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P&G CEO: New Obama tax grab destroys American jobs
Posted on Mar 30, 2009
Barack Obama's plans to immediately grab a chunk of income earned overseas will destroy American jobs and make it harder for employers to compete with foreign businesses, Proctor and Gamble CEO A.G. Lafley says in Sunday's Cincinnati Enquirer.
Currently, companies are allowed to defer payment on foreign income until the funds are brought back into the United States. Under the newest Obama tax grab scheme, American employers who make money in foreign markets would have to immediately pay the taxes, giving a competitive advantage to foreign companies.
"...we take our responsibility as an American corporate citizen seriously. We dutifully pay among the highest corporate tax rates in the world as a U.S.-based company," Lafley writes.
"We also understand the need to produce new revenue to help pay for economic stimulus plans designed to produce or preserve jobs. But if the budget proposal to eliminate tax 'deferral' is adopted, it would have the opposite effect."
The Obama tax grab allows foreign companies to sell their products at an artificially lower price, Lafley wrote.
More unemployment, and making household goods more expensive? Obama's latest job-killing tax scheme is just more proof the Libertarian approach -- tax relief, tax simplification and open trade -- is the best way to get our economy moving again.