To The Daily Sun,
Jim Hightower's Jan. 7 column, as usual, tries to mislead people by providing half-truths, playing on people's limited information, and by implying falsehoods as in his column's title, "Should giant corporations pay the taxes they owe?"
Of course they should pay the taxes they owe, and of course they do. Hightower is trying to make readers believe that corporations are doing something illegal because they are not doing what Hightower wants the law to be; but they are obeying the laws as they are.
Hightower complains that Carl Icahn is trying to get the tax laws changed in a way that Icahn thinks is best which is different from how Hightower wants the laws changed, but so far neither Democrats nor Republicans have changed them either way. (Note that tax laws typically change annually — apparently so beneficiaries are reminded to be grateful to politicians.)
Hightower complains that some U.S. businesses defer bringing profits generated overseas back to the U.S. until it makes business sense. (Corporate taxes are not owed on foreign profits until the money is brought back home.) This is similar to people who postpone selling stocks, houses, or other assets until it makes the most sense for them to do so considering all factors including taxes.
Hightower apparently wants taxes paid on overseas profits annually. Icahn wants the taxes on foreign profits lowered to incentivize bringing those profits home and putting them to work in the U.S. (rather than overseas) creating jobs, increasing salaries, investing, paying dividends, reducing debt, etc., all things that would help our economy and help create more and better jobs (which generates more taxes). Hightower seems to think the money will just go into a pile of cash someplace, like in the Scrooge McDuck comics of my childhood.
If forcing companies to bring their overseas profits home annually were a smart thing to do, Congress could change our tax laws. Democrats could have done it without any Republican support. Apparently Congress doesn't agree with Hightower.
Tax and regulatory policies like those Hightower promotes have driven tens of millions of good manufacturing (and other) jobs from the U.S. Those jobs used to support middle-class families on a single income. Those policies have also caused U.S. businesses to move overseas and to lose business (thus jobs, pay raises, etc.) to foreign competitors based in more business friendly countries. Hightower's policies result in fewer jobs, opportunities, and pay increases for American workers, and they reduce the total taxes collected by our government.
But leftists like Hightower don't really care about the harm caused by their policies. They only care about promoting ideas, even false ideas, that advance their ideology, their power, and/or profit, in this case by promoting contempt for corporations.
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