I wrote this blog while watching the most recent presidential debate. This is an idea that I had that will create jobs in America and bring a large amount of the $21+ trillion from offshore accounts to the states.
The candidate and future president could offer a window of time for this opportunity and say "For every year that I am president domestic and foreign individuals, businesses owners, investors, and companies across the globe can bring 100% of their personal money or their businesses' money that is in offshore accounts to the states and hold it or use it "tax free" such as long as 100% of what comes to the states is invested in American businesses to creates jobs for American citizens." That business, the owners, and employees would then be taxed on their income and profits from the newly formed domestic business, not on the profits from other gainings in their offshore account that is used as equity investment into the domestic business. The owners of the new domestic business could hold their offshore investment in the form of business equity tax free, make a profitable domestic business, and could sell the business with a market rate multiplier in the future is desired. This will create jobs for American citizens and generate tax money from the domestic business for the government. The new businesses would need to be vetted and approved before they were formed to take advantage of this tax break.
No smart business owner would take a 40% tax hit on their profits if they legally did not have to, whether they made their money in another nation or in America. They will leave it offshore. 40% is INSANE for a business owner to give up in taxes, on top of the business's sales tax, property tax, VAT, and all other types of taxes that may be paid to a combination of foreign governments where the businesses are transacted and the United States. By the time all the taxes, expenses, and employees are paid it is hard for there to be anything left. It can seem like the government is walking away with the majority of the company's and owner's money, when America is supposed to be "for the people, by the people."
It could feel, be seen as, or seem like borderline corruption from the United States Government. I get to do business, ministry, and humanitarian work in several nations around the world. Several of them are in Africa. The continent of Africa has been tagged with the label of being corrupt. It is possible America is slowly drifting in the same direction but in a more westernized manner if we do not do something to rescue it.
Even if the foreign business owners and offshore account holders were taking advantage of all the tax options and were paying much less such as 10% - 30% when they brought their profits to the states, a business owner or investor understands how much money these percentages are. A 100% tax free job stimulation program would be very attractive and would stimulate jobs in America, no doubt. It just might be the greatest self-funded job stimulation program in the history of the United States.
America loses "nothing" by doing this. It is a win for the business owners, win for the government, and win for the newly employed citizens.
When you make everyone win, you will win. Someone could raise their $1 billion super pac money by that idea alone.
The candidate and future president could offer a window of time for this opportunity and say "For every year that I am president domestic and foreign individuals, businesses owners, investors, and companies across the globe can bring 100% of their personal money or their businesses' money that is in offshore accounts to the states and hold it or use it "tax free" such as long as 100% of what comes to the states is invested in American businesses to creates jobs for American citizens." That business, the owners, and employees would then be taxed on their income and profits from the newly formed domestic business, not on the profits from other gainings in their offshore account that is used as equity investment into the domestic business. The owners of the new domestic business could hold their offshore investment in the form of business equity tax free, make a profitable domestic business, and could sell the business with a market rate multiplier in the future is desired. This will create jobs for American citizens and generate tax money from the domestic business for the government. The new businesses would need to be vetted and approved before they were formed to take advantage of this tax break.
No smart business owner would take a 40% tax hit on their profits if they legally did not have to, whether they made their money in another nation or in America. They will leave it offshore. 40% is INSANE for a business owner to give up in taxes, on top of the business's sales tax, property tax, VAT, and all other types of taxes that may be paid to a combination of foreign governments where the businesses are transacted and the United States. By the time all the taxes, expenses, and employees are paid it is hard for there to be anything left. It can seem like the government is walking away with the majority of the company's and owner's money, when America is supposed to be "for the people, by the people."
It could feel, be seen as, or seem like borderline corruption from the United States Government. I get to do business, ministry, and humanitarian work in several nations around the world. Several of them are in Africa. The continent of Africa has been tagged with the label of being corrupt. It is possible America is slowly drifting in the same direction but in a more westernized manner if we do not do something to rescue it.
Even if the foreign business owners and offshore account holders were taking advantage of all the tax options and were paying much less such as 10% - 30% when they brought their profits to the states, a business owner or investor understands how much money these percentages are. A 100% tax free job stimulation program would be very attractive and would stimulate jobs in America, no doubt. It just might be the greatest self-funded job stimulation program in the history of the United States.
America loses "nothing" by doing this. It is a win for the business owners, win for the government, and win for the newly employed citizens.
When you make everyone win, you will win. Someone could raise their $1 billion super pac money by that idea alone.