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Obama attacks Romney plan
Recently, President Obama attacked Mitt Romney's corporate tax plan that would exempt from U.S. taxation all profits earned by U.S. multinational corporations from activities in foreign countries. This so-called pure territorial tax system would, according to Obama, increase employment overseas by 800,000.
Unlike Romney, Obama does not propose a pure territorial tax system. Obama's offers instead a minimum tax on foreign earnings thus subjecting those earnings to double taxation: once by the country in which they were earned and again by the United States. The purpose of this double taxation is to penalize U.S. corporations for investing and creating jobs abroad.
The largest share of these 800,000 jobs – an estimated 189,000 – would go to Canada and Mexico with whom the United States has a free trade agreement. Obama's truth team, speaking on his behalf at www.barackobama.com, warns that Romney's plan could displace American workers for Chinese workers but says nothing about the much bigger estimated impact on the America's NAFTA trading partners. This tip of Obama's attack on Romney could be called "playing the China card."
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Edward J. O’Boyle is Senior Research Associate with Mayo Research Institute.
He has offices in West Monroe, Lake Charles and New Orleans. He can be reached at 381-4002 or edoboyle@earthlink.net. |
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