Does tax code send U.S. jobs offshore?
Its an "Oldie but a Goodie" Folks - these same tax loopholes that Outsource American Jobs still exist and if a Republican is voted in will surely be expanded
Many analysts say it's true.
"The U.S. tax system does provide an incentive to locate production offshore," says Martin Sullivan, a contributing editor to Tax Notes, a non-profit publication that tracks tax issues.
"If you had two companies in Pittsburgh that both were going to expand capacity and create 100 jobs, our tax code puts the company who chooses to put the plant in Pittsburgh at a competitive disadvantage over the company that chooses to move to a tax haven," says former White House economist Gene Sperling, a Clinton adviser.
The Democrats, saying the United States has overlooked the costs to working Americans in its rush to embrace globalization, have vowed to eliminate any tax incentive for further offshoring.
The deferral clause has been in the tax code for more than half a century and has outlasted numerous reform efforts. In April 1961, even as U.S.-backed rebels were dying at Cuba's Bay of Pigs, President Kennedy asked Congress to rewrite tax provisions that "consistently favor United States private investment abroad compared with investment in our own economy."
http://www.usatoday.com/money/perfi/taxes/2008-03-20-corporate-tax-offshoring_N.htmObama would garner huge increases in the polls if he makes this a defining issue of the elections. Romney's Corporate Raiding was a major facilitator of this kind of American Job Destructing Behavior
