A Quote by John F. Kennedy
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
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The potential of Mexico, Canada and the United States is enormous. We have a combined population of half a billion people; peaceful trade-friendly borders that are the envy of the world; the prospect of energy independence is within reach and will change the geopolitical situation of United States; we do a trillion dollars in trade among the three countries; more than 18,000 American companies are involved in foreign direct investment in Mexico and Canada; an increasing number of Mexican companies are creating jobs in the United States.
One tax dodge often used by multi-national companies is to squirrel their earnings abroad in foreign subsidiaries located in countries where taxes are lower.
Having a tax code that rewards companies that are shipping jobs overseas instead of companies that are investing here in the United States, that will not make us more competitive.
We've got a tax code that is encouraging flight of jobs and outsourcing. And that's why we've specifically recommended in this campaign that Congress change our tax code so that we stop giving tax breaks to companies that are moving to Mexico and China and other places, and start putting those tax breaks into companies that are investing here in the United States.
The truth is, our corporate income taxes are some of the highest in the world, and frankly, in my judgment it's unpatriotic if you're not for reducing the corporate income tax. We want to make it so American companies are on a more level playing field competing with companies around the world.
If you look at the performance of the zero-income-tax-rate states and the highest-income-tax-rate states, I believe a large amount of their difference is due to taxes. Not only is it true of the last decade, but I took these numbers back 50 years. And, there's not one year in the last 50 where the zero-income-tax-rate states have not outperformed the highest-income-tax-rate states.
Let's take the nine states that have no income tax and compare them with the nine states with the highest income tax rates in the nation. If you look at the economic metrics over the last decade for both groups, the zero-income-tax-rate states outperform the highest-income-tax-rate states by a fairly sizable amount.
There are 11 states in the United States that in the last 50 years instituted an income tax. So I looked at each of those 11 states over the last 50 years, and I took their current economic metrics and their metrics for the five years before they put in the progressive income tax... Every single state that introduced a progressive income tax has declined as an overall share of the U.S. economy.
The other thing that's really important in tax reform is making sure that we don't tax American businesses at much higher tax rates than our foreign competitors tax theirs. It is costing us jobs. It's one of the reasons all these American companies are moving overseas.
It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
Foreign companies in the United States have a significantly higher unionization rate than other companies overall.
The zero-income-tax-rate states have far faster growth in tax revenues than did the states with highest income tax rate over this period.
In high-tax New York, in high-tax California, the governors of those states are constantly offering tax breaks, tax exemptions to any number of companies if they will locate in those states. The left does it all the time. We point it out every time we learn about it because it's hypocritical.
The United States has an unfair advantage, as most of the popular cloud services, search engines, computer and mobile operating systems or web browsers are made by U.S. companies. When the rest of the world uses the net, they are effectively using U.S.-based services, making them a legal target for U.S. intelligence.
When two working people decide to marry, their federal income tax is usually increased. As soon as one spouse earns at least 20 percent of a married couple's total income, the couple pays a 'marriage tax.' ... The United States is the only major industrialized nation in the free world in which the tax cost of the second [married] earner's entry into the work force is higher than that of the first. On one hand, our government's social policy is to help working women earn equal salaries to those of men, but on the other we have a tax structure that penalizes them when they do so.
Though the Income Tax Act obliges even non-residents to pay tax on incomes earned in India, many foreign institutional investors avoided paying taxes citing the Double Taxation Treaty with Mauritius.
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