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2004-03-17
U.S. tax code favors jobs offshore
On Saturday Dave Farber's IP e-list had an enlightening post explaining how U.S. tax laws provide an incentive to profit-making companies to create jobs in foreign countries rather than at home. Apparently this has been so since almost 100 years ago, when it hardly made the difference it does today. As far as I can tell, what is called "active foreign income" has never been taxed at the U.S. rate since the enactment of the corporate tax in the early 1900s. Furthermore, there is no easy "fix" (assuming this is a "problem" to begin with). The article explains why.
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