Wednesday, July 25, 2012
Pat Oglesby (Center for New Revenue), Repatriation to the Tune of 'Revolution', 136 Tax Notes 123 (July 2, 2012):
Making fun of proposals to grant a tax holiday for repatriated earnings of U.S. multinationals, four footnoted stanzas to the tune of the Beatles’ ‘Revolution’ say: (1) A 2004 tax holiday did not cause repatriating parents to add U.S. jobs. (2) Much of the money held offshore was artificially shifted there to avoid U.S. tax. (3) The argument that corporate distributions (as opposed to hiring) will boost the economy provokes the response, “So what?” (4) The proposed holiday schemes are budget busters. Taking issue with the those who oppose all new taxes, the piece concludes, “if in your fantasy our Uncle Sam should drown,/You don’t give a damn if your schemes bring the country down. We ought to make you pay/That tax.” A footnote-free version with added lines suitable for singing is also available via the author's blog.
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