Congress Planning $400 Billion In Corporate "Tax Forgiveness"

  • metta

    Posts: 44469

    Mar 09, 2016 3:57 PM GMT
    Congress Planning $400 Billion In Corporate "Tax Forgiveness"

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    Mar 09, 2016 6:46 PM GMT

    I buy into most of that as it's stuff I've been seeing/thinking/saying for years. My problem with wolfpac is their Constitutional Convention because these are very weird times to be opening up that Constitutional can. Once convened, just about anything can happen and look at how so many are being carried away by Trump right now. You want to allow his hands in The Constitution? No.

    And in that I'm actually a little suspect of wolfpac.

    For me, this is going to have to be a place people "evolve" to. Will Bernie solve this? Probably not. Too many headwinds. But can he steer the conversation in that direction and by that open some eyes, engage some minds. I think so.

    Here's a little on some of my concerns:
    ... Alternatively, if the legislatures of two-thirds of the states apply, 34 at present, Congress “shall call a Convention for proposing Amendments.... ” This alternative, known as an Article V Convention, has yet to be implemented. This report examines the Article V Convention, focusing on contemporary issues for Congress...

    ...Congress would face a range of questions if an Article V Convention seemed likely, including the following. What constitutes a legitimate state application? Does Congress have discretion as to whether it must call a convention? What vehicle does it use to call a convention? Could a convention consider any issue, or must it be limited to a specific issue? Could a “runaway” convention propose amendments outside its mandate?

    The Runaway Convention

    Fear of a runaway Article V Convention has been a recurring theme over many decades. What, in fact, is a “runaway convention?” It is generally defined as one that was summoned to consider a limited agenda, but moved beyond its original mandate to consider policy questions and potential amendments not contemplated in the applications of the state legislatures or in the congressional summons...

    ...cautioned that, “[n]o matter how many and how sincere are the assurances from the backers of a new Convention that their sole concern is reapportionment, no one can safely assume that delegates to such a Convention, once safely seated and in action, would wish to go home without trying their hand at improving many parts of this delicately balanced document.”

    ...a runaway convention, driven by ‘political fringe groups’ might revisit a wide range of constitutional provisions.” Proposals to alter parts of the Bill of Rights, in particular, seem to be singled out as being the most serious challenge to the Constitution by a runaway convention....

    That from one of my favorite institutions, The Library of Congress
    The Congressional Research Service (CRS) serves as shared staff to congressional committees and Members of Congress. CRS experts assist at every stage of the legislative process — from the early considerations that precede bill drafting, through committee hearings and floor debate, to the oversight of enacted laws and various agency activities.

    CRS approaches complex topics from a variety of perspectives and examines all sides of an issue. Staff members analyze current policies and present the impact of proposed policy alternatives.

    Though the article then goes on to suggest why a runaway convention might be unlikely, particularly by the timing of it, how the process slows to allow for consideration, does all that include the speed of communication today?

    Imagine the Founding Fathers Tweeting the Constitution. Yikes! Instead of making one of the most wonderful of documents in human history, we'd have a Make America bumper sticker.
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    Mar 09, 2016 8:04 PM GMT
    Wouldn't it be great if congress sided with the American people?

    Vote Democrat! Not great, but a whole bunch better!
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    Mar 09, 2016 8:36 PM GMT
    The U.S. corporate tax code is unlike many other developed nations’ in that it taxes its multinationals’ profits that are earned overseas. (Taxing profits no matter where they’re made is called a “worldwide” tax system.)

    What American multinationals really want, however, is to ditch the taxation of overseas profits entirely. Called a “territorial” tax system—which many other nations employ—taxing only profits earned in the United States.

    Critics of our international tax system tend to argue that U.S. firms are at a disadvantage because they have to pay U.S. taxes on profits made in foreign countries, but their foreign competitors do not have to pay taxes in their home countries on profits made in the United States. Moreover, critics argue, countries such as Japan and the U.K. have made the switch from worldwide to territorial tax systems.

    Given this puts US companies at a disadvantage some have chosen to relocate outside of the US:

  • roadbikeRob

    Posts: 18262

    Mar 10, 2016 12:04 AM GMT
    tazzari saidWouldn't it be great if congress sided with the American people?

    Vote Democrat! Not great, but a whole bunch better!
    You are delusional, the democrats are just as corrupt and bought by big corporations as the republicans. An outstanding example is the Mary Queen of Goldman Sachs, the hapless Hillary ho. She is a Wall Street neoliberal who is only out for her own self aggrandizement and doesn't give a flying fuck about the American people. Yet some of you stupid, brain dead leftists on here still want to vote for her knowing damned well that if she gets elected, she is going to throw all her loyal supporters under an approaching bus.