And when Congress and the president extended the lower tax rates for two years in 2010, they just extended tax uncertainty for two more years, which is bad for business.
Businesses plan their growth based on what they know, and the less they know about what taxes are going to be on domestic and foreign profits, the less they plan to grow. Businesses need and want tax certainty in order to begin to grow aggressively again, which would lead to significant job growth.
The liberals will always fight against such changes in taxation whenever control of people's money is moved from government back to the people who earned it.
Big-government liberals are going to scream "crimes against humanity, old people, children and the poor" because they do not like totally un-taxing anything. They do not want taxpayers to discover that the right kind of tax cuts will actually help the economy and help put people back to work.
Here's the news this morning: New unemployment claims went up to 412,000. The economy is not turning around, and this country faces a debt crisis. What will it take to get our economy back on track? Will Obama screaming, "crimes against humanity, old people, children and the poor," as he basically did in his speech yesterday, along with wanting to raise taxes on the "rich," get the economy back on track? Or, should we be listening to Herman Cain's ideas?
In Herman's column, he discusses the fact that corporations have no incentive to want to keep their investments in the United States. If we were to reign in the amount of taxes that corporations were to pay to do business in the United States, the economy would be booming. And how would we "pay for it?" Our tax revenues would INCREASE as more people are employed, and there would be fewer people that would need government assistance.
There is much more to Herman's column that wasn't included on this page. It is important that you read the entire column. And if you heard Obama's speech yesterday, you will know that Herman Cain has the polar-opposite ideas about what America could and should be.
There is something else that I want to share with you. It would frustrate me to no end if Conservative Republicans don't bother to consider Herman Cain as a viable contender to be the GOP's candidate for President. Just trust me on this. You need to learn about Herman Cain. And if you are like me, and like what you see, let Herman know.
Let foreign profits come home
By Herman Cain
April 11, 2011 ~ 1:00 am Eastern
For decades, Democrats have insisted on taxing profits generated by U.S. companies in foreign countries, because they thought it would force businesses to keep the investments in the U.S.
The unintended consequences were just the opposite effect. A business-friendly environment always works better than force.
President George W. Bush was able to get the repatriated tax rate lowered to 5.25 percent in 2003, and nearly $350 billion came back into our economy. Today, it is conservatively estimated that nearly $1 trillion might come back if we take the tax on repatriated profits to zero.
Our economy gains nothing as long as those profits remain abroad. Common sense says we have everything to gain if we let those profits come home without a tax.
Some multi-national businesses might use those profits to expand operations here in the U.S., which would mean more job opportunities for the 15 million unemployed people. Or, maybe companies would increase salaries and wages for their employees, or they might pay a dividend to their stockholders.
And remember, many senior citizens depend on their dividend income, if they have any, as a way to supplement their paltry Social Security checks. With the price of gasoline doubling in the last two years, and expected to go even higher along with the cost of everything else, a dividend increase would be some welcome relief to many seniors.
Liberals will argue that there's no guarantee that those "evil corporations" would do any of these things if they were to get such a windfall in cash. They are right, but it's their money and their choice. It's not the government's money or the government's choice to make. I trust businesses and business leaders to make the right choices for their owners and customers, not the government.
We live in a global economy in an age of global information. Global businesses are constantly looking for countries that are business-friendly, tax-friendly and labor-friendly. And contrary to what liberals would have you believe, businesses do not always jump to the country with the cheapest labor. Lower taxes and growth potential are usually at the top of the priority list.
READ FULL STORY at WorldNetDaily.com
The problem isn't the lack of tax revenues. It's spending without a way to pay for it, especially after we EAT the RICH. My thanks to the IOWAHAWK blog that led me to this video!
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