In his latest pivot to jobs and the economy, the President spoke earlier today in Tennessee. Much of his speech was tax-spend-and-regulate boilerplate, but he did repackage some of his ideas into a so-called grand bargain. He said he’s willing to cut the corporate tax rate in exchange for a bunch of new spending on […]
read more...Mitt Romney is being criticized for supporting “territorial taxation,” which is the common-sense notion that each nation gets to control the taxation of economic activity inside its borders. While promoting his own class-warfare agenda, President Obama recently condemned Romney’s approach. His views, unsurprisingly, were echoed in a New York Times editorial. President Obama raised…his proposals […]
read more...American companies are hindered by what is arguably the world’s most punitive corporate tax system. The federal corporate rate is 35 percent, which climbs to more than 39 percent when you add state corporate taxes. Among developed nations, only Japan is in the same ballpark, and that country is hardly a role model of economic […]
read more...Since the Clinton Administration turned out to be much more market-oriented than either his GOP predecessor or successor, this isn’t quite a man-bites-dog story. Nonetheless, it is still noteworthy that Elaine Kamarck, a high-level official from the Clinton White House, has a column on a left-of-center website arguing in favor of a pro-growth, supply-side corporate […]
read more...Another American company has decided to expatriate for tax reasons. This process has been going on for decades, with companies giving up their U.S. charters (a form of business citizenship) and redomiciling in low-tax jurisdictions such as Bermuda, Ireland, Switzerland, Panama, Hong Kong, and the Cayman Islands. The companies that choose to expatriate usually fit […]
read more...According to an article in the New York Times, the Obama Administration is seriously examining a proposal to reduce America’s anti-competitive 35 percent corporate tax rate. The Obama administration is preparing to inject an unpredictable new variable into its economic policy clash with Republicans: a plan to overhaul corporate taxes. Economic advisers have nearly completed […]
read more...General Electric has received a lot of unwelcome attention for paying zero federal income tax in 2010, even though it reported $5.1 billion in U.S. profits. This is a good news-bad news situation. The good news is that GE’s clever tax planning deprived the government of revenue. And I’m in favor of just about anything […]
read more...Here’s a video arguing for the abolition of the corporate income tax. The visuals are good and it touches on key issues such as competitiveness. I do have one complaint about the video, though it is merely a sin of omission. There is not enough attention paid to the issue of double taxation. Yes, America’s […]
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