Tag Archives: Obama “Engages In Envy Economics”: Proposes Offshore Profit Tax To Fund Public Spending

ZeroHedge – Obama “Engages In Envy Economics”: Proposes Offshore Profit Tax To Fund Public Spending – 1 February 2015

ZeroHedgeJust as AAPL stock hits record highs and single-handedly rescues Q4 earnings from the doldrums, it appears President Obama is bringing his own brand of ‘middle-class-economics’ Robin-Hood-iness to crush the ‘wealth generating’ machine that has served America’s 1% so well for so long. As AP reports, The White House plans a six-year half a trillion dollar public works program financed with a one-time mandatory tax on profits that U.S. companies have amassed overseas. Under current law, profits only face federal taxes if they are returned, or repatriated, to the US; but Obama’s new deal would set a tax on accumulated foreign profits at 14% and due immediately as part of a broader administration plan to overhaul corporate taxes. Of course, with Republicans ‘in charge’, it is unlikely to pass as Paul Ryan blasted, “the president is trying exploit envy economics again,” adding, “top-down redistribution doesn’t work.”

Read the full story at: www.zerohedge.com / link to original article

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