Clinton’s proposed new “exit tax” would crack down on US companies that try to shift profits overseas through “inversion” deals. US companies would be required to pay American taxes on foreign profits that have already been deferred for USA taxation.
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Like U.S. President Barack Obama, Democratic presidential frontrunner Hillary Clinton has refused to use the term “radical Islamic terrorism” even after the horrific attacks on public places launched by the jihadist group Islamic State (ISIS) in Paris that killed over 120 people.
Mrs. Clinton said her proposal would also expand access to grants for smaller startups.
As Fortune reports, Clinton “has been criticized throughout her campaign, particularly by rival candidate Bernie Sanders, for having close ties to Wall Street”.
But a Michigan State University economist has doubts about whether a new tax credit for manufacturers is really going to stem the tide of manufacturing production moving overseas given the rising value of the US dollar.
Clinton has moved closer to Sanders’ position in recent months, for example with a rejection of bank bailouts like those she voted for in 2008, during the depths of the worst financial crisis.
“The proper role of Wall Street is to help Main Street grow and prosper”, Clinton wrote.
Secretary Clinton is right to fight back against Republicans trying to sneak Wall Street giveaways into the must-pass…
Obama last encountered Clinton in August, when they both attended the 80th birthday party for Vernon Jordan, the former top aide to President Bill Clinton, on Martha’s Vineyard.
The November announcement of a plan to merge drug-makers Pfizer and Allergan to create the world’s biggest pharmaceutical company reignited a fierce political debate over whether such deals should be permitted.
“I want the Treasury Department to do everything it can to stop that kind of behavior and call it for what it is: gaming the tax system”, she said last month, referring to inversion deals. They also limit the practice of artificially reducing or enlarging the size of a USA company to meet requirements that the owners of the US entity own less than 80 percent of the merged company.
The Clinton credit could be claimed over seven years under the existing New Markets Tax Credit the federal government uses to entice commercial development in urban areas, according to the Clinton campaign. Although Clinton made comments regarding encrypted apps and “all of the usual complaints” that stopped take-downs of online material – “freedom of speech, et cetera” – no specific plan seem to be laid out beyond having an ongoing conversation with technology companies. Since then at least 45 others companies have used the scheme to avoid paying almost $10 billion in USA taxes.
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In the Republican presidential nomination contest, Kentucky U.S. Sen.
