by William Teach | January 21, 2015 8:26 am
There’s nothing better than bringing back ideas that failed before even when Democrats controlled the Senate, and never seemed to get a vote in the Democrat controlled Senate about stopping corporate tax inversions, just a failed vote on slapping on extra taxes
(The Hill) Congressional Democrats said Tuesday they would seek any and all avenues to curb offshore tax deals, kicking off a new effort to punish what they call “corporate deserters.”
Senior Democrats on both sides of the Capitol brought back legislation to make it more difficult for corporations to merge with a foreign competitor and shift their legal address abroad.
“We believe we need fairness in the tax code,” Senate Minority Whip Dick Durbin (D-Ill.) said at a news conference announcing the legislation.
Democrats introduced the legislation last year as well, at the same time President Obama and other senior officials in the party questioned the patriotism of companies like Pfizer Inc. and Walgreen Co. that looked into so-called corporate inversions.
Said legislation languished in the House, obviously, and in the Senate, as well. Democrats have reintroduced that legislation in both (S.198 and H.R.415, searchable at Thomas). They also want to increase taxes on offshore corporations (S.162). Shocking, eh?
This push is going absolutely nowhere, and is just another typical populist anti-business stunt by Democrats, who would rather highlight their hatred of business and big government dominance rather than create an atmosphere where businesses have positive incentives to stay in America, like lowering the corporate tax rate, as well as simplifying it. Heck, even Obama wants to lower the corporate tax rate. Though, really, lowering it to 28% would still not make it competitive with other 1st world nations. Of course, the constant litany of rules and regulations emanating from the Executive Office are a negative incentive for domestic companies, as well.
Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach.
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