General Discussion
In reply to the discussion: President Obama looks to be going all in with a campaign against economic inequality [View all]bigtree
(94,578 posts)If anything, it says that the President actually achieved a positive change in the law . . .
from your link:
In 2010, Obama signed a bill into law that provided economic aid to states. So that the bill didn't add to the deficit, it also changed rules on foreign profits for companies.
Basically, the United States government taxes companies on foreign profits, which not all countries do. But companies don't have to pay taxes on foreign profits until they bring the profits back to this country. So companies tend to keep the money with their foreign subsidiaries as long as possible. But companies also get U.S. tax credits for taxes they pay to foreign governments. Some companies figured out how to game the system by keeping their profits overseas while still claiming a tax credit for taxes paid to foreign governments. The new rules say companies can't claim the foreign tax credit until they bring the profits back to the United States.
That's a pretty big step in the direction of changing what you're complaining about. It's certainly NOT a case of the President 'running' from anything, so I call bullshit on your argument.
According to the link YOU provided, the President not only has talked about changing the loopholes which allow companies to take money out of the country with out any benefit for the U.S., he's actually done something about it.