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Obama International Tax Plan Would Weaken Global Competitiveness
by J.D. Foster, Ph.D. and Curtis S. Dubay
WebMemo #2426

President Obama and Treasury Secretary Geithner unveiled a tax reform plan yesterday that, if enacted, would seriously damage the international competitiveness of U.S. businesses. The plan would:

* Limit the ability of American businesses to defer U.S. tax on their foreign income and
* Reduce the credit for foreign taxes paid.

Both provisions would substantially raise taxes on U.S. businesses operating globally. Although intended to keep more jobs in the U.S., these proposals would cost Americans jobs and wages.

Failing to Understand International Business

The President's proposals demonstrate a fundamental misunderstanding of tax policy principles and of the incentives international companies face and the market forces that drive the global economy.

In an increasingly global marketplace, U.S. businesses compete against companies from around the world in U.S. and foreign markets. They compete through quality, service, and price--all of which depend on the companies' ability to operate as efficiently as possible. Rather than exporting their products from the United States, American businesses often choose to operate in foreign countries to gain local market exposure and tap into local market expertise and existing sales channels. In other instances, companies pursue cost efficiencies. Sometimes this can best be accomplished from the United States; often it requires major investments abroad that also synergistically make U.S. operations more competitive.

U.S. businesses operate internationally to maximize their competitiveness against rival firms. And in so doing, they make their U.S. operations and workers more competitive, thus supporting domestic jobs and wages, while building profitability for their shareholders. For every worker employed by a U.S. subsidiary in a foreign country, 2.3 Americans are employed in the U.S.[1] And a 10 percent increase in foreign investment by busin

impuestos fiscales proteccionismo Estados-Unidos

in list: Economía

VARADERO, Cuba - Behind the mangroves that skirt the blue waters of Cuba's Bay of Cardenas, a 1,500-slip marina is taking shape as the island's tourism industry braces for what could be its biggest challenge yet.

The Americans are coming - or they may be, soon.

Rock jetties jut out into the bay and beyond them a plot of land the size of several football fields is taking shape, reclaimed from the water as part of a big new marina project at Varadero, a beach resort 80 miles east of Havana.

"The Americans will come here in their yachts and they'll put them in the marina," said a security guard, gesturing to the earth-moving and sand-dredging behind the mangroves.

"It's so close, they're expecting a lot of them," he added, referring to the United States just 90 miles away.

The United States and Cuba have been separated by a wide ideological gulf since Fidel Castro's 1959 Revolution.

For most of that time, Americans have been prohibited by their own laws from traveling to the communist-led Caribbean island under a 47-year-old U.S. trade embargo.

But that may change. Legislation to free travel by Americans to Cuba is pending in the U.S. Congress, and backers expect it could be approved in what they see as a developing thaw in U.S.-Cuba relations under U.S. President Barack Obama.

"If the travel ban is lifted, you'll probably see hundreds, hundreds of American yachtsmen going to Cuba the next day," said Timothy Ashby, a former U.S. Commerce Department official who studies Cuban commercial issues.

Cuba's government and people have been anticipating this moment for a long time, but questions about their readiness for an onslaught of American visitors are being raised.

The doubts focus on the capacity and quality of Cuba's tourist infrastructure, but also on possible political effects on an island that has resisted U.S. influence for 50 years.

After years of animosity with the United States, Cuban leaders do not like to say that developments such as the Varadero marina, and other big golf and leisure projects,

Cuba turismo Estados-Unidos

El presupuesto 2010, El Libro Azul, presentado por el Presidente Obama el día miércoles 25 de febrero al Congreso abre un debate que enfrentará al Presidente con una obtusa oposición republicana que ha sufrido una gran baja en popularidad por su rechazo 'político' al plan de recuperación. Lo enfrentará también con la resistencia de los grupos de interés afectados por los cambios. La prioridad del Presidente Obama es, señala el diario El País al comentar el presupuesto y sus prioridades: "la transformación de los pilares de la sociedad norteamericana."

Estados-Unidos Presupuesto del Estado

in list: Economía

Una de las bases más fuertes que apuntan los pilares de las ideas reformistas para España es Estados Unidos y en general su modelo de mercado laboral. Poseen un tipo de relación empresario – mercado – estado tan abierto que son capaces de generar unos movimientos de los empleados y desempleados tan rápidos que es muy difícil primero que su tasa de paro en malos momentos sea muy elevada, tendría que haber una catástrofe para que pasara del 11%-12% y también que su tasa de paro natural está en 2% algo que España no ha conseguido rebajar jamás del 5%-6%.

crisis-económica mercado-laboral España Estados-Unidos

in list: Economía

Interesting story in today's Financial Times detailing the possible impact on the Caribbean economy if the United States eliminates restrictions on travel and waters down the nearly fifty year old trade embargo on Cuba, the Western Hemisphere's sole Commu

Ciclo-de-vida flujos-turísticos destinos-turísticos comercialización Cuba Estados-Unidos Barack-Obama

With the U.S. election just days away, it has never been more important to consider what the next President must do to keep America competitive. In this time of crisis, Washington has focused on the immediate and the short term. Lost are the more basic qu

competitiveness competitividad Porter Estados-Unidos strategy

La economía de EEUU se ha contraído un 0,3% en el tercer trimestre. El primer descenso desde la recesión de 2001. El consumo se ha desplomado un 3,1%. La mayor caída desde los años 80. EEUU se enfrenta ya a la peor recesión de los últimos 30 años, tal y c

crisis-económica economía Estados-Unidos

A 79 años de la mayor crisis económica de la era moderna, y que El Economista no vacila en llamar un macabro tributo, la historia vuelve a repetirse con el hundimiento de los Estados Unidos, un avión en llamas que arderá por largo tiempo. Los datos de su

crisis-económica Estados-Unidos

Estados Unidos invertirá hasta 250.000 millones de dólares en comprar acciones de bancos del país y ofrecerá una garantía de tres años para los nuevos préstamos interbancarios, informan hoy varios medios del país.

crisis-económica Estados-Unidos sistema-financiero

Rusia despierta

crisis-económica Rusia Estados-Unidos finanzas-internacionales

dos interesantes vídeos sobre la situación económica internacional, situación de los tipos de interés, etc

crisis-económica tipos-de-interés Estados-Unidos Reserva-Federal BCE