Thanks Mike for a dispassionate & direct response to the subject. I disagree with your conclusions, as follow:
mikeandgerry wrote:You guys don't seem to understand that the tax "loophole" did not allow corporations to skip out on paying their fair share, it merely allowed them to defer paying tax on amounts earned in other nations and also reinvested in those nations. Eventually a corporation has to pay the tax on the income brought back into the US.
Even if this was true (which is debatable) how is it in U.S. interests to allow these tax deferments for money invested in OTHER
countries? We need that tax revenue right here & right now.
mikeandgerry wrote:The law was designed in properous times to allow US corporations to build customer service departments and plants in other countries who were willing to do the jobs that Americans weren't willing or able to do.
We are no longer in "Prosperous Times" & we need those jobs right here. (ever have a computer problem & call for help?..I don't know about you but I can't understand a word spoken to me from HP reps in New Delhi!) I'm sure there are plenty of Americans who would jump at the chance of doing those jobs right here.
mikeandgerry wrote:This new law by Obama isn't an incentive to create jobs here. It's a disincentive to creating jobs elsewhere.
That's a distinction without a difference.
mikeandgerry wrote:The measure is merely a short term revenue raiser for the feds.
That's debatable as well, but I'll still take short term raised revenue as opposed to none at all.
mikeandgerry wrote:Americans, as usual, will pay for this in reduced customer services and increased prices.
The price of these goods & services is already beyond what most Americans can afford anyway. Why do you think we buy Chinese products from Walmart, almost exclusively right now? (as I see it, that argument is just another "You better fork over your lunch money or we will hurt you." threat that we've been hearing for years. They already have "Hurt" us badly & it's time to stand up to the bully & fight back.