Michigan GOP Rep. Dave Camp attacks Congressional Budget Office when it gives him answers he doesn’t like
As usual, it’s the messenger that’s the problem
Republicans have decided that the biggest, wettest kiss they can give their corporate owners is to make all money they earn overseas exempt from taxes, even if they bring that money back to the USA. It’s called a Territorial Tax System and it’s used by only a handful of countries — France, Hong Kong, Belgium, and the Netherlands.
When the Congressional Budget Office (CBO) took a look at the impact of the USA using a territorial tax system, not surprisingly they found that it would increase the shipment of jobs and manufacturing to other countries besides the USA. Who could have guessed? If you only tax money earned in the United States, companies will beat a path to nearest border to make sure they earn as much money as possible outside of the United States. It’s the weirdest thing.
When the Republicans heard that the CBO predicted this behavior and the subsequent negative impact on our nation’s economy and job situation, their response wasn’t, “Oh, shit, we better rethink this.” No, their response was to shout, “LIAR!”
Proof after the jump.Read more ›