July 20, 2012
NY Times: Obama Is Right, Romney Is Wrong, on Territorial Taxation
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.
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Universality versus territoriality arguments are both fun and bizarre to watch. On this one issue Republicans think that we need to follow the lead of the rest of the world and Democrats think that the US government needs to be the most aggressive country in the world.
Posted by: NL_ | Jul 20, 2012 12:47:37 PM