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Republicans are delusional about US spending and deficits


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2013 Oct 16, 1:22am   55,467 views  201 comments

by finehoe   ➕follow (0)   💰tip   ignore  

The story of out-of-control debts and deficits is just plain wrong. Less polite people would call it a lie, but it stands at the center of the public debate because the media consider it rude to point out a truth that would embarrass so many important politicians. The idea that we face a longer term deficit problem of enormous proportions has little better grounding in reality.

http://www.theguardian.com/commentisfree/2013/oct/14/shutdown-republicans-government-spending-delusions

#politics

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200   HydroCabron   2013 Oct 27, 2:35am  

bob2356 says

Very interesting you get your tax accounting information from youtube and wiki. I guess journalists don't have access to those types of research resources. Anyway thank you for confirming what I suspected all along was the basis of your alleged tax knowledge.

You don't know who your dealing with.

I'd back off, if I were you: thomaswong.1986 says he reads The National Review. You can't win against that kind of intellectual firepower!

201   SiO2   2013 Oct 28, 6:18am  

thomaswong.1986 says

For US IRS purposes its all Global income is taxable ....but we dont double tax the same international pre tax income. If less than statutory foreign tax is paid, the more US IRS collects.

http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Tax-Credit

Thomas, your comment is true for individuals. But the recent discussion is about companies. Apple USA Inc can do something that an individual cannot do; they can set up Apple Ireland Inc, assign the value of the patents to Ireland, say that the sales in EU are out of the Irish subsidiary. Apple USA Inc would only pay USA taxes on whatever Apple Ireland Inc pays to Apple USA Inc.

A person can't do this with W-2 income, as stated in your link. But that's not really relevant to this question of companies setting up subsidiaries in other places.

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