My company went off shore while it was still very profitable. The bigger problem that isn’t always profitably, but the US tax laws. US companies pay taxes us on foreign made profits and if we want to bring the profit money back to the US to invest in our economy we pay a second US tax. In other words, US companies are taxed twice. A foreign made product sold in a foreign company only pays local taxes on the profit of the sale meaning they can undercut US companies on pricing. My company has 70 billion dollars in foreign profits sitting in foreign banks. To bring it to the US the feds would take about 35% so we invest it in foreign plants and products. Our lawmakers need to get the message. The US, I have been told, is the only country that double taxes corporations on foreign profits.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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