When he was in Ghana this weekend, the president tried to encourage African governments to embrace institutions that promote economic growth. He said, "No business wants to invest in a place where the government skims 20 percent off the top." You go, president Obama.
However, he doesn't think that American businesses deserve the same treatment. The U.S. corporate tax rate is 35 percent (at the federal level). That's the second highest of all the OECD countries. It's higher than France and Sweden. If you add the state rate, that's an average of 40 percent. And yet, he wants to reform the system in a way that that would punish U.S. firms by closing the loopholes that allow them survive competition abroad.
In my Reason column this month, I look at president Obama's corporate tax reform proposal. It's not pretty.
President Barack Obama is very insistent on the need to "save American jobs." The spending and the Buy American provisions of his massive stimulus package, approved by Congress in February, were meant to "create or save" millions of U.S. jobs. "Saving jobs" was also the stated goal of his recent pledge to eliminate tax advantages for companies that do business overseas. But instead of saving American jobs, Obama's new corporate tax is apt to worsen what is already the highest unemployment since 1983 and make America's companies even less competitive in the global marketplace.
Read the whole thing here.
What should be pointed out here? That this is typical liberalism, where one set of rules applies to him and another set applies to those around him? That it shows yet again just how eagerly the press licks his boots, since any serious journalist with a shred of integrity should question him on this exact inconsistency? That he comes down harder on his own nation than any other nation in the world? That he lied about raising taxes? That he talks about creating or saving jobs but implements policies that do just the opposite?
I feel like a broken record.
There's my two cents.