The Wall Street Journal: A Tax and Energy Plan to Re-elect Obama

March 18th, 2012

The Wall Street Journal
By Harold Ford Jr
March 18, 2012

President Obama’s successes are unappreciated and his accomplishments are being ignored. Unemployment is down, manufacturing is up, and the stock market has nearly doubled since March 2009.

He ended our combat mission in Iraq, helped bring about an end to Libyan tyrant Moammar Gadhafi’s regime, and took out Osama bin Laden.

Nevertheless, Mr. Obama won’t get the credit he deserves unless he wins his next big contest. Given a still fragile recovery and rising gas prices, that won’t be easy.

The president kicked off the year with a number of strong initiatives including a plan to cut the corporate tax rate. It was a great start, but it doesn’t go far enough and it could end up costing many American companies like FedEx, Apple and Caterpillar even more money. That’s because his plan eliminates many tax deductions on foreign-based income these companies currently receive.

Instead, the president should consider joining virtually every other industrialized nation by moving to a territorial tax system, which would tax income in the country in which it was earned and eliminate the threat of double taxation. This would help U.S. companies compete overseas and bring their profits home

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