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A very constructive move I think.
Fair point for starting numbers.
Though I think he may have to go even lower to get the $2 Trillion hoard. Perhaps 8%-10%.
We'll see.
It's time we dealt with the foreign [and shifting of] earnings and 'inversion'/moving offshore issue.
We also certainly need infrastructure spending.
I think there's stuff for Both parties here.
Obama Opens Bidding on Corporate Taxes
Proposes One-Time 14% Tax on Overseas Earnings and Links It to Improving Highways, Transit
By NICK TIMIRAOS and JOHN D. MCKINNON
Updated Feb. 1, 2015 9:52 p.m. ET
Obama Opens Bidding On Taxes - WSJ
Fair point for starting numbers.
Though I think he may have to go even lower to get the $2 Trillion hoard. Perhaps 8%-10%.
We'll see.
It's time we dealt with the foreign [and shifting of] earnings and 'inversion'/moving offshore issue.
We also certainly need infrastructure spending.
I think there's stuff for Both parties here.
Obama Opens Bidding on Corporate Taxes
Proposes One-Time 14% Tax on Overseas Earnings and Links It to Improving Highways, Transit
By NICK TIMIRAOS and JOHN D. MCKINNON
Updated Feb. 1, 2015 9:52 p.m. ET
Obama Opens Bidding On Taxes - WSJ
WASHINGTON—President Barack Obama is making an opening bid on overhauling corporate taxes and linking it to boosting infrastructure spending, a move that could clear a rare path toward common ground in a deeply divided capital.
Mr. Obama wants U.S. companies to pay a 14% tax on the approximately $2 trillion of overseas earnings they have accumulated, a White House official said Sunday. They would face a 19% minimum tax on future foreign profits. Companies could reinvest those funds in the U.S. without paying additional tax.
[.......]
Doug Holtz-Eakin, a conservative economist and former adviser to GOP presidential candidates, said the proposal appears to be a starting point for broader negotiations with lawmakers. “The good news seems to be that the administration has agreed that lockout [of overseas profits] is an important phenomenon,” said Mr. Holtz-Eakin, president of the American Action Forum, a conservative think tank. He said he is concerned about the proposed tax-rate structure. “But let’s face it, it is an opening bid, not a result,” he added.
Gene Sperling, a former top economic adviser to Mr. Obama, said criticism over where to set the rates should be taken in stride. “When people are putting out numbers, you’re opening up a process for negotiation,” he said.
[.......]
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