Earlier this week at Time, I wrote up what I thought were the five worst moments in President Obama's State of the Union Address last Tuesday.
Here's number five:
5. "Let's close loopholes so we stop rewarding companies that keep profits abroad, and reward those that invest in America. Let's use those savings to rebuild our infrastructure and make it more attractive for companies to bring jobs home." This is an Obama golden-oldie that makes it into almost every appearance he makes that's longer than 30 seconds. If he's serious about bringing jobs and profits "home" to America, the obvious place to start is with our corporate tax rate, which is the highest in the world among developed countries. What's worse, though, is that we tax corporate earnings on a world-wide basis, meaning that companies headquartered here pay taxes (and then apply for credit) on what their overseas branches make. Just about nobody else does that and it's that sort of policy that goosed Burger King to relocate its main headquarters to Canada.
Go here to read the first four and a larger argument about what Obama just doesn't understand about the best ways forward for economic growth, peace, security, and freedom.
And lest we forget: However misguided the president is, he's now hemmed in by a GOP Congress that, despite its pro-market, pro-freedom, pro-limited government rhetoric, compiled about the worst record imaginable the last time it was calling the shots (albeit with a Republican president).
Comments