WSJ notes GOP tax breaks to corporations mean more tax paid if we

[papau]

ignore profits from overseas opperations!

Federal Income Tax Corporate Corruption (corruption that may well be legal!!!) is noted today by the Wall Street Journal's John McKinnon, citing a report from the Joint Committee on Taxation, as he writes that "The U.S. system for taxing overseas profits of American companies is so riddled with loopholes and credits that the government would collect $6 billion more each year if it stopped trying to tax those profits altogether."

The GOP has written up Corporate Tax laws so that rich and corporate can deduct expenses - the same expenses - many times over - while any real overseas "profits" are deffered and never have taxes paid on them, or like some portion of capital gains and some investment income, they just do not count as income you want to tax.

I sure wish I could forever "defer" taxes on my w-2 wage earnings, while I deduct my home mortage interest twice!

For the record - the Joint Committee on Taxation - and the WSJ - are incorect. Section 482 of the tax code would still, if as poorly enforced as it has been under Bush, permit expense from overseas to end the payment of US Taxes.


No link, as the WSJ is paid subscription only.