I got a kick out of the front-page article “Mergers abroad targeted” (July 25), wherein President Obama calls U.S. corporations that engage in offshore mergers to avoid high U.S. taxes “corporate deserters” and economically unpatriotic.
Currently, a U.S. company could own less than 80 percent of the combined merger to take advantage of a lower foreign tax rate. Obama wants a new law to require a 50-percent ownership to qualify.
In the president's socialistic mind, corporations exist in order to pay taxes. In actuality, they exist in order to turn a profit, which in turn provides jobs, products and stock market returns for many.
If our country enacts tax and regulatory policies hostile to a corporation's ability to make money, it will leave for greener pastures or cease to be able to compete in the international marketplace.
Rather than lowering the corporate tax rate, as Republicans would have, Obama would force companies to stay here and languish under his oppressive taxes and regulations.
When President Reagan was intent on dismantling the Soviet Union's “Evil Empire,” he said you can always tell how free a country is by how difficult it makes it for you to leave.
Freedom and capitalism go hand in hand, as do oppression and socialism.
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