Do you want to reward companies for creating jobs in America or for creating jobs overseas?
Politics aside, seriously, what’s your choice? For 99% of us, it’s a pretty simple answer.
Mitt Romney’s tax plan rewards companies that outsource jobs to other countries and makes it easier for them to avoid taxes.
Think Progress: ”Republican presidential candidate Mitt Romney’s plan to overhaul the American corporate tax code would “exacerbate the worst features of our current tax system” by giving corporations more than $1 trillion in tax breaks and providing an incentive to outsource jobs and stash profits overseas, according to Seth Hanlon, the director of fiscal reform at the Center for American Progress Action Fund.
“While the United States already provides an incentive for companies to store profits in offshore tax havens instead of investing those profits at home, Romney’s plan to shift the U.S. to a territorial tax system would make the situation even worse, Hanlon wrote in a report published today: “Gov. Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would:
“– Enhance the tax code’s rewards for moving jobs and investments overseas
“– Provide a gratuitous windfall to some of the very companies that have already shifted jobs and profits overseas
“– Further invite the offshore tax haven abuse that deprives the U.S. Treasury of tens of billions of dollars in revenue every year”
President Obama’s tax plan provides income tax credits for companies that bring their operations back to America and a minimum tax on foreign earnings.
barackobama.com: “President Obama’s plan reduces the incentive to move operations overseas, and instead, creates a new 20 percent income tax credit that helps companies cover their moving expenses and bring their operations back to the United States. And to create a more level playing field for American businesses, the President has proposed a minimum tax on foreign earnings, which will reduce incentives for moving profits offshore.
“The choice between President Obama and Mitt Romney is the choice between two fundamentally different economic visions: President Obama would reward companies for creating jobs in America, and Romney would reward companies for creating jobs in other countries. The choice is that stark and that clear.”
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