Friday, July 20, 2012
New York Times editorial: Permanent Tax Holiday:
It’s not surprising that large multinational corporations strongly support a territorial tax system, which, they say, would make them more competitive with foreign rivals. What they don’t say, and what Mr. Obama stressed, is that eliminating federal taxes on foreign profits would create a powerful incentive for companies to shift even more jobs and investment overseas — the opposite of what the economy needs. ...
The corporate tax system needs reform, to raise more revenue, more fairly. The territorial tax system does not meet those criteria.