August 14, 2014
WE ARE ALL NEOCONOMISTS NOW:
Editorial: Keep corporations home with tax reform (Detroit News, 8/14/14)
Companies that purport to be U.S. based should pay U.S. taxes, of course. But those taxes should be fair. Instead of weighing measures to punish corporations that take advantage of these so-called tax inversions, the better approach is to finally overhaul an uncompetitive corporate tax code.President Barack Obama came into office touting the need to reform corporate taxes, and there's little disagreement in Congress. Retiring U.S. Rep. Dave Camp has even done the legwork by creating a new, feasible blueprint for reform.And yet it hasn't happened. Meanwhile, corporations are starting to give up and pack up -- at least on paper.Any new code must lower the 35 percent corporate tax rate, which is the highest in the industrialized world. Companies can find rates that are half that or lower in countries such as Ireland and England.
We need business to create jobs and profits--why tax them at all (other than on their consumption)?Posted by Orrin Judd at August 14, 2014 2:59 PM