Posturing as champion of needed public investments and fairness, President Obama wants new taxes on the overseas earnings of American businesses. ... The United States is virtually alone by taxing the overseas profits of its multinationals when those are repatriated. ... Now the president wants an immediate 14 percent tax levy on those assets to raise about $500 billion and to impose a 19 percent tax on future earnings to finance infrastructure investments. Much of the $2.1 trillion in non-repatriated corporate overseas profits is not parked in foreign bank accounts. Rather, it is already invested by firms like GE and...
