Then there is the proposal of forcing U.S. corporations doing business outside of the country to pay a minimum tax on their overseas profits each year. Currently if they keep such profits overseas, they are not subject to taxation. That sounds very reasonable -- but it could, once again, have a devastating impact on our economic future. We have been forced, by Republicans and Democrats alike, to operate in a global market. That means that corporations must compete with the Chinas of the world in an uncertain and fragile world economy. The "profits" kept abroad are not only reserves necessary should the international scene slide, but they are sources for reinvestment into research and market expansion in every corner of the world.
Tax these international "profits," and many companies, who often are held hostage to the value of the dollar, will have no profits, will lose their competitive edge and will have to cut back the employment of U.S. workers. This, like bailouts and "shovel ready" stimulus plans, is another untested theoretical policy that could easily backfire.
The list goes on and on. There are some good points to the proposal, but most appear like a shiny red apple that, when opened, is rotten to the core. Yes, taxes will be lowered a bit, but commonly used expensing of costs will disappear. That's why in the end Geithner says the plan will increase revenues.
None of these issues seemed to make the wire stories describing the Obama corporate "tax cut" ... what a shock.
(Note: And in the same spirit of getting the full story, last week in an article about Newt Gingrich I referenced pollster Kellyanne Conway in a manner that was unfair to her. My intention was to illustrate my independence from Gingrich, and through glib wording I insulted her talents, which are considerable, and for that I owe her an apology).
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