Sen. Wyden: US tax code a "rotting economic carcass"

[doxydad]

As far as tax loopholes go, “inversion” has officially made it into the big leagues.

The once obscure practice has been thrust into the spotlight by the President (who called inversions “unpatriotic”); Jon Stewart (who said the practice was equivalent to “gender reassignment” for corporations); and Steven Colbert (“it’s like me adopting an African child, then claiming myself as his dependent.&quot

So what is inversion? It’s when a US company purchases a business overseas, then relocates its official headquarters to the new subsidiary’s foreign address. This allows the company to effectively avoid paying US taxes.

Right now, as long as that foreign branch comprises 20% of a company’s business, this practice is completely legal. President Obama wants to raise that threshold to 50%, and Democrats introduced the legislation in late July.

http://finance.yahoo.com/news/senato-calls-tax-code-a--rotting-carcass---targets-inversion-131641185.html

[napi21]

1. I think the threshold should be 75-90%!

What's this 50% crap? Yea, I know, that's what he thinks could pass. I disagree. I say make the complete reform of the tax system the #1 issue in the 2016 campaign. Scrap the entire current system and start from scratch. Over the years so damn many exemptions have been inserted into our tax law....most specifically designed for a single corporation.

[winter is coming]

2. Wyden is an underappreciated treasure. n/t

[pansypoo53219]

3. why is it wrong to go back to FRD/eisenhower levels WHEN THE ECONOMY REALLY ROARED?

TINKLE down is KILLING america.