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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

El proteccionismo ha sido siempre una mala palabra, y frente a cada crisis se recuerda ese oscuro legado de los senadores republicanos Reed Smooth y Willis Hawley, quienes con su proyecto de ley arancelaria de 1930 (La Ley Smooth-Hawley), que elevó los aranceles en un 50% a casi 20 mil productos, contribuyeron al freno del comercio mundial que profundizó aún más la crisis iniciada en octubre de 1929.

Si bien en los últimos años el mundo ha girado al derribamiento de las barreras comerciales, hay que resaltar que esto ha sido en un proceso desordenado y desigual. Algunos países han logrado avanzar y otros simplemente se han estancado. Porque siguiendo la sugerencia de Mike Moore, Director de la Organización Mundial de Comercio entre 1999 y 2002: “La manera más segura para ayudar a los más pobres es continuar la apertura comercial”, los países poderosos se sintieron con la autoridad para presionar al mundo en desarrollo en liberar las barreras arancelarias.

crisis-económica proteccionismo

in list: Economía