Saturday, May 16, 2009
Obama's Global Tax Raid - WSJ.com
It seems that this current government needs businesses as the source of tax money to fund their many programs.
And at the same time, the actions of this government seems to prevent American business from competing on equal terms with foreign businesses.
Does anybody really know what's going on here?...
And at the same time, the actions of this government seems to prevent American business from competing on equal terms with foreign businesses.
Does anybody really know what's going on here?...
The Wall Street Journal takes issue with Obama's oversea tax ideas:
"The President's argument is that U.S. tax-deferral rules make it more expensive for American companies to reinvest overseas profits at home than abroad. This, he claims, creates a perverse incentive for companies to "ship jobs overseas" and reduces investment and job creation in the U.S.
He's right, except that his proposals would only compound the problem. His plan would limit the tax deferral on income earned abroad by tightening the rules, limiting allowable deductions and restricting eligibility for foreign-tax credits. This "solution" is antigrowth, job-destroying, protectionist and unlikely to raise the tax revenue Mr. Obama predicts."
