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August 05, 2011

How To Add $1 Trillion To The Economy With The Stroke of a Pen

I've been hearing chatter about the double-taxation of income earned in foreign countries -- it is subject to a second tax in America, after the country in which it originated has already taxed it, so corporations tend to let it lie where it was earned, rather than repatriate it back home.

But what if there were a year-long moratorium on this tax?

Krauthammer discusses whether Obama's got any anti-recessionary weapons left:

. I think if youíve got $1 trillion sitting overseas that itís staying overseas because if you bring it home itís subject to double taxation. What you do is you give a holiday, a moratorium. Ö I think the reason that Obama doesnít want to do it is that when he sees $1 trillion over there is untaxed, he gets physical pain as a result.

Second suggestion ó how about a one-year moratorium on regulations? Obama imagines that acting on the economy is always creating a program, spending money, infrastructure, and all of this stuff. How about undoing the foot heís had on the neck of this economy? The NLRB, the EPA, shutting down our drilling, shale, and all these other resources ó try to cull, cleanse. A year of moratorium, roll back some of that, and youíll see, at least in energy, a real spurt in economic growth.

Obama is, of course, dumb. (Where's his transcripts?)

While he'd howl at the thought of evil corporations not being taxed on a trillion dollars brought into America, he is too stupid to comprehend that that money, once here, would be put to all sorts of productive -- and quite taxable -- purposes.

Few stuff money into a mattress. That trillion would be put to work, and that work would all wind up being taxed.

Oh, and in case Obama cares, apart from simply being a tax benefit, that trillion would also do some real economic good here.

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posted by Ace at 03:00 PM

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