John Carney, economics editor at Breitbart News, said on Fox Business Network’s “Kudlow” show on Wednesday that Vice President Kamala Harris’ economic policies would drive jobs out of the United States.
Moderator Larry Kudlow said, “We forget that under the Obama administration, US companies often relocated their headquarters to tax jurisdictions like Ireland to avoid high US tax rates. The Business Roundtable estimates that as a result of Trump’s tax reform, around $2.5 trillion in overseas earned income has returned to the US. What’s more, a 28% rate would make the US an exception. The OECD average is 23%, the EU 21% and Asia, including China, 19%. In other words, the US is an exception.”
Carney said, “Well, I think this would be the second-highest effective tax rate in the world. This is a disaster. European and Asian countries will be excited about this plan. They’ll be on the phone with Kamala saying, great jobs, this would be really good for our economy, but it’s going to be terrible for the U.S. economy. It’s going to drive jobs out of the United States. She says she wants jobs to come to the United States. This is an anti-jobs plan.”
“For example, we haven’t had an inversion headline – a company leaving the U.S. and relocating to Ireland. We haven’t had a headline like that in seven years,” Kudlow said.
“We’ve taken away the incentive for corporations to do that. Now they’re putting back an incentive for corporations to exit. This is really a disincentive to investment because if the tax rate goes up that much, the bar goes up and businesses can’t start. They say they want to start with just corporations, but that’s not going to happen because there are all kinds of games people will play by not incorporating and it would raise taxes on all businesses,” Carney said.
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