Saturday, October 16, 2010
Obama Attacks Republicans on Tax Policy
- ABC News, Weeks to Election Day, Obama Draws Line in the Sand Over Tax Loopholes
- Associated Press, Obama: End Tax Breaks to Stop Overseas Hiring
- Bloomberg, Obama Says Tax Breaks Shouldn't Reward Companies for Creating Jobs Abroad
- The Hill, Obama: GOP Favors Tax Loopholes That Send Jobs Overseas
- Wall Street Journal, Obama: Tax Policies Should Aid Investment, Not Overseas Jobs
https://taxprof.typepad.com/taxprof_blog/2010/10/obama-attacks-republicans.html
Comments
Take away his teleprompters with Democratic talking points and ask Obama to talk about serious tax issues from what he really understands. He doesn't have a clue. We need a leader, not a reader. (Hey, I came up with that myself just then. Let's see Jesse Jackson top that with a rhyme!)
I loved the part about in the "first two weeks since he signed the bill that thousands of business owners have been able to get loans through the SBA." Has anyone ever gotten anything out of the SBA in two weeks, two months, six months...? What a joke.
He should start removing regulations that stifle business expansion if he really cared about helping economic growth rather than making political points.
Posted by: Woody | Oct 16, 2010 8:09:59 AM
Remember when Presidents acted presidential and stood above the fray, leaving the dirty business of partisan politics for lesser administration officials (like VPs)? Obama the uniter!!!
I am still trying to figure one fundamental thing out: is Obama actively trying to destroy our country, or is he merely an incompetent empty suit who honestly believes his actions and policies will help?
Sadly, being able to say "I told you so" is of little comfort at this point.
Posted by: Todd | Oct 16, 2010 1:40:59 PM
What are the "tax loopholes" that encourage overseas job creation? Reading the articles above only one even hints that the President is talking about the deferral of tax on foreign profits until the funds are repatriated to the US.
Now here is the reality. The US corporate tax rate is the second highest in the world and is approximately 9-10% higher than the developed world average. And many non-US tax regimes don't even tax profits earned outside their jurisdiction.
So what is the expected result of raising the taxes paid by foreign subsidiaries of US parents? The after tax profits will be reduced by 10%. How will having less cash profits cause US companies to be more competitive, hire more, cut prices, or invest in their business. The short term result is to provide an additional competitive advantage to non-US companies.
How does this help the US recovery?
Posted by: Ed D | Oct 16, 2010 6:50:41 AM