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Will Kerry Economic Plan Be Harmful Or Merely Useless?(ISSUES & INSIGHTS)(VIEWPOINT)
Byline: BRUCE BARTLETT
John Kerry has unveiled his long-awaited economic plan -- one that he says will create 10 million new jobs in the U.S.
It's an extraordinarily unambitious plan, one that relies primarily on two tax gimmicks of dubious value. One would penalize U.S. companies with foreign operations to pay for a cut in the corporate tax rate. The other would revive a discredited job subsidy plan that has been tried before and failed.
There are many problems with Kerry's plan to tax the unrepatriated overseas profits of U.S. companies. The main one is that few other countries tax the foreign profits of their companies at all.
Consequently, U.S. firms are already at a competitive disadvantage taxwise. Kerry's plan would make the situation worse, encouraging U.S. companies to reincorporate in other countries.
As far as jobs are concerned, the Kerry plan probably would reduce employment in the U.S. That is because a very considerable amount of exports go from U.S. businesses to their foreign affiliates.
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