Is Obama Telling American Businesses To Drop Dead?

Is this liberal Barack Hussein Obama’s economic strategy?   Liberal Obama and his team are having so much fun wielding dictatorial power while rescuing 'failed' firms, that they have developed a scheme to gain the same power over every business.  The plan is to enact policies that make companies so uncompetitive that they will all need a bailout.   Obama loves all of this chaos. He loves the failure. He loves the increased dependence on government.  This is his crisis-opportunity.  This is good news for him and the Democrats!

Last week, Microsoft Chief Executive Officer Steve Ballmer came to Washington to announce what Microsoft would do if liberal Obama's multinational tax policy is enacted.  'It makes US jobs more expensive,' Ballmer said, 'we’re better off taking lots of people and moving them out of the US.'

At issue is Obama's policy to end the deferral of multinational taxation.  The US now has one of the highest combined corporate tax rates, second only to Japan among industrialized nations. That rate is so high that US firms have an enormous disadvantage versus their competitors. The average corporate tax rate for the major developed countries in the Organization for Economic Co-Operation and Development in 2008 was about 27 percent, more than 10 percentage points lower than the US rate.  US firms have nonetheless prospered because our tax code allows a business to set up a subsidiary in a low-tax country," like Ireland.

When that subsidiary earns profits, they are taxed at the rate of that country, and don't face US tax until the money is mailed home. The economically illiterate liberal Democratic view is that this practice is unpatriotic and bleeds jobs from the US. The economic reality is that American companies use this approach to acquire market share overseas, to grow their businesses, which leads to more employees. The alternative is losing the business completely to foreign competitors.

Why does Obama advocate a policy that so defies everything that economists have learned? How could Obama possibly say, as he did last month, that he wants 'to see our companies remain the most competitive in the world'? But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens?  How could Treasury Secretary Tim Geithner call a practice that top scholarship has shown increases wages and employment in the US 'indefensible'?

America liberal Obama and his practices are destroying American businesses.  By keeping these practices up Obama in essence is telling American businesses to drop dead.  If Microsoft says they will have move jobs out of America, so will more and more companies.

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