The dirty little secret about the influx of corporate
inversions is the punitive tax policies of the U.S. government. These greedy Washington D.C. bastards are
double dipping. Here is an excerpt from
Forbes.com:
An inversion starts
when a U.S. company purchases a business overseas, thereafter relocating its headquarters
to the target’s foreign address. An inversion does not reduce U.S. taxes on U.S. income, but allows the company to avoid paying
U.S. taxes on foreign earnings. Many U.S. companies
that expect much of their sales growth outside the U.S. have a special reason
to go offshore.
I wonder if foreigners
are surprised they’re responsible for building the roads, bridges and general
infrastructure we Americans take for granted. Maybe we should rename highways
and public buildings after foreign countries, because as liberals love to say, ‘you
didn’t build that.
American companies are just
following the example of American expatriates who’ve renounced their
citizenship. Here is what one had to say
about U.S. tax code:
The tax obligations imposed by the U.S.
drove us crazy! We live in a small town, and it was difficult to find an expert
who knew the ins and outs of the U.S. tax system. When we did find a firm, it
cost us more than 4,000 New Zealand dollars ($3,360) for them to do our U.S.
taxes each year. We looked at the money we paid the accountants as the price we
paid to retain our U.S. citizenship. But as we got older and U.S. tax laws
became more convoluted, it just didn't seem worth it anymore.
The accountancy fee is the main reason
why we both renounced our U.S. citizenship last year. It wasn't an easy
decision -- super stressful, and very emotional. But at the end of the day, I
think it was the right thing for us.
Democrats accuse
corporations that move their headquarters oversees as unpatriotic. These companies are still paying taxes on
U.S. income. What’s unpatriotic are politicians
shaking down these companies for personal gain.
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