so much for lift and shift chukkie....hahaha
Deny Companies Expense Deductions for Offshoring Jobs and Credit Expenses for Onshoring.
President Biden’s reform proposal will also make sure that companies can no longer write off expenses that come from offshoring jobs. This is a matter of fairness. U.S. taxpayers shouldn’t subsidize companies shipping jobs abroad. Instead, President Biden is also proposing to provide a tax credit to support onshoring jobs.
Considering salaries are a fraction of US, I think they'll still save
Last poster....yes they are that that stupid. Here is what the act does. It reverses the corporate giveaways from POTUS in 2017.
Equalizing the tax rate on profits earned abroad to the tax rate on profits earned here at home. It would end the preferential tax rate for offshore profits by eliminating the deductions for “global intangible low-tax income” (GILTI) and “foreign-derived intangible income” and applying GILTI on a per-country basis.
Repealing the 10 percent tax exemption on profits earned from certain investments made overseas. In addition to the half-off tax rate on profits earned abroad, the Trump tax exempts from taxation entirely a 10 percent return on tangible investments, such as plants and equipment, made overseas. Our bill would eliminate this offshoring incentive.
Treating “foreign” corporations that are managed and controlled in the U.S. as domestic corporations. Ugland House in the Cayman Islands is the five-story legal home of over 18,000 companies, many of them really American companies in disguise. This section would treat corporations worth $50 million or more and managed and controlled within the U.S. as the U.S. entities they in fact are, and subject them to the same tax as other U.S. taxpayers.
Cracking down on inversions by tightening the definition of expatriated entity. This provision would discourage corporations from renouncing their U.S. citizenship. It would deem certain mergers between a U.S. companies and a smaller foreign firms to be a U.S. taxpayers, no matter where in the world the new companies claim to be headquartered. Specifically, the combined company would continue to be treated as a domestic corporation if the historic shareholders of the U.S. company own more than 50 percent of the new entity. If the new entity is managed and controlled in the U.S. and continues to conduct significant business here, it would continue to be treated as a domestic company regardless of the percentage ownership.
Combating earnings stripping by restricting the deduction for interest expense for multinational enterprises with excess domestic indebtedness. Some multinational groups reduce or eliminate their U.S. tax bills by concentrating their worldwide debt, and the resulting interest deductions, in its U.S. subsidiaries. This section would disallow interest deduction for U.S. subsidiaries of a multination corporation where a disproportionate share of the worldwide group’s debt is located in the U.S. entity, a tactic commonly known as “earnings stripping.” The limit for each U.S. subsidiary would equal the sum of the subsidiary’s interest income plus its proportionate share of the corporate group’s net interest expense.
Eliminating tax break for foreign oil and gas extraction income. Oil and gas extraction income earned abroad gets a further break on the already half-off rate other industries pay on their offshore profits. This provision would eliminate this special tax break for big oil and gas companies.
You do get that we have wholly owned subsidiary companies that manage our offshore resources and which are based in and taxed by the country where the resources are located so we don't pay taxes in the US right? I get that people on this board cheer for the company that pays our wages to fail but you really think they're that stupid?
Never happen and would impact WF far far less than other companies. The majority of employees are in the USA. There's so many low IQ trolls posts here.
yah no more easy way out making money, now they have to actually build business opportunities
CS was never meant to be around for more than 2-3 years. He was well aware and has made a K–lING during his pathetically short tenure. WF is an unethical s—er.
Charlie has a tenure at any company of 2 to 3 years.
Now that the laws are changing, he cant be a corporate raider any more, I see his time at this bank quickly coming to an end.
Between that f-up with exposure to that hedge fund and now elimination of corporate loop holes, hes out of excuses and time.
I see him taking exit likely on his 2 year anniversary.
So sad.
Hey Cuck - Dont let door hit you in asss on way out.
the tide is changing Scharf....
Ouch....
https://www.vanhollen.senate.gov/news/press-releases/van-hollen-whitehouse-doggett-durbin-introduce-no-tax-breaks-for-outsourcing-act
https://youtu.be/hmQhrzMhDMM