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	Name:	water_watcher -
	Subject:	Tax foreign Income
	Date:	10/4/2010 6:51:07 AM

Obama is proposing to eliminate the tax deduct for income earned in a foreign country.

Another attack on business ... I guess this will force more businesses to just move their HQ out of the US and reincorporate somewhere else.

The US already does not allow income earned outside the US to be brought back in to the US without paying taxes on it (not Obama's fault) ... that has been in place for a while. But it is proposed to allow companies to bring the cash back to the US which will creat US jobs. Now by having to leave the tax in the country it is earned or have to be double taxed, companies are forced to reinvest in other countries creating more jobs overseas.

Obama needs some real business people as his advisors ... maybe now that his whole staff is jumping ship to pursue "other opportunities" he can bring someone with brains to his administration.

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Tax foreign Income - water_watcher - 10/4/2010 6:51:07 AM

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