Posted on 05/06/2009 5:03:21 AM PDT by tobyhill
President Obama says his proposals to crack down on corporate tax loopholes will do a lot of things, including create more U.S. jobs.
"We will stop letting American companies that create jobs overseas take deductions on their expenses when they do not pay any American taxes on their profits," Obama said when announcing his proposals.
In turn, Obama said, the government would offer a tax cut to companies that do their research and development in the United States. And that will "jump-start job creation," he said.
Will it work? Tax policy experts and corporate lobbyists are dubious. They say that his proposals, if implemented, could raise revenue for the government but are not likely to spark an increase in U.S. jobs.
Among the changes Obama wants is to require U.S.-based multinationals to defer taking deductions on expenses related to their foreign operations until they bring back the profits to the United States and pay U.S. income tax on them.
(Excerpt) Read more at money.cnn.com ...
The Kenyan chap is embarked upon a policy of "Bogeyman of the Week." I suppose I should be grateful to the former Mr. Soetoro. He did save me from a gruesome death by single-handedly enacting prompt measures to contain the dreadful crisis of "Cinco de Mayo Flu."
Slowly adjusting to the fact that over half of the "citizens*" have apparently selected this fool, and in other places, Al Franken, and Barney Frank.
*i.e.,"consumers"
I think the tax benefits offered to companies who offshore jobs should be eliminated. We can not afford to lose more jobs in this economy. I don’t know about the rest of it. It would seem to me some sort of reasonable flat tax with no loopholes and perhaps a tax credit for jobs created in the US and for health care for American workers might turn this economy around. Unfortunately, this does not seem to be in the cards.
It's The Economy, Stupid!
Yep, raising corporate taxes is a real job creator - more community organizers.
Of course it won’t create or save jobs in reality, but come 2010 and 2012, the MSM will spin it as wildly successful in preventing even more job loss.
Silly people!!1
Of course it will create jobs!!!!!
Just not in the USA.
When CNN turns against ya, then BO has nowhere to turn except the Big 3 Dinosaurs and MSNBC for broadcast support.
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