The fiscal cliff

[irishgirlz]

The fiscal cliff is rapidly nearing as Republicans and Democrats slug it out on Capitol Hill. Democrats say no slashes to entitlement spending, and the GOP is declining to budge on raising taxes. However, a glance at tax rates around the globe shows that Americans have it relatively well, as tax troubles go.

 

[hemet dennis]

The fiscal cliff is rapidly nearing as Republicans and Democrats slug it out on Capitol Hill. Democrats say no slashes to entitlement spending, and the GOP is declining to budge on raising taxes. However, a glance at tax rates around the globe shows that Americans have it relatively well, as tax troubles go.

I was wondering if those income tax rates for other countries includes federal and state and local income taxes.

 

[rufus]

If and when companies like Apple decide to move their incorporations off shore, they will only pay taxes on revenue earned by subsidiaries selling the product in the US. We will surely miss that revenue. http://www.kpmg.com/global/en/servi...esources/pages/corporate-tax-rates-table.aspx

I can see countries like the Bahamas being the host to a plethora of corporate headquarters.

If we removed the double taxation of dividends, it would really spur the re industrialization of our nation. Earning are now taxed twice: once as corporate income, and then again as income when the dividends are paid.

In 2002 Stanley Tools attempted such a re incorporation. http://www.siteselection.com/ssinsider/snapshot/sf020624.htm

Political pressure prevented it. But as more and more stock of US companies is acquired by those abroad that have no real connection to the US, they will prevail. We will lose a good portion of our tax base.