021474175

"a) Deductions for moving/running business overseas.
b) Deferred taxes on profits made overseas.
c) Deductions/credits on foreign taxes. Savings: 135%
d) Overseas subsidiaries exempted from US taxes. "

[Tennessee Gal]

7. Thank you! nt