Ironically, while foreign firms are poised to benefit from Obama’s spending plans, American firms are worried about increasing tax rates here, and are moving overseas to escape the tax burden.
“U.S. companies are being forced to move elsewhere to remain internationally competitive because we have one of the world’s highest corporate tax rates,” writes Cato executive vice president David Boaz, in a blog posting online, commenting on the stimulus program.
“And many economists, including Nobel Laureate Robert Lucas, have argued that the single best thing we can do to improve economic performance and job creation is to eliminate multiple taxes on capital gains, interest and dividends.”
Looks like Canadian, French and Japanese firms are looking for some of our taxpayer dollars.. oh right, I mean “stimulus” dollars…
Filed under: Economics |