Letter: Obama’s tax dilemma
Looks like Obama is going to try something he mentioned when he was first elected.
When he first took office, Obama said he wanted to tax companies that keep money made overseas and keep it in foreign profits. This way, they avoid paying tax to the U.S. on the money earned offshore. Obama said in his first 120 days that he wanted to tax this money.
The company being used for the first target is Apple. Apple? The sweetheart of liberals everywhere? Why?
Well, first of all they make obscene profits. It costs them not a lot more to manufacture a Mac or an iPad or an iPhone than similar items from other companies. But Apple has the cachet and charges boutique prices above and beyond what competitors can charge.
But that’s not all. Seems they also have some innovative tax breaks, thanks to the government of Ireland.
So, it’s a double-edged sword: you have the sweetheart of the country, but they are also an insanely rich company, making money as if they had their own printing press. So, the decision has been made: Tax them!
Of course, Obama and his administration don’t look at the other side of this coin, which would be to tax offshore money unless it was brought back to this country. If they did that, the level of investment in this country would increase rapidly, and maybe jobs would come back as well. But, these people can’t think that far ahead, and only want the revenue increased taxes would bring. Never mind the taxes that could be had with an increase of jobs. Nobody in this administration can think past the tax part of the equation. In one fell swoop, this president could surpass a lot of the other presidents in terms of growth of the economy.
If these people were half as good at coming up with actual solutions as they are at coming up with creative new taxes, most of the country’s problems would be solved.