For more jobs, fix the corporate tax code

Los Angeles Times ^ | 07/03/2013 | Yuri Vanetik

[SeekAndFind]

The May jobs report shows that the American economy added 175,000 positions. Positive employment growth is welcome news, of course. But May's gains weren't big enough to make a dent in the national joblessness rate, which actually ticked up to 7.6%.

Meanwhile, revenue at most U.S. companies continues to grow as firms expand operations and accumulate capital. Yet this progress hasn't precipitated a proportional expansion in hiring.

This lag has long been a source of frustration on Capitol Hill. Perhaps yet another month of anemic job growth will actually jolt policymakers into action.

The best way for Congress and the president to encourage businesses to translate growth into new jobs is to reform the corporate tax code. The labyrinthine monstrosity that is the American corporate tax system is soaking up billions in resources and scaring off companies from directing capital into job-generating enterprises.

The issue of corporate tax reform was recently — and briefly — a hot topic after Apple Chief Executive Tim Cook took the stand at a Senate hearing in May. Cook had been called in to defend his company's long-standing "alchemic" accounting practices, including warehousing more than $100 billion in cash in overseas subsidiaries, mainly in Ireland, that pay little or zero corporate taxes.

Despite all the bluster from the Senate committee members, however, it quickly became apparent that Apple wasn't doing anything illegal. As a publicly held company, Apple was simply meeting its fiduciary responsibility to legally maximize shareholder value. Fellow global powerhouses such as General Electric, Google, Exxon Mobil and Microsoft are doing likewise.

Indeed, nearly half of Fortune 500 companies hold major assets overseas. Legally maximizing profits should not be viewed as an indictment of good corporate character.

[Cringing Negativism Network]

What is needed, is for America to stop being the only country in the WORLD without rules.

We need to look out for American jobs.

We need to encourage American jobs.

Now.

[MosesKnows]

For more jobs, fix the corporate tax code

For more jobs, fix the corporate tax code.

[MosesKnows]

America to stop being the only country in the WORLD without rules

Without rules? What?

The roots of virtually all of America’s woes are too many unconstitutional rules.

The solution to improving America's economy is to enforce a constitutional government. In simpler words, get the government out of the way by restricting Congress to only the powers of legislation granted them by the Constitution.