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Get your barf bags ready: PepsiCo Says Cut U.S. Taxes on Foreign Profits to Boost Hiring

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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 07:59 PM
Original message
Get your barf bags ready: PepsiCo Says Cut U.S. Taxes on Foreign Profits to Boost Hiring
(Bloomberg) U.S. companies might hire more workers if the U.S. were to cut the tax rate on cash that companies bring home from foreign subsidiaries, PepsiCo Inc. Chief Executive Officer Indra Nooyi said.

Some company profits are trapped in overseas countries because the tax rate to bring them back is extremely high, Nooyi said in an interview on CNNs Fareed Zakaria GPS program, scheduled for broadcast tomorrow. Taxing repatriated cash at 15 percent, compared to the top corporate rate of 35 percent, is a creative way to address unemployment, without adding to the deficit, Nooyi said.

President Barack Obama and some U.S. lawmakers have mentioned lower corporate tax rates as they debate how to reduce the nations 8.8 percent unemployment rate while also bringing down the federal governments more than $14 trillion debt. In exchange for lower rates, tax deductions and credits would be eliminated to raise revenue, according to the proposals.

U.S. companies face the sixth-highest effective tax rate in the world, according to an April 14 study by PricewaterhouseCoopers LLP. The tax rate for the largest U.S. companies between 2006 and 2009 was 27.7 percent, compared with a non-U.S. average of 19.5 percent, according to the study. ............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-04-16/pepsico-says-cut-u-s-taxes-on-foreign-profits-to-boost-hiring.html



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bluestateguy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 08:02 PM
Response to Original message
1. Hire the workers first and then we'll think abouty considering it
We've been fooled by this bullshit for too long now.
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Sherman A1 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 08:02 PM
Response to Original message
2. I just loathe Pepsico on so many levels, this just adds to
that list of things for which I despise them.
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Ohio Joe Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 08:02 PM
Response to Original message
3. How fucking stupid
We make it even more profitable for them to do business in other countries and they will hire more here... WTF?
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uberblonde Donating Member (993 posts) Send PM | Profile | Ignore Sat Apr-16-11 08:02 PM
Response to Original message
4. Just like they did in 2004!
And they didn't create any new jobs out of the deal -- they paid it out in dividends instead.
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Brigid Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 08:02 PM
Response to Original message
5. Can you say "disingenuous?"
I thought you could. :eyes:
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Bonhomme Richard Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 08:56 PM
Response to Original message
6. I am tired of this bullshit. It might be believable if a company were...
Edited on Sat Apr-16-11 08:56 PM by Bonhomme Richard
losing money but the bottom line is that companies do not hire people unless they need them and if they need people to handle the increase in sales then they would hire them tax cuts or not. tax cuts are purely a bonus to the bottom line. As a business owner I hate this shit. To take the opposite viewpoint, If a company needed tax cuts to survive then they have a terrible business model and I wouldn't want my tax dollars subsidizing a company run by failed management....Period.
Now that's reality. A conservative reality and stick that up your ass.
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lib2DaBone Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 09:53 PM
Response to Original message
7. OF COURSE.. cut all taxes and regulations... why not?
Then they can lay off half their work force and claim "innovation".

Unless the Dems. (or anyone) stands up.. it's only going to get worse.
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Dawson Leery Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 10:02 PM
Response to Original message
8. Pepsi, the other Coke.
Both are s**t!
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