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How Romney Would Ship Jobs Overseas
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| Parent(s) |
Race
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| Contributor | RP |
| Last Edited | RP Sep 25, 2012 08:09am |
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| Category | Analysis |
| Author | Roger Bybee |
| News Date | Saturday, September 22, 2012 02:00:00 PM UTC0:0 |
| Description | Forget About Romney’s Taxes. Focus instead on how he would reward companies to ship jobs overseas and dodge U.S. taxes.
There has been precious little discussion in the media on one of the most dangerous and devastating features of the Romney-Ryan tax plan: the complete elimination of taxes on the overseas operations of U.S. corporations.
The Romney home page calls for the nation to “switch to a territorial tax system,” which translates into an end to taxation of the profits piled up offshore by American-based corporations. This radical step would create huge incentives to ship U.S. jobs overseas, where they would never face U.S. taxes, and to manipulate corporate earnings reports to claim that profits generated in the U.S. were actually produced offshore. |
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