Two “facts” regarding automated manufacturing returning to the US. First, the incentive of tax free manufacturing elsewhere will no longer lure American companies overseas. So regardless where those companies produce their wares, taxes will be paid here if the company is based here and subsidiaries of foreign based companies like LG will…
Two “facts” regarding automated manufacturing returning to the US. First, the incentive of tax free manufacturing elsewhere will no longer lure American companies overseas. So regardless where those companies produce their wares, taxes will be paid here if the company is based here and subsidiaries of foreign based companies like LG will also pay taxes here. More taxes from businesses will generate more tax dollars for infrastructure investment here at home, along with reducing the tax burden of people like you and me. I don’t know about you but when I pay out a higher percentage of my income than a corporation like 3M (corp headquarters about 5 miles from my house; income in the billions) or Best Buy Company (corp headquarters about 11 miles from my house;) I get a little testy.
Second fact is that the US’s environmental standards are high, much higher than many other countries (though below others sadly). That means less air and water pollution produced from the creation of said products here than say those currently produced in Vietnam or even China. And even automated machinery requires maintenance - producing good jobs.
A third benefit that is huge in my opinion is that if the items produced only have to be shipped from Ohio to say Minnesota, then much less carbon will be emitted. That too is a win.
I am now hopeful I will be able to afford to install solar panels on my roof since shipping delays from China will no longer be a factor. As most of us here understand, it’s the climate crisis we HAVE to address. Now.
"So regardless where those companies produce their wares, taxes will be paid here if the company is based here and subsidiaries of foreign based companies like LG will also pay taxes here."
Finally. Tax gimmicks based on a fiction are just eyewink tax evasion. My understanding is if I make money in another country, I owe taxes there AND here, but get US tax credit for foreign taxes paid. That seems fair. But somehow companies move money like the "pea" in a shell game, from country to country, and tax burdens somehow disappear.
Two “facts” regarding automated manufacturing returning to the US. First, the incentive of tax free manufacturing elsewhere will no longer lure American companies overseas. So regardless where those companies produce their wares, taxes will be paid here if the company is based here and subsidiaries of foreign based companies like LG will also pay taxes here. More taxes from businesses will generate more tax dollars for infrastructure investment here at home, along with reducing the tax burden of people like you and me. I don’t know about you but when I pay out a higher percentage of my income than a corporation like 3M (corp headquarters about 5 miles from my house; income in the billions) or Best Buy Company (corp headquarters about 11 miles from my house;) I get a little testy.
Second fact is that the US’s environmental standards are high, much higher than many other countries (though below others sadly). That means less air and water pollution produced from the creation of said products here than say those currently produced in Vietnam or even China. And even automated machinery requires maintenance - producing good jobs.
A third benefit that is huge in my opinion is that if the items produced only have to be shipped from Ohio to say Minnesota, then much less carbon will be emitted. That too is a win.
I am now hopeful I will be able to afford to install solar panels on my roof since shipping delays from China will no longer be a factor. As most of us here understand, it’s the climate crisis we HAVE to address. Now.
"So regardless where those companies produce their wares, taxes will be paid here if the company is based here and subsidiaries of foreign based companies like LG will also pay taxes here."
Finally. Tax gimmicks based on a fiction are just eyewink tax evasion. My understanding is if I make money in another country, I owe taxes there AND here, but get US tax credit for foreign taxes paid. That seems fair. But somehow companies move money like the "pea" in a shell game, from country to country, and tax burdens somehow disappear.
Absolutely yes.
YES!!!