And that’s when he could argue that American companies must come home and stay home.
Nobody, including myself, likes the idea of foreign-based inversions or foreign-parked cash. But corporate tax reform is the solution, not corporate punishment.
The president sometimes gives lip service to corporate tax reform. But he never follows through. There have been a dozen good proposals down through the years. But Obama keeps blaming Republicans in Congress, even though he has been completely disengaged from any serious talks about tax reform.
Five years ago, Simpson-Bowles had a good corporate tax reform. The president ignored it. Democratic Sen. Max Baucus developed a corporate tax-reform package when he was chair of the Senate Finance Committee. It was completely disregarded by the White House. And Republican Dave Camp, chairman of the Ways and Means Committee, delivered a comprehensive tax reform that included corporations. It wasn’t perfect, but the White House overlooked that too.
And now it looks like corporate tax reform is dead again this year. The Obama Democrats will try to push through a bill to stop foreign re-incorporations. It will never pass. And they’ll keep trashing business and turning up the flame on the class-warfare burner. Divide the country and bash success. The same old tired themes.
It’s a pity. Why isn’t it patriotic to stand by large and small businesses, which are at the heart of the American free-market economy? Just this once, can’t we get the story right?
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