In the past couple of weeks there has been talk by democrats about such things as corporate patriotism, or economic patriotism. What does that mean? This is what Obama said about it a few days ago:
“They’re technically renouncing their U.S. citizenship. They’re declaring they are based someplace else even though most of their operations are here. You know, some people are calling these companies corporate deserters.”
Are these companies deserters? According to democrats, yes they are. Democrat Senator Dick Durbin has even proposed a bill to prevent companies from leaving the US for tax reasons.His bill, No Federal Contracts for Cooperate Deserters, he hopes would make companies ‘think twice’ before leaving the country for tax purposes while keeping most of their operations in the USA. Other Senators joined Durbin in this economic Berlin wall, including Connecticut Senator, Rosa DeLauro.
She states 50 companies in the last 10 years have tried to “evade their basic tax obligation through what is known as inversion.”
The real question becomes, why are so many companies trying to get away? Could it have anything to do with the number of rules, regulations and taxes the government is placing on corporations? These same corporations which employ US citizens who also pay taxes?
Now with companies starting to leave it appears the government is doing the worst thing possible to keep them here. They are stepping up pressure on these companies with the public. They want companies who employ a majority of their employees in the USA to pay US taxes. It only takes a bit of reasoning to reach a conclusion if such a bill is passed. Companies will reduce US workers and look for other places overseas to employ as their workers.
When you have to build an economic Berlin Wall to keep companies in the country, then you are doing something very wrong. In today’s global economy the USA must woo companies and investors, not frighten them away.
Democrats appear to be doing everything possible to do the opposite, while telling the citizens they know what’s best for us all.