If I told you about a plan that would inject $545,000,000,000 of private sector money into the US economy in one year, would you be interested?
US companies pay a 35% tax rate to repatriate foreign subsidary earnings. Did you know that in 2004 Congress passed the American Jobs Creation Act, which allowed US businesses to bring $360,000,000,000 of foreign subsidiary earnings back into the US at a reduced corporate tax rate of 5.25% for one year? A new study shows that if we did that again now it would inject $545,000,000,000 into our economy. An article in yesterday's Wall Street Journal by Allen Sinai details all the many benefits such a plan would bring.
What makes me so sad is to realize that Barack Obama is so steeped in leftist ideology and the desire to obtain power to implement a socialist agenda, I don't know if there is a way to get him to consider allowing such a plan to be tried. He has so much talent; it is a shame to see it wasted.
1 comment:
There are several really good ideas out there that could and would make a huge positive impact but no I don't think the much vaulted Obama will listen.
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