‘ECONOMIC PATRIOTISM’ AND THE END OF CORPORATE TAXES

[Geee]

Human Events:

I’ve written a few times before on the Democrats’ big push for “economic patriotism,” which is one of the creepier euphemisms to slither out of their political laboratory. (Would it be possible for a Republican to describe anything as “economic patriotism” without facing a withering storm of mainstream media editorials, denouncing him for daring to question the patriotic fervor of his political opponents?) President Obama’s “economic patriotism” is a fairly straightforward and tedious cash grab, designed to cudgel a few more tax dollars out of corporations that dare to shift taxable revenue overseas after merging with foreign companies, to escape from the insane American corporate tax system. Obama has gone as far as referring to such businesses as “corporate deserters.” Deserters. What happens to deserters, again?

 

This process, known as “inversion,” is not a big deal at the moment – not all that many companies have done it, and the net loss of Treasury revenue is a paltry two or three billion dollars over the course of the past decade - a sum that would be considered a rounding error in most Big Government schemes. And yet, the President keeps making a big deal about it. It’s virtually the only item on the Democrat agenda in the 2014 elections, other than protecting Obama from impeachment hobgoblins, catering to illegal aliens, and sternly criticizing billionaires who don’t exclusively donate to the Democrat Party.

[Draggingtree]

Have You Taken Your Obama Loyalty Oath?

Or do you hate America?

By David Harsanyi AUGUST 5, 2014

Jonathan Alter at the Daily Beast has an idea that will infuse the president’s “economic patriotism” rhetoric with some bite: Compel companies to take “loyalty oaths” to prove their patriotism.

 

You may find this suggestion a little creepy, maybe even a little fascistic; but Alter says that “it’s time for red-blooded Americans to take matters into our own hands.”

And by taking the matter into “our” hands, Alter means that President Obama would unilaterally bar any company that practices “inversion” – corporate merging with foreign firms to save on U.S. tax bills – from doing business with the federal government. Companies that follow the administration requirements will earn a government seal of approval. If you act “un-American” and fail to recognize your “real interests” and those of the United States – which are, naturally, indistinguishable from the president’s agenda – you will be shunned and your business punished.

 

You will be powerless to stop it

 

http://thefederalist.com/2014/08/05/have-you-taken-your-obama-loyalty-oath/

[Draggingtree]

Kelly Phillips Erb Contributor

I cover tax: paying tax is painful but reading about it shouldn't be.

Opinions expressed by Forbes Contributors are their own.

 

8/07/2014 @ 10:00AM

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Obama Joins Blame Game As Companies Flee U.S. For Lower Tax Rates

Yesterday, during a Press Conference after the U.S.-Africa Leaders Summit in Washington, D.C., President Barack Obama announced who was to blame for the corporate tax inversion trend: accountants. He said:

You have accountants going to some big corporations — multinational corporations but that are clearly U.S.-based and have the bulk of their operations in the United States — and these accountants are saying, you know what, we found a great loophole — if you just flip your citizenship to another country, even though it’s just a paper transaction, we think we can get you out of paying a whole bunch of taxes.

Well, it’s not fair. It’s not right.

http://www.forbes.com/sites/kellyphillipserb/2014/08/07/obama-joins-blame-game-as-companies-flee-u-s-for-lower-tax-rates/