Excerpts from Kerry's Speech, Part III

This is part two in my commentary on things in John Kerry's speech that liberals are proud of, i.e. clips they have played on Air America. Go to Part II
Go to Part IV

"Third, close the tax loopholes that reward companies for shipping our jobs overseas. Instead, we will reward companies that create and keep good paying jobs where they belong in the good old U.S.A."

The 'loopholes' that reward companies for shipping jobs overseas consist entirely of the fact that foreign taxes are less than U.S. ones. Unless John Kerry is intending to either provide corporate welfare to U.S. companies or else convince other countries to change their tax laws to benefit us rather than them, this is an entirely ridiculous thing to say.

The most ridiculous aspect of his plan is found on his website*: instead of helping to lower U.S. taxes to help make the U.S. more competitive, he plans to tax even subsidiaries of American companies working abroad at our higher rates.

There is little doubt that his plan will help to encourage foreign companies to beat out U.S. ones at home and abroud.

^{*Also from the John Kerry website: "John Kerry and John Edwards are proposing the most sweeping simplification of international taxes in over forty years." My father, a CPA specializing in taxation, says that this is a ludicrous statement, that this will be a huge complication instead. He promises to update me with more specific details as they become available.}