Forbes: Reforms to Corporate Tax Codes Mean Billions in 'Free Money'

Monday, 29 Jul 2013 04:51 PM

By Jim Meyers and John Bachman

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Steve Forbes tells Newsmax that reforms to America's "silly" corporate tax code could bring in billions of dollars in "free money."

The Forbes magazine editor and former presidential candidate says in an exclusive interview: "What you have here is a very silly thing. We have a tax law regarding overseas profits that no other [advanced] country has ... except maybe one. In most countries, if you make a profit overseas you pay the tax overseas, but they don't tax it again at home. We're about the only country that does that.

"Ten years ago we had an amnesty where companies could bring back overseas profits and pay a 5.5 percent tax. A lot of them did so, and $18 billion came into the Treasury — free money, so to speak — and $300 billion came back to the United States.

"Now we have almost $2 trillion sitting overseas and we have the spectacle of Apple floating a $17 billion bond issue to pay dividends and do stock buybacks when they have over $135 billion in cash on their balance sheets, but most of it is overseas. If they brought it back, they'd have to pay a 35, 40 percent tax on it.

"So we do need major reform there. Instead of having a one-time amnesty, let's join the rest of the world and have the same kind of tax treatment the rest of the world has, and then you'd see a lot of those hundreds of billions of dollars come back to the United States. And if we had a proper tax code reform, that money would be quickly invested."

See video below.




Editor's Note:
See the full Newsmax interview and excerpts:



© 2014 Newsmax. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Peter King: Rand Paul Incapable of Intelligent Debate on Spying

Wednesday, 16 Apr 2014 09:53 AM

Kentucky Sen. Rand Paul is incapable of having a debate on the nation's intelligence programs, charged fellow Republican . . .

State AGs Want Google to Get Tougher on Internet Drugs

Wednesday, 16 Apr 2014 09:38 AM

Unlicensed Internet pharmacies continue to endanger the safety of Americans. Google, the dominant search engine, says it . . .

O'Reilly: Fraud, Not Racism, Behind Voter ID Card Proposal

Wednesday, 16 Apr 2014 09:25 AM

Fox News host Bill O'Reilly castigated liberals who claim voter ID laws are motivated by racism, calling the outcry a "r . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved