An especially keen and useful summary of President Obama’s tax proposals yesterday comes from Richard Rubin of CQ, “Battle Begins as Tax Plans Issued“:
Announcing $198.3 billion worth of revenue-raising tax changes during a recession is a tough political proposition. But as President Obama begins a bruising fight with big business over international taxes, his greatest advantage may be his ability to define the debate.
After two years of vague campaign-trail talk about ending “tax breaks that ship our jobs overseas,” Obama called Monday for legislation that would significantly change how U.S.-based multinational corporations are taxed — and he did it by coupling quick descriptions of technical tax provisions with stark language about scams, loopholes, evasion, hiding and rule-breaking.
Rubin also talked to the NAM’s Dorothy Coleman, vice president of tax and domestic economic policy.
Business groups, prepared for the attack, pointed to the need to serve overseas markets. They also cited the research and headquarters jobs that those foreign operations support here.
“It’s an integrated system that we have,” said Dorothy Coleman, vice president of tax and domestic economic policy at the National Association of Manufacturers. “U.S. jobs support jobs overseas, and to the extent that you impose a significant amount of new taxes on multinationals, they’re not going to be able to hire as many people.”
- NAM news release, “NAM Calls New Taxes on Corporate Foreign Earnings a ‘Disastrous Proposal‘
- PACE Coalition news release, Promote America’s Competitive Edge, “PACE Coalition Seeks to Preserve a Level Playing Field for U.S. Companies Competing Abroad.”
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